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What is the income statement? Find out if you have to do it, how and when

Annually in the month of April the Income Declaration Campaign starts in Spain. During this period, all taxpayers are required to file and sign the income statement. But what is this? How do I get a rental draft? Who is required to file a return? 

"How do I know if I have to file the income statement?" This is one of the questions that young people ask the most when they start to contribute for the first time. If you are new to the labor market or have no idea where to start, in this article we will tell you the most characteristic keys, how and what is needed to file the income statement.

He IRPF is a tax Personal tax that taxes the income obtained by a person residing in Spain during a calendar year. In other words, personal income tax is the tax that all Spanish citizens have to pay to the tax authorities on their income or annual income.

Each year, taxpayers are required to file an IRPF statement to check if they have paid more or less taxes during the year. Depending on the percentage that has been withheld, The Treasury will return the money or ask you for an "additional charge", that is, pay more taxes. This is commonly known as a "payment" or "reimbursement."

Basically, the tax office prepares a draft of income that contains the sum of all income and income received by the citizen in a calendar year.

An individual income tax return is filed in the year following the filing year. For example, in 2022, we report 2021 income. Rent can be divided into one or two installments if it is to be reported.

If there is no income for the second semester, model 102 must be presented and the deposit must be made before November 5 of the year in which the declaration is presented.

In general, all taxpayers are required to submit and sign an Income Tax Declaration (IRPF). However, there are some very important exceptions.

Who has to file the income statement?

They are required to present a profit and loss account:

  • Those who receive more than €22,000 per year from a single payer.
  • Person who receives more than 14,000 EUR per year from two or more payers and the amount of the second payer exceeds 1,500 EUR per year.
  • Those who obtain fully imputed real estate income as well as capital gains, with or without withholding, whose amount is less than €1,000 per year.
  • Real estate capital derivatives and capital gains are subject to withholding or income as long as they do not exceed €1,600 per year.
  • Those who have property losses of less than 500 euros.

Until what day can the income statement be made?

June will be the key month for file the declaration in 2022. On the 1st of the month, the Tax Agency will open its term for taxpayers who want to file a return at their offices. This period will be open until June 30. If it is done electronically, however, the period will be open from April 7.

When to file a profit and loss statement?

Profit and loss statements are usually filed between May and the end of June, although the campaign starts in April.

If taxpayers are required to declare, they must do so in person, at a bank, at an AEAT office or through WEB RENT. If the taxpayer has received a rent draft but is not required to report it, no action is required.

How do I file the income statement online?

The Income Network is a system on the web and a Treasury application so that citizens with income, which are the majority, present a draft of their income statement.

Renta Web is identified by an icon that is displayed on the website of the Tax Agency or in its application. No need to download any program on your computer.

The first thing you have to do is visit the page of the Tax Agency and click on «Renta 2022». You will find different options, from obtaining a RENØ reference number, processing postal orders through Renta Web, requesting an appointment, consulting returns or carrying out other procedures. Most taxpayers must process, review and approve the drafts before sending them to the AEAT.

What information do we have to provide to send us the draft?

The draft can be obtained online or in the Treasury app in three ways:

  • through the digital certificate
  • via Cl@ve PIN
  • by reference

Digitization of income

Recently, the rent can also be presented online. This occurs thanks to the digitization of the presentation of bureaucratic documents that They streamline the process and make it easier. As in the case of the Income statement, other services from different fields try to go digital each year to facilitate the process for the user. An example of this are the neo banks, which operate completely online to simplify financial processes. in this article, you will see what are online banks

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