Tax Calendar 2021 for Self-Employed and SMEs: Dates You Need to Remember

Small and medium-sized enterprises (SMEs) and self-employed individuals must submit a variety of tax documentation throughout the year with established deadlines, and there are quite a few of them. That's why, at Inversa, we have compiled a tax calendar with all the dates that every self-employed person or SME should mark on their calendar. They are similar to those of previous years, but it's important to have them clear in order to prepare everything in advance and without stress. As always, the big moment comes between April and June, when the income tax return must be filed.

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SMEs and self-employed individuals must submit withholdings and advance payments on income from work and economic activities for personal income tax (IRPF), as well as prizes, capital gains, and imputed income. The deadline is January 20, the same for all months (although it can be done monthly or quarterly). These models vary depending on each case, but they are 111, 115, 117, 123, 124, 126, 128, 216, and 230. Additionally, you need to start preparing the VAT self-assessment, which is just around the corner. FEBRUARY

February 1 is the deadline for submitting model 303 for VAT self-assessment for the last quarter of 2020, but also for those who do monthly settlement (130 or 131). Additionally, the annual summary of VAT must also be submitted with model 390. For Income Tax and Corporation Tax, the annual summary of 2020 withholdings and advance payments on account must be submitted with models 180, 184, 188, 190, 193, 193-S, 194, 196, or 270, depending on the case. MARCH

March 1 is the deadline for model 347 detailing transactions with third parties, and March 31 for submitting model 720, reporting on assets and rights abroad. APRIL

April 7 marks the beginning of the income tax and wealth declaration campaign for the 2020 fiscal year, with a deadline of June 30 for submission, unless direct debit is required, in which case it must be done slightly earlier, by June 25. The VAT return for the first quarter of 2021 (model 303) must be submitted by April 20, as well as models 130 and 131 for the installment payment of personal income tax, depending on whether it is direct estimation or objective, respectively. Additionally, the first installment payment for Corporate Tax (model 202) must also be submitted by the same deadline. Furthermore, on the same deadline, the quarterly declarations with models 111, 115, and 123 must be submitted. Also, you have until the 20th to submit withholdings and advance payments on income from work and economic activities for IRPF if you do it quarterly. MAY

The telephone filing of the 2020 Income Tax declaration begins on May 6 and ends on June 30. JUNE If you want to file the 2020 Income Tax return at the Tax Agency offices, you can only do so from June 2 to 30. Remember that if the result of the annual return is a payment by direct debit, the deadline is June 25. JULY

If you have decided to pay the income tax in installments, you have until July 20 to submit models 130 and 131. The same deadline applies to quarterly declarations for personnel, rentals, income, and for submitting model 303 quarterly. Regarding the Corporate Tax for the 2020 fiscal year, it must be submitted by July 26 if the tax period coincides with the calendar year. The models vary depending on the case: 200, 206, 220, or 221. Remember that you can submit withholdings and advance payments on income from work and economic activities for IRPF quarterly until the 20th. AUGUST If taxpayers have an open account as account holders, they have until the 2nd to provide their NIF to the credit institution with model 195. If you rent out properties for tourist purposes, you must also submit model 179 on the same day. OCTOBER

The last day to submit installment payments for models 130 and 131 for the third quarter, and the second installment payment for Corporate Tax with model 202 is October 20, as well as the quarterly declaration of withholdings and advance payments. The deadline for model 303 for VAT self-assessment quarterly, and other withholdings such as rentals, capital gains… also ends. Also, you have until the 20th to submit withholdings and advance payments on income from work and economic activities for IRPF if you do it quarterly.

NOVEMBER Those who pay VAT quarterly have until the 30th. On the 5th, the second installment payment of the annual declaration if made in installments (model 102) is paid. November 30 is the deadline to submit model 232 if there has been any operation in a tax haven in 2020. DECEMBER From December 1 to 20, the third installment payment of Corporate Tax is made. On the 31st, in addition to the end of the calendar year, the fiscal year also ends, so we must analyze in advance if we want to make any changes in the following aspects:

• Renunciation or revocation of simplified direct estimation and objective estimation for 2022 and subsequent years.
• Renunciation or revocation of simplified regimes and agriculture, livestock, and fishing for 2022 and subsequent years.
• Taxation option in destination for remote sales to other European Union countries for 2022 and 2023.
• Option for the special VAT cash basis regime for 2022.
• Renunciation of the special VAT cash basis regime for 2022, 2023, and 2024.

Final Clarifications:Companies that file monthly VAT self-assessment have until the 1st to the 30th of the following month to submit it.Withholdings and advance payments on income from work and economic activities can also be submitted monthly, with a deadline of the first 20 days of the following month. Finally, it should be noted that although the information was extracted from the Tax Agency and is verified, in case of doubt it should be consulted with them.