calendario renta 2016 blog

Today begins the 2016 Income Tax Season

This week begins the 2016 Income Tax Season. Those who want to verify their draft return and confirm it electronically can do so beginning Wednesday, April 5. In the case of presenting the IRPF (Individual Income Tax) Return in the offices of the Tax Agency (AEAT), the period will begin on May 11.

In both scenarios, the period will extend to Friday, June 30, as shown in the General Taxpayer Calendar published by the Tax Agency. If the payment is to be made by direct debit, the confirmation period ends on June 26.

RENTA WEB

Among all the novelties, the complete disappearance of the PADRE program can be highlighted. After 29 years in operation, it is substituted starting this year by the online application Renta WEB.

It deals with a system that started to be used last year and that allows all the taxpayers to access their draft return in the electronic site of the AEAT. In addition to having more updated information, it offers the possibility of beginning the procedure on any device and modifying it or confirming it on another.

For all those natural persons who have economic activities, self-employed or liberal professionals, for example, this will be the first time that they use this system, since for the 2015 Income Tax they were obliged to use the PADRE program.

RECTIFICATIONS

What happens if the taxpayer has committed an error or has forgotten a datum that determines a different result in the Tax Return?

Previously, a self-assessment rectification had to be delivered in writing to the delegation of the corresponding Tax Agency. With the new RENTA WEB system, one simply marks box 127 for the request for rectification on the form itself. With this action the tax return will carry out the functions of the request for self-assessment rectification.

FLOOR CLAUSE

In the case of having recovered in 2016 the excess money collected due to the floor clause, the taxpayer shall not have to declare the amount or the late-payment interest, but will have to regularize some situations.

Taxpayers who in due course applied the deduction for investment in the usual dwelling for these reimbursed amounts will lose the right to their deduction. In addition, the deductible expenses must be regularized for tax periods for which the statute-of-limitations period has not expired.

If the sentence or agreement took place in 2016, the amounts deducted between 2012 and 2015 in the Income of that year will have to be reviewed. If, on the other hand, it is throughout 2017, it will have to be included in the tax return of next year and the financial years to take into account will be 2013 to 2016.

COLLECTION OF DIVIDENDS

In 2015 the exemption in the IRPF of the first 1,500 euros collected as dividends is deleted. However, the possibility that investors offset profits and losses in the purchase/sale of shares on the Stock Market continues in effect this year.

For further information, you may consult the Practical Manual of 2016 Income Tax of the Tax Agency.

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