Sometimes the bank offers us services that we do not even know or ignore. One of them is the tax current account, a special product that can be beneficial if we have debts with the Tax Agency.
In this way, we can compensate the non-payment without having to pay some taxes and shortening the dates, especially the money back. Next, we analyze what it consists of and on what occasions it is especially beneficial.
Does the tax current account work like a normal account?
The tax current account allows users to offset the credits and debts they have with the Tax Administration. This method was implemented by the State Agency for Tax Administration (AEAT) and allows both companies and professionals who meet certain requirements can make a regular income from money and go covering the debts.
Its characteristics mean that it is not a usual bank account. The operation is focused on the objective of recovering the money that the owner owes. To know how debt compensation works, we can divide it into key points:
- The determination of the balance of the account is carried out every three months. Specifically, on March 31, June 30, September 30 and December 31 of each year.
- On those dates, the new debts or refunds are updated and the account holder is notified, who has 10 days to present a claim.
- After this period, the provisional liquidation is issued after 15 days. The result may be in favor of the Treasury and the payment is issued or, in turn, favorable to the taxpayer, which entails the return of the excess. In this second case, the waiting time is longer.
What is its main advantage?
This type of account can be beneficial to affected individuals, especially for two main reasons:
- Generally, companies that hire this account are usually entitled to refunds (if the retention has been greater than what they really had to pay) and these usually take a long time to pay. Therefore, offsetting this income with debts can avoid paying at the moment and have to wait for the recovery of the return.
- It is possible to compensate different taxes, something that under normal conditions is not allowed. For example, if we have negative VAT and split payments of the Corporation Tax to pay, we can compensate the amounts to be paid for the IS with the negative VAT and, in this way, avoid payment.
What requirements must you meet to open a current tax account?
Not all people or companies can open a tax account and enjoy the benefits. Only those taxpayers who exercise business or professional economic activities and who, due to them, have to present declarations-VAT settlements, withholdings on account of Income Tax or Corporate Tax, can do so.
These are the requirements that a subject, whether a person or company, must comply with:
- That the taxpayer is a creditor of the Tax Administration for continuous returns.
- That the amount of the credits recognized during the fiscal year immediately prior to the request for the tax current account must be at least equal to 40% of the tax debts accrued in the same period of time.
- Be up to date with your tax obligations.
- That they have not waived their application in the two years prior to that in which the application is submitted.
If, on the other hand, you do not meet the conditions …
In the case of not being able to fulfill all the mentioned requirements to access a tax account, the best option is to pay the debts separately and wait to receive the returns. A good way to consolidate payday loans is through consumercredit com reviews.