Tax Agency and Bank Registers of SME´s and Self-employed

The Tax Agency and Bank Registers, or how to notify that they know everything.

As we have been commenting with our clients in different communications and working since the last semester of 2018. The Tax Agency has continued with the processes of verification and inspection based on the information obtained from the banking records of the activity.

The Tax Agency and Bank Registers

During April and May 2019, with the slogan “we know it all“, has started a new information campaign in which:

firstly, it informs the taxpayer that it has the banking information.
and that the Corporate Income Tax data from previous years differ from the industry average. In the case of companies.

This campaign, for the time being, has focused mainly on SMEs and the Self-employed. And has generated much criticism of associations for the form and because “is coercing and saying it does not tax what it owes. Even when it is interesting to know the standards of their own sector.

But has also sent letters to three million taxpayers in the Income campaign. Warning that he knows they have rental housing and assets abroad. In addition, he has also alerted 14,700 companies and individuals who have operated with crypto coins.

According to their publications and inspection plan for 2019, they plan to launch a campaign of visits to the headquarters of the companies. In those where they estimate that their operation is handling cash.

The reason is that, in the opinion of the AEAT, the declared income draws their attention because it does not conform to average standards. As well as, to pursue the proportionate declaration of collections in cash and by means of electronic payments or credit cards.

With this crossing of information it warns the taxpayer of the deviation that exists in its official data with respect to the sector of activity to which it belongs.

This communication does not mean an opening of verification or inspection actions. However, it warns that there will be continuity in this monitoring and possible corrective actions in the coming years.

We attach an example of the content of these information letters.

Recommendations

That is why, from our Tax Consulting Department, and from the first half of 2019 onwards, in addition to continuing to require you together with the documentation of your economic activity (invoices issued and received, etc.), we will ask you for details of the movements of the bank accounts that you have associated with your professional or business activity, in addition, we will review the overall operation of the business in terms of collections (cash and cards) and we will control the reference ratios to confirm that everything is correct.

Finally, if you have any doubts about this important communication, we are at your disposal.