- The income statement began on April 11 and will end on June 30
- Know and review the deductions to which you are entitled to save money on taxes
On January 1, 2023, the new Royal Decree-Law 13/2022 of July 26, 2022 which establishes a new contribution system for self-employed or self-employed workers.
The income statement began on April 11 and will end on June 30. And with this tax period come the most common questions about the income statement, what are the deductions to which you are entitled or what ways are available to manage the process.
Tax deductions for self-employed
These are some deductible expenses that self-employed workers can apply in their income statements:
Contributions to pension plans
If you are self-employed, you can deduct the contributions to your pension plans in your next declaration, since these plans are taxed as income from work and depend on the stipulated income tax brackets. The current deductible limit is 1,500 euros.
self-employed quota
The monthly fee may be deducted, depending on what is stipulated in the activity as a self-employed worker.
Corporation tax
Newly created companies have to pay a corporate tax of 10 %, although a turnover of more than 20 million euros implies a tax burden of 15 %.
In any case, this means that up to 15 % can be deducted in the income statement.
Raw Materials
The acquisition of raw materials is one of the largest expenses that a company can have and they are deductible. Procurement of merchandise must be included for its acquisition value, including transportation or customs expenses.
insurance premiums
Any insurance premium linked to work activity can be deducted. In addition, there are some products, such as medical insurance, that allow a maximum deduction of 500 euros.
rentals
The rental of assets is part of the deductible expenses, both for VAT and Personal Income Tax, both concepts reflected in the invoices paid for leases.
If we focus on rentals of premises, a repair or reform will also be deductible, the same as the costs of surveillance or concierge of said real estate.
Fuel
With the price of fuel last year, being able to deduct this expense can allow significant savings in rent, although it is clear that the expense must be related to the professional activity. This deduction ranges from 50 to 100 % of the total cost of fuel.
Professional services
Management, consultancy or legal services are generally contracted for the majority of self-employed workers; and their expenses are deductible. In general terms, it implies a deductible 30 %, with an application with proportionality criteria.
And finally, for those deductible expenses but with a complicated justification, there is a maximum bonus of 2,000 euros per year for all these cases.
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