With the income scale you could get into trouble

    With the income scale you could get into trouble

    Today we are talking about luxury cars and taxes. Buying a luxury car is synonymous with wealth and can attract the attention of a tax officer.

    A luxury car isn’t always synonymous with wealth, even if it is in most cases. For this reason, it is a good idea to pay attention to the tax assessments that may arise from owning a luxury vehicle.

    Canva – Drift

    Nowadays it is not necessary to have a full bank account to allow yourself a car that is above your means.

    In fact, it is enough to have a salary that is a guarantee of being awarded a Luxury car financing.

    It is undoubtedly a risky move, but it is more common than one might think. In any case, buying luxury cars means getting the attention of the tax man who can do the appraisal.

    Luxury cars and taxes: Pay attention to the income scale

    Anyone who buys a luxury car now has to Also pay attention to the income scale. We are referring to the tool that allows to reconstruct the income of the taxpayer, taking into account but also income and expenditure Consider his wealth, that is, what is in his possession.

    Vehicles are inevitably included among owned assets.

    In the event that a taxpayer does not have sufficient income to purchase or maintain a particular type of vehicle, a physicist can suspected tax evasion.

    At this point, the taxpayer will have to prove that they can purchase and maintain the vehicle based on their income.

    Based on the legislation currently in force, the income counter is triggered in the presence of certain movements and operations carried out by citizens / taxpayers.

    After all, databases From the PRA, for vehicles as well as from the tax registry Informing the tax authorities of the purchase of a vehicle by the taxpayer. Thus, the tax collection agency is aware of the purchase of a car by the taxpayer, but also The type of vehicle purchased.

    Through some algorithms taxpayers’ income can be linked to their holdings. If significant discrepancies arise, the software is able to identify them anomalies, start checks.

    Checks are triggered when one is found within two or two tax periods with a difference of 20% or more between declared income by the taxpayer and expenses incurred.

    Anyway, as far as cars are concerned, the The calculation is made on a fixed rate basis. Because of this, it’s easy to go over budget. After all, some important vehicle information such as engine capacity, engine power, age or year of purchase are not included in the calculation.

    How to protect yourself from tax audits

    What was the taxpayer going to end up with? A whirlwind of taxes It will be his job to prove that the luxury car purchased You keep a legitimate income It is not tax evasion.

    To prove all this, it is necessary to submit a tax return without taxes. It is understood that the taxpayer also has the possibility to demonstrate You got lucky in the game And win a large amount of money. Or he can prove his own Selling an asset or a car Which allowed the luxury car to be purchased. Of course, everything must be documented.

    Only in this way will it be possible to provide the Agenzia delle Entrate with all clarifications regarding the origin of the income.

    If the clarifications are sufficient, the tax assessment will be terminated. Otherwise, the investigation will continue until further possibility of tax evasionwith all the consequences that follow.

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