What happens if I do not have money to pay my Income Tax Return?
When the Income Tax Return is to be paid and you do not have enough money to pay it off. There are several options when you do not have enough liquidity and you need to finance the payment of the debt.
Keep in mind that if you do not pay in time the income statement you will face the payment of surcharges and penalties. That is to say that in the end you will end up paying more, being able to even suffer an embargo of your bank accounts or your assets.
If you can not pay your Income Statement, keep in mind that you can pay it in two installments automatically. In other words, you will not have to justify your lack of liquidity, it is an option available to all the declarants for what is granted in all cases. You simply have to check the corresponding option and submit the statement on time. This fractionation involves paying 60% of the debt until June 30 or June 25 if the payment is domiciled. While the remaining 40% is paid in the month of November. So with the automatic fractionation of the Income Statement, you will have a financing of almost 6 months.
In any case it can be the case that you can not face the payment of the first installment of 60%, so you should look for other financial solutions such as:
- Request a postponement of the payment of the debt before the Treasury. This implies submitting a request in which a payment schedule is proposed to the administration, that is, the fee and the number of months in which the debt will be returned, as well as the reason why the payment of the payment can not be made. Debt. Depending on the amount of the Treasury (if it is less than or greater than 6,000 euros), you can ask for guarantees to be able to grant the postponement: bank guarantees, mortgages, etc. The problem with a postponement is that it requires professional advice, it means paying interest, and it is not certain that you will be granted a deferment. And otherwise if you stop paying a fee then Hacienda may cancel the deferment granted. So if the Treasury denies or cancels the postponement you will have to pay in less than two months the total amount of the debt plus the corresponding surcharges.
- Apply for a loan or credit to a bank or a financial institution that will allow us to set a payment schedule more adjusted to your financial needs. They are usually loans with lower interest rates than for other destinations. In any case, in order to choose the financing that best suits us, it is important to use a credit comparison that offers results adjusted to our needs and financial situation. In other words, with this option, the bank or financial institution will pay 100% of the return, and then repay the loan month after month in comfortable installments according to the repayment term set. This type of loans, known as rent loans, does not usually charge interest but does have an opening commission. In the case of banks some offer advice when making the Income Statement in addition to financing their payment.
How can I get the money from the return of my Income Tax Return?
When the Income Statement is to be returned, take into account that there is no fixed term for the Treasury to return the amount of the Income Tax Return. In fact, until the first 6 months that pass without the Treasury having returned your money, you will not even receive interest. In other words, the Treasury will have the money for your return free of charge. So if you need the money already, the best solution is not to wait for Hacienda to want to return the money. The best thing is to request a loan for the return of the Income Tax Return, which allows you to obtain 100% of the return money in advance.
The great advantage of this type of financing is that you do not have to worry about the return of the loan, because it will be the return of the Income Tax Return that cancels the loan for you. In other words, the credit in your favor for the return of the Income Tax Return will be your guarantee to cancel the loan. So once you have requested the money you will not have to worry about anything, the bank will be the beneficiary of the refund in the account you indicated when presenting the Income Tax Return or later if the loan has been granted once it has been presented.
In the latter case you will have to submit a letter indicating the new account number where the Treasury will have to pay the refund.
Information of interest on the Income Tax Return
- Presentation date: download and confirmation of the draft from April 7 to June 30, while for the presentation of the statement from May 11 to June 30.
- Payment date: if you want to pay the installment, the period ends on June 25, whether you pay 100% of the debt or if payment is requested in two installments. While if the first payment is made without domiciliation and is domiciled the second the presentation period ends on June 30.
- Who is obliged to declare: people who obtain full income from work (salaries, retirement pensions, benefits for unemployment or disability, etc.) greater than 22,000 euros per year if they come from a single payer. If they come from more than one payer (for example Social Security, INEM, annuities for food, pensions, etc.), if the sum of the amounts received from the second and remaining payers can not exceed the amount of 1,500 euros per year, the limit will be 11,200 euros per year. They are also required to declare the people who have the right to deduct the investment in housing. And those who obtain income from movable capital (dividends, interest on accounts, etc.) and capital gains subject to withholding or income on account that exceed the joint limit of 1,600 euros per year. They are also obliged to declare those that obtain rents of real estate or real estate income imputed by vacant properties when they exceed the joint limit of 1,000 euros per year. There is also another joint limit for those who obtain full income from work, capital, economic activities (entrepreneurs or freelancers), or capital gains of more than 1,000 euros a year as a whole.