When you draw up your income tax declaration for 2014, you need to take into account that you either have to pay an additional sum or will be refunded less than you expected. On average this is a sum of € 150, but the situation can differ per person.
If you have received a preliminary assessment for 2014 from the Tax Authorities in late 2013, too high an amount of general tax credit was included at the time because changes were announced too late.
For the same reason, the tables we were provided with to calculate the sum that needs to be withheld in national insurance contributions were incorrect. The tables took insufficient account of the changes in general tax credit and employed person’s tax credit. This could mean that too small an amount in national insurance contributions was withheld from your wages. The Tax Authorities opted to leave the tables unchanged during the year, which is why the effect has not become apparent until now, in the income taxes. More information can be found on the Tax Authorities’ website.
Questions about possible additional tax assesment? Contact WePayPeople via +31 (0)20 820 1560 or [email protected].
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