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The 2023 annual tax return is officially due on March 11, and it's time to see if you're due a tax refund or an underpayment.
TaxHelper has found over DKK 313 million in tax deductions since 2021 that Danes themselves had missed. And now we'd like to share our top 5 tips for getting more money back in tax for the 2023 annual tax return.
Most people think that their tax deductions will automatically be included in their 2023 annual tax return, but that's far from the truth. In these years, you need to pay extra attention to make sure you get all of them.
Aske Buemann says: "It is especially the manual mileage deduction that Danes have difficulty with, as well as the fact that many homeowners have restructured their loans in 2023, and there may be a deduction for this. The mileage deduction is particularly important again this year because it is not automatically reported by SKAT, as is usually the case. This means that many Danes may be in for an unpleasant surprise when the annual tax return arrives. Last year, just under 1 million Danes received a tax break".
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.
Here are the 5 deductions that TaxHelper experiences the most missed deductions. These are some of the deductions that most people get help with on TaxHelper's platform, and users find an average of just over DKK 10,000 in missed deductions. So there can be a lot of money to be found.
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 the driving deduction has not been automatically included in the annual tax return for the past few years. According to the accounting firm BDO, this has led to more than 40,000 citizens missing out on tax deductions of up to DKK 680 million.
In 2023, many mortgage loans have been restructured to score a capital gain due to high interest rates. Here you should pay attention to the fees you pay to your bank and mortgage lender, as there can be thousands of kroner in deductions.
"It is fees such as 'guarantee commission' and 'differential interest' that people have to report themselves, where the deductions can be up to DKK 20,000. These deductions are fairly unknown, and we very rarely find that people have reported them themselves," says Aske Buemann.
If you are one of the many Danes who have lost money on stocks in the last year, you should be aware of one type of stock in particular. Most stock trades are automatically reported by the platform you trade on, but one group does not. These are the smaller stocks traded on unregulated exchanges such as First North, such as the entrepreneurial companies Happy Helper, Freetrailer, Hove and Penneo. If you have incurred a loss, you must declare the deduction yourself and the same with the gain.
There are several banks and financial providers similar to banks that operate in Denmark and would automatically report your interest to SKAT. However, there are examples where the bank does not formally have a 'place of business 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 add this interest to your annual tax return yourself - and it can be a large amount.
Epinion has found that almost 1 million Danes miss out on the travel deduction every year. If you have been on a course, trip, conference or similar with your work, you may be able to claim a deduction, even if your 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 that's not the case. You only need to be away for 24 hours and have to stay overnight, and you can potentially get a deduction," says Aske Buemann.
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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