The next October 22 (the 20th falls on a Saturday) the penultimate quarterly VAT settlement of the year will be presented. In this post we review everything you need to know about it.
- Learn all the reasons why the presentation of the penultimate 303 model of the year is important
- Make good use of this settlement to plan the fiscal closing of the year
On September 23, summer ended and autumn began. One season ends and another begins. Just as a change of season occurs every three months, the settlement of the quarterly tax models, as if they were seasons, tells us that with the third presentation of model 303, we only have an accounting station to go, the last season being the one that ends the cycle of quarterly settlements of the accounting year of most companies.
Next October 22, companies that declare VAT quarterly They will carry out the settlement of the penultimate form 303 of the year, which fiscally is just another quarterly declaration. However, with a view to the end of the year, it has some importance, since it can be an indicator of what draw conclusions for the end of the year.
Below, we explain the reasons why the presentation of the penultimate 303 model of the year is important.
More tax obligations in 2019 with the presentation of model 347
With the anticipation of the presentation of the 347 model in January, the margins of action of the companies are even narrower, with a glimpse of hectic January for administration departments of Spanish companies. Therefore, it is advisable to plan the fiscal closing of the year, trying to avoid last-minute surprises in the month of January in which time will be a very scarce resource.
Plan investments for the last quarter of the year
With three VAT settlements carried out in the year, the result of the last one should not be a surprise. If a good result for the year is estimated and a VAT settlement payable in the fourth quarter, plan investments for this last period of the year that reduce the VAT to pay.
Anticipate expenses
The advance payment of investments can reduce the VAT settlement payable, but its impact on the income statement can be reduced, since it will only reduce the expense in the proportional part of amortization attributable to the year. If a good result for the year and a VAT settlement to be paid is estimated, there are certain expenses, such as office supplies, advertising, professional services, etc., that can be planned and anticipated for the last quarter of the year.
Don't forget to check your settlement
Ledgers need to be compared of VAT accounts with record books. It must be ensured that there are no duplicate invoices, gaps in the numbering series, errors in the accounting of invoices and that all the required fields in the record books are duly completed.
Think about whether you are interested in joining the Immediate Information Supply (SII) next year
With November 30 deadline, form 036 must be presented with the option or waiver of the electronic keeping of record books, as well as the communication of the option or waiver of billing by the recipients of the operations or third parties. With the presentation of the penultimate VAT settlement of the year, it is necessary to be clear about what is going to be done in relation to the SII.
Perform the same reviews that you would perform with the presentation of the 390 model
With the completion of the model 390, a more exhaustive review is usually made of the last VAT settlement, but it is advisable to anticipate all these reviews to the third quarter declaration, to review only the last quarter in the last one, taking into account the time limitation of the month of January . If all VAT settlements are thoroughly reviewed, we will avoid problems with the Tax Agency or last minute surprises..
Project the result of the exercise
With the penultimate VAT declaration of the year presented and the accounts closed for the month of September, it will be possible to project the result of the exercise quite accurately. Thus, the last quarter will be available to try to increase sales if the result is not good, or to make certain expenses if you want to reduce your corporate tax bill.
Fountain: SAGE
