There are only a few days left before the end of the Personal Income Tax (IRPF) 2020 campaign. According to data from the Tax Agency, this year the Spaniards have been more far-sighted, since at the start June, more than 12 million taxpayers had already filed their returns. This is 433,000 more than the previous campaign and a million more than two years ago. In total, the organization’s first forecasts suggest that during this period 21,570,000 declarations will be submitted, or 2.1% more than the previous year.
For the most late, TaxDown tax specialists recall that they still have until June 30 to carry out this procedure, pointing out that during this year’s campaign, approximately 60% of taxpayers who have already presented it, must return in average € 729 (last year, an average of € 765 was almost 70%). Indeed, the tax authorities have already paid 4,912 million euros to 7,427,000 taxpayers during the first two months of the campaign. Thus 79.8% of the requested returns have already been paid. Another key day in the fiscal calendar is June 25, the deadline for sending payment to the Treasury.
The importance of reviewing the project in a particular year
One of the reasons why the percentage of results to be returned has fallen by 15% are the ERTEs and their tax specificity. This year, ERTE benefit recipients and IMV (Minimum Vital Income) recipients were forced to complete their declaration and offset the corresponding taxes. At the beginning of June, the Tax Administration revealed that it had received nearly two million declarations from taxpayers who had undergone an ERTE, even if it should be remembered that the number of people affected by this mechanism was close to four million people, at the most reviews of the pandemic.
When it comes to raising the income tax return, it is essential to optimize and review the project to ensure the maximum possible tax savings. This results in the application of all the deductions that correspond to us, both state and autonomous, in order to recover every euro that belongs to us. In addition, from TaxDown, they point out that the reimbursement is higher among low-income taxpayers. Therefore, they recommend making the declaration, although they are not obligated as it is likely that he will return them.
TaxDown’s smart algorithm ensures that you apply all the deductions that are right for you to report correctly and achieve maximum savings. Thus, more and more taxpayers trust TaxDown to manage this cumbersome process: up to 150,000 users have used the tool since the start of the campaign. According to data from the Tax Agency itself, nearly 6 million Spaniards confirm their Treasury project without verifying that they have applied all the deductions to which they are entitled, a practice which results in more than 9 billion d € deductions remain unapplied each year. through ignorance of taxpayers.
TaxDown anticipates the reimbursement of the Treasury in 48 hours
On the occasion of the last auction of the 2020 rental campaign, TaxDown launched a pioneering service in Spain, through which platform users with “to be returned” results who qualify for a loan will be able to access an advance of said amount within 48 hours. This is a revolutionary initiative that will decisively accelerate this type of payment, because it should be remembered that the Treasury has until the end of the year to pay the result of the declaration to the taxpayers.
According to a study carried out by the platform, 80% of Spaniards are in favor of the existence of an intermediary who anticipates this type of payment, in order to have this money as quickly as possible. So that latecomers who, out of laziness or for other reasons, left the declaration for the last moment, will be able to benefit from this innovative service, which will be available to all users of the startup of Spanish origin who make income during the last days of the campaign.
For them and for the rest of taxpayers, the TaxDown tool is more necessary this year than ever, since it ensures them to submit their return correctly and ensures them the maximum possible savings. In fact, each TaxDown user saves, on average, € 424 on his return compared to the draft provided by the Tax Agency.
“Since the start of this campaign, the platform has already saved the Spaniards more than 10 million euros. Given this year’s economic situation caused by the health crisis, any additional income is more valuable than ever. That’s why we launched our 48 hour refund service to help Spanish families get their money back as quickly as possible, “says Enrique Garca, CEO and co-founder of TaxDown, adding that” At TaxDown, we work to offer maximum savings. in this process and, at the same time, we help to simplify this process by ensuring that the presentation is carried out with safety and professional advice ”.