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Tax assessment for 2014 may be higher than expected

Tax assessment for 2014 may be higher than expected
 
From 1 January 2014, a number of tax rules changed. For example the general tax credit and the employment tax credit became income dependent. The changes became final after the tax authorities had sent the preliminary assessments for 2014, which could not be adjusted anymore. 
 
Because the changes also couldn’t be reflected fully in the salary systems of employers and benefit institutions, they also couldn’t take sufficient account of the changes in the general tax credit and the employment tax credit. Because of this they may not have withheld enough wage tax from your wages or benefits.
 
The consequence is that you may have to pay additional tax or get back less than expected when you receive the tax assessment over 2014. 
 
If you have to pay, you will get 4 months extra time to pay this assessment, in addition to the normal payment period of 6 weeks. This applies to all income tax claims for 2014 received after April 30, 2015 but before July 1, 2016.
 
How much do you have to pay?
 
Did you earn a gross income in 2014 of more than around € 20,000 and is one of the following two situations applicable:
 
• you received salary, pension and / or other benefits and also holiday pay, a 13 month or another special reward and / or
• you received other income, such as income from business or income from other activities

then you have to pay additional tax for 2014 or you will get back less than expected. The effects vary from person to person. The average amount is € 150. But it could also go up to € 300 or even € 700 depending on your income and situation.

Keep this in mind when the tax return is prepared.

Expatax can assist you with your tax return. See www.expatax.nl/taxreturn for our procedure.

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