Around this time you may have heard about the need to file form 202 for payment on account of income tax. Corporate income tax.
What does the form 202 for payments on account When is the deadline for filing the tax return and what should you do if you miss the deadline? At Exim Asesores we want to give you the help you need through our tax consultancy service.
What is the model 202 of payments on account of corporate Tax?
Ehe form 202 for payments on account of IS consists of the corporate income tax instalment payment model, which is carried out with the aim of bringing forward part of the total corporate income tax payment to be made by the company.
It is important to bear in mind that this is an advance payment that you make to the Treasury for the current year's corporation tax, the form for which will be filed in the following year. In other words, form 202 and payment in instalments for the year 2023 are made in the first twenty calendar days of April, October and December and then you make the annual corporate income tax return for the current year in 2023.
Who is obliged to file form 202?
All companies that are permanently located in Spain and all entities that are under the income attribution regime and have a presence in Spain (even if they are incorporated outside the national territory) are obliged to submit form 202, provided that they meet one or more of these requirements.
Requirements
- You had an annual turnover of €6,010,121.04 in the previous year, whether or not you made a profit.
- If the entity does not reach this figure, it must file form 202 for payments on account in the event that it made a profit in the previous year.
How do I file Form 202?
The form 202 for payment on account of corporate income tax can only be done electronically.
As a company, remember that you are legally obliged to have a digital certificate in order to carry out transactions with public administrations, in this case to file form 202 through the Tax Agency's electronic office.
In the event that you do not have a digital certificate, You must first obtain it in order to be able to file your taxes in the name of your company.
If you have to pay the payment on account of Corporation Tax, you can pay it by direct debit before the 15th of the month or you can make the payment up to the 20th of the month by asking for the NRC code at the bank or on the Tax Agency's website.
How do I file Form 202?
Fill in the model 202 can be complex if you have never done it before., The service of an independent tax consultancy is very important, both to avoid mistakes being made and to ensure that you file the form on time.
There are many aspects that you should bear in mind when filling in form 202, beyond identifying the details of your company or entity correctly. One aspect that will affect the result will be that you specify correctly in the additional data area what type of entity you are. Among these, there are several possibilities.
The payment on account can be made in two different ways:
- Using the full amount of the last Corporate Income Tax, and subtracting any deductions, allowances, withholdings and payments on account that have been made.
- Applying a variable result according to the result of the financial year: in this case, for the first quarter (in April) the payment is made by subtracting the bonuses, payments on account and withholdings; in the second payment (October) the calculation is made on the result up to 30 September; and in the third payment (December) the calculation is made on the result up to 30 November.
What happens if you do not file form 202 on time?
If you have not submitted and paid the form 202 by the due date, this is usually a reason for a penalty.
The penalty may depend on the outcome of the declaration and whether the declaration was filed before or after you received a request by the AEAT. The amount of the fine will also depend on how long it takes you to correct the mistake, but it is always advisable to do so on your own initiative and not wait for the tax authorities to demand payment, as the cost may be higher.
If you have been sanctioned or have not submitted your form 202 for payment on account of corporate income tax, We recommend that you put yourself in the hands of a tax advisor. At Exim Asesores we can help you with the management of your company's taxes so that this situation does not happen again and you can focus on your business.
