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One of the most widespread myths in tax matters is, without a doubt, that having two payers means that you have to pay more in your tax return. But, is this true? We are going to see this question and how you have to do it so that, if you have had two or more payers, it does not affect you when filing your income tax return.
For the Tax Authorities, it is considered that you have two payers if you receive payments, in cash or in kind, derived, directly or indirectly, from personal work or from the employment or statutory relationship, from several subjects (companies or self-employed).
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Before looking at a practical example, it must be clear that profit and liquidity are not the same thing. Although it is an evidence we must start from the fact that 3,000 euros of turnover does not mean that your business is going to pocket that amount at the end of the month.
And the fact is that along the way you will have paid taxes, Social Security contributions and various expenses for the development of the activity, from material, to renting premises or staff salaries, if any.
However, the net profit is not synonymous of liquidity either: one thing are the expenses to deduct of the gross income and another, very different, the necessary disbursements for the development of the activity; they are precisely these disbursements those that mark the difference between net profit and liquidity.
You will have the expense at the moment in which the delivery of the good or service that you acquire takes place and so you have to account for it, but it will affect your liquidity in two months’ time, at the moment in which you make the payment.
As we have seen previously, the 2,700 euros is gross profit but not net profit. Now comes the second part: deducting expenses and other disbursements that are not considered expenses but which will nevertheless reduce Valentina’s liquidity.
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The retirement pension is considered as work income and as such is subject to withholding. However, not all pensioners are obliged to file an income tax return, and there are certain minimum amounts that exempt them from filing a tax return:
There is also the possibility of requesting the application of a voluntary rate for the purposes of personal income tax withholdings, provided that the voluntary rate requested is higher than that which, at any given time, corresponds to him/her in accordance with his/her economic, personal and family situation. For this purpose, the pensioner must submit the form called “voluntary increase of the personal income tax withholding”.
The voluntary withholding rate requested will be applied, as a minimum, until the end of the fiscal year and as long as he/she does not renounce in writing to the mentioned percentage or does not request a higher withholding rate, during the following fiscal years, unless there is a change in the circumstances that determine a higher rate than the one requested voluntarily.
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But the Treasury cannot spend so much time without collecting the tax (18 months elapse from the beginning of the period to liquidate until the end of the voluntary period of liquidation). That is why it establishes the system of payments on account of the IRPF through withholdings, payments on account and installments.
In this case, the Tax Authorities lend you the money free of charge for 6 and 11 months. As long as you have it clear and it is not a surprise you can take advantage of this loan to make the money profitable until you have to pay it to the Treasury.
The fact that you have to pay is to delay the payment of taxes as much as possible instead of the AEAT keeping your money longer than necessary. In addition, you will have clear payment dates while you will not be able to control when the tax office will refund you.
When you have several payers, the withholding rate is lower than if you receive the same income from a single payer, since each one withholds you according to what he pays you and not according to the total income received.
Analyze if it is in your interest to ask your company (when you return to work) for a higher withholding rate. And check if by having 2 payers you are obliged to file the Renta 2021 tax return.