The SMI goes up to €1.184 Now will have to do the income?

El SMI sube a 1.184€: ¿Ahora tendrás que hacer la renta?

With the recent rise of the Minimum Salary Interprofesional (SMI) in Spain to 1.184 gross euros monthly in 14 pays, the annual salary ascends to 16.576 gross euros. This increase situates the SMI above the threshold of 15.000 euros established for the exemption of the Income tax of the Physical People (income tax).

Therefore, for the first time, a lot of workers that perceive the SMI will be obliged to present the statement of the income and to tributar by his income.

Obligation to declare:

An alone pagador: If you have perceived more than 22.000 gross euros annual of an only pagador, are obliged to declare.
Several pagadores: If you have had more than a pagador and the sum of the income of the second and remaining pagadores surpasses the 1.500 annual euros, the limit to be obliged to declare reduces to 15.000 euros.

Since the new SMI annual is of 16.576 euros, those workers that perceive exclusively the SMI of an only pagador would not surpass the limit of 22.000 euros and, in principle, would not be obliged to declare. However, if in addition to the SMI perceive other incomes or have several pagadores, is likely that surpass the limit of 15.000 euros, what would oblige to present the statement.

Impact of the taxation:
It is important to stand out that, although the increase of the SMI is of 50 monthly euros, the retention of the income tax will not apply on the whole of this increase, but only on the part that exceeds the minimum exento. Therefore, the effective fiscal load will depend the individual circumstances of each worker.
Recommendations:

Revise the retentions: it Is important to verify if in the payroll are applying retentions of income tax. If it is not like this, when presenting the statement, is possible that result a quantity to pay.
Consult the personal situation: Factors like the civil state, the number of children or ancestors to charge can influence in the obligation to declare and in the result of the statement.
Inform on deductions and fiscal profits: they Exist deductions that can reduce the load tributaria, as by investment in usual house, donations or contributions to plans of pensions.
Advise with professionals: In front of any doubt, is recommended to attend to a gestoría or fiscal aide to receive personalised orientation.

In Gestoría Rivero, are engaged in helping you to comprise how affects you this new measure and to manage your fiscal obligations of efficient way. Our squad of experts is available to advise you and guarantee that you fulfil with your responsibilities tributarias without surprises. You do not doubt in contacting us!