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The Tax Agency pre-fills your tax return with data from previous years, such as your income and deductions. But life is rarely completely predictable. Maybe you've got a new job with a different salary, started an education or joined an unemployment insurance fund. This information is not always correct, as your situation may have changed. It is therefore important to check your tax return.
1. Income may be incorrect
The advance tax return is pre-filled by the Tax Agency with data from previous years. This information is not always correct, as your situation may have changed. A study from TaxHelper shows that Danes on average misreport their income by 10%. To ensure that the correct tax is paid, the tax assessment must be updated with the current salary, SU, unemployment benefits etc.
2. Interest rates are often wrong
The same study from TaxHelper shows that Danes on average set their interest rates 50% wrong. This applies to consumer loans, mortgages, car loans and student loans. So make sure you check fields 481, 483 and 489 to make sure your interest costs are correct.
It only takes 15 minutes to try TaxHelper and you'll get an average of DKK 2,704 extra back in tax
At the same time, you only pay if you get a tax saving.
3. Driving to and from work
It may sound like one of the deductions most people know about when over 1 million Danes use it annually. Yet it's 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. This often happens in cities where the fastest route on a highway can be longer than the shortest route through the city.
4. Use TaxHelper+:
As many as 3.5 million Danes regularly pay too much tax
Many Danes believe that SKAT keeps track of your taxes throughout the year, so you don't have to do much on your advance tax return. But the reality is that every year, Danes pay DKK 17 billion too much in taxes during the year and only get their money back in March of the following year.
That's why we built TaxHelper+, which acts as your personal tax advisor, updating your taxes every month. By updating your tax return regularly, you get an average of DKK 4,006 extra in your pocket this year instead of waiting until March!
How does TaxHelper+ work?
5. Freelancer and self-employed
If you're a freelancer or self-employed, it's a good idea to check if the information on profits and fees is correct. These figures are often based on last year's revenue and can be outdated. While it can be difficult to predict the exact result for the coming year, it's often worth setting the figures a little higher. This can help distribute taxes more evenly throughout the year and avoid large tax bills later on
You can't just lower or increase your expected income to avoid a tax gap It's important to adjust your expected income correctly to avoid a tax gap. It's not as simple as just setting your income too high or low, as it depends on your total income. Here are the different rules on how you should set your income:
Updating your tax return regularly ensures that the information you provide to the Tax Agency is as accurate as possible. This contributes to a more accurate tax calculation, which in turn reduces the risk of errors and unpleasant surprises at the end of the year.
Updating your tax information on a monthly basis can seem like a daunting task. With TaxHelper+, we keep track of your taxes for you throughout the year so you can relax. You can read much more here.
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.
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