All you need to know about your 2018 tax return

Guide to submitting your annual tax return.
Last Tuesday April 2, 2019 began the campaign of the Income 2018 and for help you in the formalities for your introduction in this item go to examine several aspects significant, as the key dates and the tax arrangement of different products financial.
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Key dates to take into account for the 2018 tax return period

  • From the March 15 is possible consult on the website of the Internal Revenue service the fiscal details and obtain the number of reference.
  • From the April 2 can present the statement of the Income 2018, whether for Internet or for via telephonic. Taxpayers can use the Tax Agency App (which is free and available on Google Play for Android devices and via the App Store for iPhones) to check their draft tax return and submit it.
  • The May 9 initiates the term for the appointment request previous in the offices of the SPANISH TAX AGENCY and other collaborating bodies. You can also request this service by phone, internet or via the Tax Agency App.
  • From the May 14, be possible the introduction in person of the annual tax return, whether through the offices of the Internal Revenue service, of collaborating bodies or of autonomous communities.
  • Remembers that the term for present the statement finishes the July 1, 2019. Taxpayers who want to pay a tax liability by direct debit must do so by June 26.

Tax treatment of financial products

When elaborate the annual tax return suits take into account that the products financial give place to two types of public revenues :

  • The patrimonial gains or losses that are those generated ones mostly for the transmission of stock and investment funds.
  • Outputs of movable capital that are the payments received by interests banking, dividends and other financial instruments. In any case, it is important to note that investment funds and pension plans (which we will discuss later) are excluded from this category.

In both cases, the tax payment fluctuates between the 19 and 23%, and is necessary to count them in the basis of assessment of the saving. Furthermore, transferring preemptive rights generates a capital gain that is subject to withholding tax.

Measures that allow taxpayers to reduce their tax liability

The contributors can benefit of certain deductions that allow lower the tax burden of the annual tax return. Is the case of the deduction for investment in normal residence , implementable to those buyers that acquired the real estate before the January 1, 2013 and for an amount maximum of 9,040 euros for contributor.

With respect to the tax payment of the investment funds , one of your major advantages is that the transfer between funds (that is, move the investment from a fund to another) fulfilling determined requirements, not pays taxes until not happens the reimbursement definite of the same one (“regime of deferral”). For tax purposes, this is considered as either a capital gain or loss and as such, must be included in income tax as taxable savings. For more information about these and other tax breaks for investment funds, please see our article "How investment funds are taxed".

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On the other hand, if have invested in pension plans , remembers that the contributions can suppose a fiscal saving in the statement of PERSONAL INCOME TAX. This way, for the account holders of a pension plan is possible qualify for tax exemption your contributions with a limit, that be the minor of the next amounts: Euros 8,000 or 30% of net income from work and/or economic activities. These limits can see increased if carry out contributions in favor of the spouse or of disabled people.

If you are considering investing in a pension plan, why not read the articles "Guide to contributing to a pension plan" and "The most cost-effective way to withdraw funds from a pension plan", which explain repayment types and amounts, different ways to withdraw funds and the tax benefits of this financial product in detail. With a suitable savings strategy, you can benefit from significant tax cuts.

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