How to prepare quarterly VAT returns to avoid common mistakes?

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To begin with, all self-employed persons must be registered in the Tax Agency's census of entrepreneurs and professionals , which will allow them to issue invoices and declare VAT legally.
Self-employed persons must issue invoices with the corresponding VAT exemption, clearly indicating the applied tax rate and the total amount. This is mandatory for all transactions subject to the tax.
It is essential to keep an accurate record of all invoices issued and received, as these documents are the basis for calculating output VAT and input VAT .

Preparing quarterly VAT returns for self-employed workers requires attention to detail and a thorough knowledge of current regulations.

One of the most common mistakes made by self-employed workers is not keeping an updated record of invoices issued and received, which can lead to the omission of income or the incorrect deduction of input VAT. It is essential to have an accounting system that facilitates the collection and calculation of the data necessary for the declaration.

In addition, it is advisable to carefully review each return before filing to ensure that all data is correct and complete. Using VAT management software can be an effective solution to avoid errors, as it automates much of the process and reduces the risk of human error.

Finally, it is important to remember that the deadlines for filing returns are strict, so preparation must be done in advance to avoid last-minute rushes that may lead to making mistakes.

How to determine the VAT to be included in self-employed invoices?
The type of VAT to be applied depends on the good or service offered. There are different tax rates, which we will see later, and it is crucial to apply the correct one to avoid errors in the declaration when including VAT.

VAT rates applicable to self-employed workers
VAT is applied differently depending on the type list of canada cell phone number of good or service, which means that self-employed workers must be aware of the different tax rates. In Spain, there are three main types of VAT : the general rate (21%), the reduced rate (10%), and the super-reduced rate (4%). Each one is applied to different products and services.

For example, the standard rate of 21% applies to most goods and services. The reduced rate of 10% is used for food, hospitality and transport, among others. The super-reduced rate of 4% applies to essential products, such as basic foodstuffs and medicines.

In certain sectors, such as agriculture or livestock, there may be specific rates or special regimes that allow a reduction in the applied tax rate.

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How does the equivalence surcharge regime work for self-employed workers?
The equivalence surcharge is a VAT regime for self-employed retailers who sell to the final consumer. It works like this:

Suppliers apply VAT plus a surcharge (5.2%, 1.4% or 0.5% depending on the type).
The self-employed person does not have to pay the VAT charged or submit quarterly or annual declarations.
You cannot deduct the VAT paid on your purchases.
This regime simplifies tax obligations, but increases the cost of acquisitions.