Should we declare bizums? Here's what you need to know.

Starting this April 2, the income tax campaign begins and, in view of this year's declaration, It's easy for doubts to arise about how to do it correctly. The Treasury is also intensifying its control over tax fraud and new forms of payment. One of them, bizumas: : Do they have to be declared? We explain the tax regulations and everything you need to keep in mind.

We must declare the bizumas?

It is a tool that we use practically every day: to share the bill for a dinner, to buy online, to settle debts... There are some limits that we should not exceed when making bizumas?

As for individuals, if the annual sum of these types of movements does not exceed 10,000 euros, it is not necessary to declare it to the Treasury, since it does not have an employment or lucrative origin. This limit was set some time ago, but for the moment it remains at that amount. However, Albert Sagués, a tax expert, warns that there are certain "innocent things" that can cause us problems: "If the concepts of the bizumas are not clear enough, the Treasury could tell us that we have been caught with black moneyTherefore, we must be careful how we justify our payments so that they are clear to the public agency.

However, if we talk about legal entities, things change. If Bizum was used as a payment tool for clients during the last fiscal year, all income must be declared to the Treasury, and transactions carried out through Bizum must exceed €3,000 per year. This will change, and the Treasury will require these reports to be submitted monthly, regardless of the amount.

Sagués explains that the problem lies in the fact that "many companies, and especially self-employed individuals, accept payments for work they perform," and that the Treasury wants to focus on these types of transactions: "It's logical. These jobs must be declared and the corresponding taxes paid." The Tax Agency will implement these new controls to combat tax fraud. If, for example, as individuals we exceed the threshold of €10,000 per year, the Treasury wants to have that information to decide which cases to investigate and why this capital movement occurred.

Regarding companies and self-employed individuals, the reason is largely the same. The goal is to detect economic activities that previously escaped the radar and, therefore, reduce the volume of money moving in the underground economy: "We don't think that doing it with Bizum will allow these transactions to be hidden," adds Sagués. If we're doing business and collecting payments through this payment method (this could also involve selling things regularly on platforms like Wallapop), we need to register with the Treasury and charge VAT, among other implications that the Tax Agency doesn't want us to ignore.