MADRID, 16 Ago. (EUROPA PRESS) –
The self-employed can deduct the wear and tear suffered by those assets that they use for the development of their activity, be it furniture, machinery, computer equipment or other types of furnishings, in order to reduce their tax burden, explains Declaring in a new guide that has Elaborated.
The general director of the tax advice platform for the self-employed, Marta Zaragozá, points out that “tax amortization is the record of the wear and tear of assets that deteriorate due to use in the development of the economic activity of any self-employed person.”
“Investment assets lose value as they are used, and the self-employed must register this devaluation, so they can deduct a certain amount over the years, until their entire investment is amortized,” he adds.
With these amortizations, the costs of making an investment and buying some good are divided among all the years of its use, explains the directive. In this way the expense is not computed at once, but is done over time.
The “amortizable” assets must be considered an investment and for this their duration must exceed one year, he stresses. In order to apply the deductions for the amortization of assets, the self-employed must keep a record with the dates of the start of the amortization process of each of the investment assets that they want to amortize.
To find out how much money the self-employed can deduct through tax amortization and the time that they will be able to take advantage of this type of deduction, there are different calculation methods that adjust to the needs and particularities of each case.
However, Declarando indicates that the most used, and also the simplest, is the amortization deduction table. For its calculation, it uses the maximum linear coefficient, which is the highest percentage at which both the self-employed and companies will depreciate their assets. This coefficient is applied for each type of element based on a table published by the Treasury on its website.
Other methods for calculating amortization are the amortization method based on a constant percentage of the outstanding value of amortization; the method of digit numbers; the intangible assets method or the tax amortization plan method as a deductible expense.
