What is Model 390?
Model 390 is an annual VAT summary declaration that businesses operating in Spain must file. This form provides a comprehensive summary of all VAT transactions conducted throughout the year, including VAT collected from sales, VAT deducted on purchases, and VAT paid. It ensures that the tax authorities have a complete overview of a business’s VAT activities.
Who needs to file Model 390?
Any business or individual required to file quarterly VAT returns (Model 303) must also file Model 390. This includes most self-employed individuals and small businesses. Essentially, if you are obligated to submit Model 303, you must also complete and submit Model 390.
When is the deadline for filing Model 390?
The deadline for filing Model 390 is between January 1st and January 30th of the following financial year. It is crucial to adhere to this deadline to avoid any penalties or interest charges.
How do I file Model 390?
Model 390 can be filed by uploading your annual data to the AVASK form provided. Ensure that all data is accurate and complete before submission.
What information do I need to include in Model 390?
You need to include a detailed summary of all VAT transactions for the year. This information must match your quarterly Model 303 filings. Specifically, you should provide details of VAT collected from sales, VAT paid on purchases, and any other relevant VAT transactions. Utilizing your quarterly filing returns will help ensure that the information is consistent and accurate.
What happens if there are discrepancies between Model 390 and Model 303 filings?
Discrepancies between Model 390 and your quarterly Model 303 filings can trigger a tax audit. It is essential to ensure that all information is accurate and consistent across both forms to avoid any issues with the tax authorities.
Can I make corrections to a submitted Model 390?
Yes, you can make corrections to a submitted Model 390. This can be done via the AVASK platform. If you notice any errors after submission, promptly correct them to ensure compliance.
Is there a penalty for late filing of Model 390?
Yes, late filing of Model 390 can result in penalties and interest charges. It is important to file on time to avoid any additional costs. Ensure that you complete and submit the form within the specified deadline to remain compliant with tax regulations