Current account taxes etc?
Good evening, I recently turned 18 and opened a checking account with N26, as I'm still in school and don't have any money coming in. Do I have to be careful about anything regarding taxes, etc.? I really have no idea, and I apologize for that.^^ I just receive money from various people, websites, etc. from time to time.
A second question: Are there any hidden fees with N26? For example, can I accidentally go into the red on a checking account? It wasn't possible with my previous savings bank.
Thank you.
kind regards
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Does that have anything to do with your last question?:
Anyway, your bank will probably ask you to open a business account as it has to adhere to European banking laws.
In addition, you can trade so you need a commercial license and have to tax your revenue.
Click: When do you need to register a business?
And I the competent authorities now have quite amazing possibilities…;-)
Click: Platform Control Transparency Act
Click: Digital platform operator reporting obligations (DPI/DAC7)
Click: When the tax office simulates online sales
But of course this is only your decision. 😉
No, it has nothing to do with it. 🙂 Have not started a business yet.
If you get money from "various sites", this can be taxable income.
Whether you can transfer the account, the financial institution decides, and costs and fees should arise from the contractual terms.
"hidden" will probably be nothing.
Hello
So you're supposed to set up a release order. You can distribute a total of 1000€ but no more (!!!) to all banks/depot banks. You have to manage it yourself.
Do not know the terms of the N26, but you can set up an overdraft credit with which you can slip into the minus.
Okay, thank you very much, I really didn't know the job. 🫣 But thank you for the clarification. I don't want to set up an overdraft loan. I want you to stay right. 👌
Look at the channel finance council or the channel financial flow at YouTube, which have sound explanation videos on all financial topics. 😉
N26 does not pay interest on current account balances. Of course, you're right about the release order if there's interest. But then you should explain it correctly to an inexperienced. Your mail actually reads as if it had to pay on balance taxes and should have only 1000€ tax-free.
Okay, I see you have no idea and can't even read. Let's go.
Yes Main money input Coming not of the Interest but of revenue from friends and his website. Of interest was never the speech on the question . And you tell him his entrances from friends and the website would be tax-free up to $1,000.
Banks are currently paying interest on balance. What don't you understand?
If he has money on his account and he receives interest, the bank will deduct capital income tax without an exemption order.
How do you think the interest should be?
Interest is clear. The income of websites and persons on their own account has nothing to do with interest.
Interest on balance = capital income
I think the N26 pays – but can deceive me – interest.
However, the exemption order applies only for capital income obtained and not for received transfers or cash payments of persons or websites.
If the revenues are intentional for profit, eg in the direction of dropshipping, then you need a business license and have to report your revenue to the tax office.
That's clear. No, I'm just talking about transfers from friends and just expressing it.