What do you need to know about the 2022 income tax return?
Do you file a tax return? Do you know how to do it? In practice, this obligation applies mainly to entrepreneurs. But if you earned income last year from, for example, selling property, renting out your home, stocks and bonds, or combining several part-time jobs at the same time, you may not be able to avoid it either.
Deadlines for filing your tax return
You must fileyour paper return by 3 April 2023 (1 April is a Saturday). However, most businesses are required to submit their returns electronically, so they have a one-month longer deadline of 2 May 2023. If your tax adviser is filing your return for you, they have until 3 July 2023.
How to complete your tax return
Income tax forms for 2022 are available online at the Inland Revenue website:
Be clear on the following questions before filling in:
- Will you claim actual costs or use a flat rate? Check out this article: how to tax self-employed income.
- What income did you earn? Do you have multiple tax bases (e.g., from your business and renting an apartment)?
- Did you have any occasional income (e.g. one-off property sales)?
- What allowances and deductions do you claim?
- Did you have any income from abroad?
If you don't feel like filling in your tax return now, leave it to us. Contact us and we'll get back to you and sort out your taxes for you.
Filing your tax return
Perhaps the most important step is to submit your completed tax return to the relevant tax office. You wouldn't want to do all that paperwork for nothing. There are three ways to do this:
- Electronic filing:
- By data mail. Send the XML file to the data box of the relevant tax office.
- Via the tax administration's My Taxes portal with a datacard login.
- Submission by post: send the printed form by post to the address of the tax office.
- Personal submission: you will deliver the printed form in person to the tax office.
Don't forget the summaries
After you have successfully filed your tax return, you must also file reports with the Social Security Administration and your health insurance company. The deadline for filing the statements is one month after your tax return deadline (all deadlines can be found on the CSSA website).
Payment of tax
The deadline for paying the tax is the same as for filing the return. Beware, as the tax office may charge you interest for late payment. If you have overpaid your tax, you can apply for a refund - this is part of your tax return. Find out more in our article on how to pay your tax.
The most common mistakes when filing a tax return
Once you've prepared your return, make sure you' ve filled in all the relevant information. Both in the main document and in the attachments. Make sure you have signed the return and that you attach the necessary documents (for example, the mortgage interest payment receipt).
You can also read our article on the 7 most common tax return mistakes. Finally, double-check that you are sending the form to the correct tax office and make sure you pay the tax on time.
Put taxes out of your mind!
Even though completing your tax return isn't the most complicated thing in the world, you still need to put in the time. And if you're not very good at it, you run the risk of making a mistake or overlooking it. We'll be happy to help you with your taxes. That way, you'll have everything done right and on time, and you can focus your energy on more important things - your business.