Both companies and individuals often encounter difficulties in filing their tax returns. Indeed, there are a number of documents to be collected, calculations to be made and deadlines to be respected. This is why more and more individuals and companies are turning to trustees to do all the work for them.
What is a fiduciary in Switzerland?
In Switzerland, a trustee is an entity that has particular expertise and experience in tax calculation in Geneva or any other canton of the Swiss Confederation. It may be a natural person or a legal entity that has a mandate to act on behalf of a principal. The trustee may also keep the accounts of a company, prepare salaries, and even prepare its annual accounts. This applies in particular to the preparation of the balance sheet and the projected income statement. It is therefore the equivalent of accounting firms in other countries.
It is also possible to contact a trustee when setting up a business or if it encounters difficulties during its operation. She can still turn to a trustee to declare her taxes in Geneva and take all the necessary steps in her place. The latter may also have the registered office of a patrimonial company or a holding company. In addition, the fiduciary is the ideal contact person for tax calculations in Geneva. Finally, it is common for an SME or VSE to approach a trustee for advice and solutions to its day-to-day management, accounting or financing problems.
How to declare your taxes in Geneva?
In the case of the Canton of Geneva, the tax return must be received by the tax authorities by 31 March of the current year at the latest. In the event that you have received it a little late, you must return it before April 15. It should be noted that anyone of working age and able to file a tax return in Geneva must do so and pay their taxes. Normally, there are two ways to pay taxes in the canton of Geneva. Thus, it is possible to make a paper or software declaration, i.e. online.
But whether it is for one or the other, it is always necessary to gather the necessary documents to make a tax return in Geneva. These include invoices for business expenses such as subscriptions on public transport, bicycles or two-wheelers rented as a fixed price. Out-of-home meals as well as night or shift work can also be included in the Geneva tax calculation. The same applies to other expenses relating to professional activity, such as specialised literature, tools, clothing, etc. On the other hand, maintenance payments to the partner or children and maintenance contributions must also be deducted from taxes.
Other documents to be prepared
To calculate taxes in Geneva, you still have to deduct interest liabilities from your income. These include private loans, mortgages, loans from a banking institution, etc. As far as insurance premiums are concerned, the deduction is possible up to a certain amount. This concerns life insurance, pension funds and health insurance. Thus, for direct federal tax, single taxable persons can deduct up to an amount of 1,700 francs against 3,500 francs for taxable persons in marital status. Similarly, it is generally sufficient to mention your bank account number in your tax return in Geneva so that the tax authorities can refund you the 35% bank interest generated by savings books and salary accounts.
You should also know that you receive a tax credit if you have made a donation or paid contributions to a political party. In addition, you can deduct up to a certain amount from your taxes the interest on your bank or savings accounts. The tax calculation in Geneva is quite complex insofar as you have to deduct from your taxes the purchase of years from the pension fund, contributions to organisations recognised as being of public utility. The same applies to expenses relating to certain medical services due to an accident or illness that are not covered by insurance. It is important not to forget the paid activity of both spouses as well as the deductions relating to children and disability-related expenses, which make it possible to benefit from a tax deduction under certain conditions.
The advantages of turning to a fiduciary
It is not easy for an individual or a company to calculate taxes in Geneva, because there are so many parameters to take into account. In addition, it is not at all clear up to what amount the deduction applies for a particular expense. It is therefore more interesting to trust a trustee who is fully familiar with all the regulations relating to tax returns in Geneva. This means that the company is therefore able to save a company or individual money if it is responsible for declaring its taxes in Geneva, because the trustee is able to optimize her client’s taxes.
In addition, the use of a trustee saves time by helping his client complete his tax return in Geneva. All you need to do is gather all the necessary documents and the trustee will assist you in completing your tax return. This is true whether you choose to file a paper or online return. In addition, you can be sure that your return will be sent on time and that you will not risk a late penalty. Finally, if you have a claim to make to the Geneva cantonal tax administration, the mandate you have given to the trustee allows it to act on your behalf!
How to choose a trustee in Geneva?
If you want to find a professional who will do the tax calculation in Geneva for you, you should look for a trustee. As there are so many of them, it is necessary to set up a selection framework. First, the trustee must have extensive experience in the field. You should find out about its reputation in Geneva, its number of years of existence and its size. It is also important that the trustee’s offices are close to your home or business premises so that you can meet directly with the people who keep your accounts or who handle your tax returns.
On the other hand, it is useful to ask you for the services offered by the trustee. It is important to know that it is able to meet your current needs, but that its offers can also evolve over time to support you in the development of your business. Then, find out if she knows your issues well and if she has had clients in the same situation as you. Finally, it is essential to ask how the trustee operates and how long it takes to process it. Of course, you must inform yourself of the cost of the mandate you wish to set up.