5 deductions you have to report on your annual tax return 2022

Aske Buemann

CEO & Co-founder

The founders of TaxHelper, Danni Gregersen (left) and Aske Buemann (right)

The 2022 annual tax return is due on March 10 and it's time to check whether you should get a tax refund or pay a tax arrears.

TaxHelper has found over DKK 150 million in tax deductions over the last 2 years that Danes themselves had missed. And now we would like to share where the biggest bags of money are hidden, so you can get them on your annual tax return 2022.

Most of us probably think that our tax deductions will be automatically included in the annual tax return for 2022, but new figures from TaxHelper show a different picture. Over DKK 150,000,000 in tax deductions have been found through TaxHelper that customers had previously missed. This has happened over the last 2 years across more than 12 different deductions that Danes miss out on their annual tax returns.

"At TaxHelper, we find that 83% of our customers have missed out on deductions on their annual tax returns. This is both young and old and across the whole country. When we have been able to find DKK 150 million in missed deductions for about 10,000 Danes, there are several billion in missed deductions across all Danes. We think it is too bad that Danes are missing out on so much of their own money, and we would therefore like to share our experiences so that people can get their own money back." says Aske Buemann.

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At TaxHelper, we find that 83% of our clients have missed deductions on their annual tax returns.

Below you will find 5 of the biggest culprits that people miss out on. Together, they account for over 120 million of the missed deductions TaxHelper has found. So make sure you include them on your 2022 tax return.

1. The manual mileage deduction

It may sound like one of the deductions most people know about, with over 1 million Danes using it annually. Yet it is one of the biggest culprits when it comes to overlooked deductions. One of the reasons for this is that SKAT's information is not necessarily correct, says Aske Buemann: "We see many cases where SKAT, for example, has calculated a distance to your work that does not match the distance you actually drive. This often happens in cities, where the fastest route on a highway can be longer than the shortest route through the city. In this case, you can choose the distance you actually drive rather than the shortest, as SKAT often suggests.

Another reason for this is that for the last two years the driving deduction has not been automatically included in the annual tax return. According to the auditing firm BDO, this has led to up to DKK 680 million being missed in tax deductions for more than 40,000 citizens.

2. Deductions for rescheduling loans and buying/selling a home

In 2020 and 2021, many people got a new home, and in 2022 it is time to reorganize the loans in your home with the rising interest rates. In both contexts, you should be aware of the fees you pay to your bank and mortgage credit institution, because there may be several thousand kroner to be deducted.

These are fees such as 'guarantee commission' and 'differential interest' that people have to report themselves, where the deductions can be up to €20,000. These deductions are fairly unknown and we very rarely find that people have self-reported them.

3. All losses on shares in 2022 are not automatically included

If you are one of the many Danes who have lost money on shares in the last year, you should be aware of one type of shares in particular. Most share trades are automatically reported by the platform you trade on, but one group does not. This applies to smaller shares traded on unregulated exchanges such as First North, such as the entrepreneurial companies Happy Helper, Freetrailer, Hove and Penneo. If you have made a loss, you have to declare the deduction yourself, and the same for gains.

4. Interest on loans taken out in Denmark with a foreign bank

There are several banks and financial providers similar to banks that operate in Denmark and thus would automatically report your interest to SKAT. However, there are examples where the bank does not formally have an 'establishment in Denmark' and thus does not report automatically. These include Ferratum and Bank Norwegian, which are based in Malta and Norway respectively. You have to enter this interest yourself and add it to your annual tax return - and the amounts involved can be large.

5. Travel and training both in Denmark and abroad

Epinion has found that almost 1 million Danes miss out on the travel deduction every year. Over the past 2-3 years, fewer people have traveled, but if you have been on a course, trip, conference or similar with your work, then there may be deductions to be made, even if the employer has paid for all food and accommodation. It can be up to DKK 5,000 per week in deductions, and it primarily requires that you have spent the night out and been away for more than 24 hours.

The rates and calculation of the travel deduction change every year, and SKAT's own figures show that people miscalculate the deduction in every third case. At the same time, many people think that it only applies to long trips abroad, but this is not the case. You only need to be away for 24 hours and have to stay overnight, and you can potentially claim a deduction

See if you can get a tax refund in just 15 minutes.

In TaxHelper, we help you find the deductions you're entitled to. You answer a few simple questions that take just 15 minutes to complete.

Then we report the deductions, and you get an extra DKK 2,704 back in tax. At the same time, you only pay if you get a tax saving.

Start here

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