When is it mandatory to declare your operations with Bizum to the Treasury in the Income 2022/23

As we announced, the Rent 2022/23 It is almost around the corner, the Tax Agency has already published the official dates and now is when a multitude of doubts arise, especially when we talk about platforms such as Bizum or even cryptocurrencies.

And it is that these novelties, especially the famous Bizum application on which we want to focus today, generate a lot of uncertainty. As it is a banking service, the movements carried out in this application may be notified by the bank, but only if Tax authorities it requires. For this reason, the Tax Agency can demand that this money be declared.

It is obvious that bizum is having a brutal success, and is that, who does not use it as a payment method with friends, family and even in some stores? But what you may not have known is that there are some specific cases in which these movements should appear on your 2022/23 Income Statement.

Following the current regulations of the Tax Agency, if our situation meets any of the three cases that we are going to specify and we do not, this could end with sanctions against us. Tell you that you will be penalized with a fine that could reach 20% or 30% of said surcharge, to which interest would also have to be added.

When is it mandatory to declare your operations with Bizum to the Treasury: three cases

It must be taken into account that, as a general rule, it is not necessary to declare those bizum carried out sporadically, but if they are linked to certain activities or a certain number is exceeded, the scenario changes. These are the three exceptions that do require your declaration:

1. If the annual figure exceeds 10,000 euros. Be careful because in this case it will be your own bank that informs the Treasury. We must reflect it in the declaration so that all the data is balanced.
2. If you use Bizum as a tool to receive income with economic profitability. This is the case, for example, if you have a house or garage for rent and you receive your payment with this system.
3. If you are a self-employed worker (autonomous) and you charge for your services or sales through Bizum, since it is an economic benefit linked to your activity. In this case, the income must be accompanied by the corresponding VAT and personal income tax.

In the case of the self-employed, reference is made to the payment of the corresponding economic activity through Bizum. That is to say, If as a freelancer you receive your salary via Bizum, you must declare it, since it is a benefit resulting from a professional activity.

In summary, you will be obliged to declare your bizum in the event that they are related to your professional activity or that they offer you some profitability, or exceed a limit (10,000 euros). This means that you can continue using Bizum as normal as you do almost daily without reporting any problems with the Treasury or for the 2022/23 Income.