Even with all the attention focused on the Coronavirus situation, this April the presentation of the IRS declaration begins and, consequently, many questions arise at the time of including all the Annexes. It is important to highlight that if open local accommodation, you will have to submit the IRS declaration.
Therefore, it is necessary to pay a lot of attention when filling out the declaration. Normally, property owners for short-term rentals need to submit Appendix B (or Appendix F). This is mandatory until the end of the activity, whether or not you have earned an income.
Remember! This year delivery takes place until 30 June. So take advantage of this period of confinement at home, because of the Coronavirus, to do everything on time, respecting all rules and deadlines.
As many believe that delivering the IRS declaration is something very difficult, we have broken down three points to help at the time of filling out all the documentation. Take a look:
- Is there a difference between those who issue invoices or green receipts?
The procedure is the same for whoever issues invoices or green receipt. It is important to fill in all the points and attachments.
- What do I need to fill out?
As with any IRS declaration, you must first fill in the ” Face Sheet ” and then include Annex B. This attachment is specific to people who issue green invoice/receipt, including people who have open Local Accommodation activity.
After this, you must fill in Annex SS (regarding Social Security) with all the necessary information.
- How should I declare my income?
It is a constant doubt of who fills in the IRS declaration. The amounts that need to be declared are related to the invoices issued to the guests, excluding the value of VAT and the Municipal Tourist Tax.
The amount needs to be described in the “Income Field – 417” of Annex B. For verification of income, the total annual value of invoices or receipts issued (with or without VAT) can be confirmed on the tax authority website.
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Final tip
If you are still having difficulties filling in your declaration, with the current situation of Coronavirus we advise you to call the Tax Authority, which has a helpline at: +351 217 206 707. This service is available during working days, from 9am to 7pm.
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Have you opened activity for your Local Accommodation?
It is important that you go to a tax authority assistance desk to open activity for providing accommodation services with CAE55201 (furnished accommodation for tourists) or with CAE55204 (other short term accommodation places), as a singular or collective entity.
To facilitate this task, LovelyStay has a specialized department that helps all future clients when it comes to regularizing their Local Accommodation. Come and partner with LovelyStay and get to know all the services available for the management of your LA.
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