Bizum has gained popularity in recent years as a fast and efficient way to make payments and transfers between users. However, although the platform is very convenient for everyday transactions, we must not forget that certain operations carried out through Bizum are subject to declaration before the Treasury.
With the arrival of the Income 2024 campaign, which will begin in 2025, and the new news that you will be able to pay Income through Bizum, it is important to know in which cases transfers through Bizum may imply the obligation to declare certain payments.
Although Bizum seems like a simple option to make payments between friends or make small purchases, There are situations in which the Treasury could be interested in the details of your transactions.
The simple fact of using Bizum to send or receive money does not mean that you have to declare it, but if the amounts exceed certain thresholds or if the payments are related to economic activities, then reporting to the Treasury is required.
Cases in which you must declare Bizum transactions
Bizum
There are three clear cases in which transactions carried out through Bizum must be declared to the Treasury. If your movements with Bizum exceed 9,999 euros in one yearyour bank is obliged to inform the Treasury about these transactions.
It is important that you also include this information in your tax return to avoid discrepancies and possible penalties. This includes any transaction, not just those related to economic activities.
Another case is that of income with economic profitability. If you use Bizum to receive payments that imply economic gain, such as collecting rent for a propertyyou will also be obliged to declare it. In these cases, it does not matter if the payment is made through Bizum or by any other means; The important thing is that the income has an economic return.
And finally, the self-employed and professionals. If you are self-employed and use Bizum to get paid for your services, sales, or professional work, you must also include that income in your return. In this case, in addition to the income, you must take into account the corresponding VAT and Personal Income Tax. Not declaring this income can cause problems with the Treasury.
The use of Bizum has facilitated many everyday transactions, but at the same time, The Tax Agency and banking entities have increased their efforts to control and monitor electronic transactions.
Although many people use Bizum to make personal purchases or send money to family and friends, in the situations mentioned above, not declaring it can result in sanctions or problems with the Treasury.
It is advisable to keep a detailed record of your transactions And, if you are not sure if you should declare something, it is best to consult with a tax advisor to give you peace of mind.
Luckily, most of the small or informal payments we make through Bizum do not require any special declaration. Everyday purchases, paying for dinners with friends or payments between family members do not have to be a problem for your tax return. As long as they remain within the established margins, there will be no need to worry about reporting them to the Treasury.
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