Reporting taxes – skat.dk

By the end of every fiscal year everyone in Denmark gets a report from tax office. The aim for this post is to explain the reporting of taxes here in Denmark.

It is not that difficult to report crowdlending interest income. To be fair, in my case it is all simplified because I use only EUR.

From the information I gathered, the tax office needs information formulated in particular way.

Interest income and portfolio total value is reported by country in Danish krone (DKK).

Personally, I found it easiest to use particular form for the table:

Sum of interest income by country

Let us take Estonia as an example. Envestio and Crowdestate are both registered in Estonia. I make a total sum of all the interest income from both of these platforms.

Sum of total portfolios by country

Again, take a snapshot by 31.12.2018 of portfolio for particular platform originating in the same country e.g. Envestio and Crowdestate and sum them.

Convert income to DKK

First, you need to get the yearly rate/s from the national bank.

Then do the conversion for interest income and total portfolio values by country.

Finally, you should end up with something similar to this:

Reporting volumes in skat.dk

You need to start by log-in into your personal skat.dk profile. And click on Edit the yearly statement (“Ret årsopgørelsen / oplysningsskemaet”).

Scroll down to the bottom where the section 401 resides. Click on Yes (“Ja”) and Continue (“Fortsæt”).

Then click Show (“Vis”) for “Income from abroad” (Renter og formue fra udlandet).

Choose the country.

Fill in the interest value (field 431) and total portfolio value (field 492) for the selected country. Click Save (“Gem”).

Repeat this until all of the countries are reported.

Get back to the overview page where you should see the total sum of all the interest income and click Approve (“Godkend”).

After going to the very first screen and selecting Show my report (“Se årsopgørelsen”) you will see that section for income from capital has be changed.

And finally, you can see if you have overpaid or you should pay extra. None of the mentioned in my case, because I reported this after 5th of April when my overpaid tax was already payed out.

About affiliate and bonus income reporting

This type of income is counted as income from business. It is voluntary to register a business for taxation if yearly turnover is below 50.000 DKK (around 6700 EUR).

Summary

My choice of using EUR throughout has payed off because it eases the tax reporting. If you follow the steps above, it should not be too difficult to set up the template for years to come.

I would like to send thanks to fellow bloggers from whom I gathered this information (links lead to the specific tax reporting posts – crowdlendingdanmark.dk, pengepugeren.dk, mininvestering.dk).

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