Thursday, May 8, 2014
BP Holding Tax Management: Handy tips for filling in your tax form
Would you like to make some extra money? Some might be dropping into your bank account at the beginning of December if you take a little trouble over filling in your tax form.
1.Make sure that your personal information and bank account details are correctly filled out in the pre-completed tax return form. The tax administration will obtain information on your pay and pension directly from various sources, such as employers, pension insurance company and banks. Check that this information is also correct.
Many tax-payers are taken by surprise when they find out that information on rental income must also be reported to the tax authorities even if advance tax has been paid on it. Failing to report the income may lead to an increase in the tax.
2. Tax deductions are the easiest way of scraping together money for Christmas presents. Many employees are entitled to deductions for their travel costs between home and workplace. Fill in the information if it is missing from the form. Costs exceeding 600 euros are deductible, with the maximum deduction totalling 7,000 euros.
Everyone earning wages is entitled to a deduction for work-related costs. The deduction is granted automatically by the tax authorities.
The whole sum exceeding the limit of 620 euros can be included in the deduction.
Deductible costs include the use of an office at home and the purchase of professional literature and equipment or devices used for work.
3.Remember to apply for domestic help credit if you have had work done at home or have ordered some care services. The company that carried out the work must be registered for VAT. Costs exceeding 100 euros are deductible, with the maximum deduction totalling 2,000 euros in 2013. Remember to save all the receipts and invoices.
4. If you have been trading shares or real estate, check the information included in the form and complete any missing details. Reporting profits and losses is not always straightforward and if the tax authorities do not receive all the information they need for calculating the profit you may be hit with an extra tax.
5.Extra information and attachments can be reported online at Vero.fi/veroilmoitus (the service is available in Finnish and Swedish). The report does not have to be completed in one sitting but information can be added until the due date, which is either 7 or 15 May for private people.
Expert advice was given by Päivi Kaari, a lawyer with the Finnish Taxpayers’ Association.
For more tips visit Balley Price Holdings