Changes in the Social Security Contribution of the Self-Employed in 2023: A Detailed Perspective by ACG Asesores, Madrid

ACG Asesores, a consultancy firm for companies and for self-employed, based in Madrid, wishes to inform its esteemed clients and the general public about the important modifications introduced in 2023 to the Social Security contribution regime for self-employed workers. These changes represent a substantial review of the previous structure, with direct implications on the tax burden and financial planning of the self-employed.

Under the new regulations, the contribution of self-employed workers will be determined based on their annual net income. This approach introduces progressiveness into the system, where fees will increase proportionally with the benefits obtained. To implement this scheme, various contribution sections have been established, each with assigned minimum and maximum bases, which are programmed to increase in the upper sections and decrease in the lower ones in the years 2024 and 2025.

Since net returns can only be known with certainty at the end of the fiscal year, the quotas applied will be provisional. These fees may be adjusted every two months and will be subject to annual regularization. The State Tax Administration Agency (AEAT) will inform the Social Security of the income declared by the self-employed, which will allow the corresponding regularization of the contributions. If insufficient payment results, the difference will be required; If, on the other hand, the payment has been excessive, the excess will be refunded.

Regarding the deductibility of the Personal Income Tax (IRPF), the provisional installments paid during the year 2023 may be deducted, since these represent legally contracted obligations. The adjustments resulting from the annual regularization will influence the following year’s personal income tax return, either as an additional expense in the case of complementary payments or as income in the case of refunds.

ACG Asesores, aware of the relevance of these changes, is available to its distinguished clientele to offer specialized and personalized advice. Our purpose is to ensure that entrepreneurs and self-employed workers fully understand the implications of these modifications and can effectively adapt their tax and financial strategies to this new regulatory framework.

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