The Hungarian National Tax and Customs Administration is supervising the implementation of tax rules related to renting out apartments more frequently. The property owners' ill-wishers often report them to the tax administration wishing they would have to pay a fine for not paying taxes after their income. Thus, if those who llet would like to escape from fines, they'd better have their books done by real tax experts.The Hungarian National Tax and Customs Administration is supervising the implementation of tax rules related to renting out apartments more frequently. Often the property owners' ill-wishers report them to the tax administration to make the authorities supervise if they try to avoid paying taxes after their income. Although a lot of the owners let their apartments to rent legally, the others can face a fine of several thousands or even millions because of tax evasion. Although actually the amount of personal income tax is not necessarily that high it would be unpayable for the owners: after a property bought for HUF 10 million (EUR 34 thousand) and rent for a monthly HUF 40 thousand (EUR 135) an average amount of HUF 30-40 (EUR 100-135) thousand has to be paid in taxes. Those who rent have to pay the tax quarterly in advance. If they don't do so, and the tax administration punishes them with a fine, they may have to face a great loss. Moreover the recent tax rules offer more possibilities of cost deduction on rental income. Therefore it's worth hiring a professional accountant.
With the Help of a Good Tax Expert Paying a Fine is Avoidable
Tower International's tax experts can help you to avoid penalties. Our bookkeepers are all specialized in property tax, so they are always aware of the current laws and follow the changes of tax rules. We give useful advice for the property owners how they can save as much money as they can on taxes while letting their apartment or office legally. If you would like to have your books or tax returns in good hands, get in touch with us now, and entrust us with your property's books!
Source: www.portfolio.hu
