Over the years, paying or receiving income through Bizum has become as common as taking a walk. It helps in cases of meals or group excursions, it is used to pay debts with friends at the moment… and it also forces, in some cases, to keep this form of transaction in mind in the Income statement.
The reason is that, in the eyes of the Treasury, payments in Bizum are considered similar to a bank transfer. For this reason it is not necessary to think of ‘making a Bizum’ as a practice outside the law, as an act without importance. The Tax Agency monitors all movements although, yes, only a few have to declare themselves in the Income Tax Campaign.
when Bizum is used for “sporadic transactions”, which is the most common use, it will not be necessary to include them in the declaration, but there are three specific cases in which these movements must be included in the draft.
self employed
Self-employed workers can offer their clients the possibility of being paid through Bizum. It is becoming more frequent and can be seen more easily in shops: after all, it is a form of payment as valid as the rest.
In these cases, the income from Bizum must be declared as income from economic activities and special care must be taken with the mobile phone number from which they are received: it is advisable to have only one for work to have the amounts that are well defined. receive for our activity. In the event that a personal mobile is shared for this, some concepts must be correctly separated from others and thus avoid problems with the Treasury.
Income that generates returns
There is the possibility that a person receives through Bizum income derived from activities that generate certain profitability. For example: a second-hand sale, the rental of a storage room or a garage…
In these situations, the taxpayer would have to declare these earnings if they reach a considerable level of money: according to Tax Down, the amounts that the Treasury begins to monitor very closely are those that reach 10,000 euros per year.
Transactions over 10,000 euros
In general, when the limit of 10,000 euros in global calculation is exceeded, the declaration of these operations is required, as explained by Tax Down.
What happens if it is not declared to the Treasury
These are the obligations, but it may happen that the taxpayer does not comply with them. In this case, if the Treasury proceeds to investigate and discovers irregularities, it may order the collection of fines ranging from 20 to 30% of the surcharge plus the payment of interest for late payment of those amounts.
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