The time to pay those little taxes is coming! On April 11, the dreaded 2022 income tax return campaign will begin, which means that it will be time to get busy with the pending paperwork, have all the invoices ready and all the receipts well filed, to avoid unpleasantness.
With access to new technologies, many of us have become accustomed to making payments and collections through Bizum, a service provider with which we can make instant transfers to any registered person without any commission.
A function that makes life much easier, yes, but you should also keep in mind that, in some cases, you will have to declare to the Treasury the transfers you make or receive with it. Do you want to know how and in what cases you must declare your Bizum to the Treasury? We explain it to you.
How to find out if you have to declare your Bizum to the IRS
When using Bizum, you should keep in mind that if you exceed the amount of 10,000 euros per year in transfers (sending or collection), the Treasury will be aware of all the movements you have carried out, from that invoice charged to a client to the payment to your favorite hairdresser.
This case is not very frequent in individuals due to the limitations established by the banks, which usually limit the maximum amount in each operation to 500 euros. Banks also limit individuals to the maximum amount of money they can send and receive, and even the number of transactions they can make each month, so unless you are a person with a very active social life and use Bizum for almost everything, as an individual you should not have to worry.
However, keep in mind that, if you use Bizum in a way that goes beyond payments to friends or stores, and you receive income with an economic return, you will have to declare everything. Similarly, if you work in the special regime for self-employed workers (we accompany you in the feeling), you will have to declare any transfer or income of a professional nature carried out with Bizum, including VAT and IRPF of the invoices.
If you find yourself in any of these cases, declaring your Bizum will be very simple, since the banking app you use will show all the information of each movement you make, including the amount, date, concept and origin. As it is connected to your bank, the Treasury will be able to easily consult the movements you make with Bizum, so, for practical purposes, it will be like any other transfer.