How to have liquidity when taxes arrive?
Many times the payment of taxes comes at a difficult time.
Therefore, anticipating their arrival and having the necessary liquidity to face them is essential.
However, when it is not possible to foresee it, the negotiating promissory notes and other methods of working capital financing They represent attractive alternatives to be able to meet your obligations, both for freelancers and for businessmen.
Annual tax calendar in Spain
Throughout the year we must meet our tax obligations by paying taxes. So that you do not have any doubts and refine your forecasts, we show them to you month by month.
First trimester
In January, the models of the previous fourth quarter are presented and settled:
- - January 20 You must have presented the income tax and rental withholding declaration (models 111 and 115).
- - January 31 models 130, 131, 180, 184, 190, 303,349, 390 and 369 are presented, depending on the case.
During these dates, you must pay the VAT settlement and the withholdings mentioned.
En February and March Two informative models are presented, which do not imply payments:
- – Model 347. Reports on operations that exceed 3.005,06 euros.
- – Model 720. Reports on assets and rights abroad.
Second trimester
Arrived at the month of April, the first fiscal quarter of the year is concluded, so it is time to file and pay taxes:
- - Before the April 20, you must present models 111, 115, 123, 130, 131, 202, 303, 309, 349, 368 and 369.
Payments of withholdings, VAT and Corporate Tax are concentrated on this date.
During this month the Income campaign of the previous year also begins, which concludes at the end of the month of June.
In turn, the May 25 the period for domiciliation of model 100 (return or payment of Personal Income Tax) and model 714 (Wealth Tax) ends.
Third trimester
The cycle is repeated, in July we return to a critical date, in this case, around the second quarter of the current year:
- - July 20th. Models 111, 115, 123, 130, 131, 303, 309, 349, 368 and 369.
- - July 25th. Model 200, Corporate Tax.
In August and September there are no additional tax obligations or payments.
Fourth trimester
After the summer vacation break, the taxes related to the previous quarter return, the third:
- – The key date is October 20. Before this day you must present the same models as on July 20, plus 202 (Corporation Tax).
- - In November, it is time to settle the VAT, present the declaration of rental of tourist homes in Spain and the model 232, on tax havens.
– In addition to closing the accounts, in December It is time to pay the Corporate Tax on account (model 202).
Options to obtain liquidity before paying taxes
You have to be farsighted and aware, always, that a part of your income is taxes to be passed on. This is the case, above all, of the VAT paid and the withholdings applied.
Here are some options to have liquidity and be able to pay taxes:
- * Tax piggy bank. It consists of reserving a part of the income for these payments. Whatever happens, that income is untouchable.
- * Postponement. It is possible to ask the Tax Agency for a moratorium or installment payment, with the corresponding interest cost.
- * Credit for freelancers and companies. We are talking about obtaining external financing or a loan to face the payments. As in the previous case, it has an additional price. Having an annual line of credit is an interesting alternative, as long as it is used well.
- * Advance the invoice. A great idea to have liquidity is to collect, in advance of the issuance of the invoice, a percentage to be negotiated with the client. This percentage will depend on the needs of the sector of activity.
- * Advance bills. This service allows you to resort to a financial institution so that they pay you the amount of an invoice before the due date. In exchange, you pay interest and management fees.
* Discount or negotiation of promissory notes. This alternative is similar to the previous one. It allows anticipating the collection of promissory notes before the expected maturity through a financial institution, assuming some discount expenses.
We help you with the Tax Payment
In short, there are multiple working capital financing services that can help you before the tax payment arrives.
They are helpful resources provide liquidity by granting better control of timing.
More information about the promissory note discount y invoice advanceAsk for your budget without any kind of commitment.
Know all the advantages you can get with the financing of companies from WorkcapitalKnow all the advantages you can get with the financing of companies from Workcapital
