Within the vocabulary of economics, the accrual date It is one of the terms that you will hear the most. However, not everyone knows exactly what it refers to.
If this happens to you, then we are going to discuss everything you need to know about this term, from its concept to the types and important keys to keep in mind.
Table of Contents
What is the due date
So that you do not make a mistake and understand perfectly what the accrual date is, we give you an example before.
Imagines you registered as self-employed in March. That month is the last of the first trimester and you have the obligation to present the VAT for the first quarter until April 20. That it means that the accrual date is until April 20, what It is the last day on which you are obliged to pay VAT to the Treasury. That does not mean that you have to do it every day, but rather that you have a period, from 1 to 20, to account for your income and expenses during that quarter (or in this case since you sign up) to be able to pay later.
You may have noticed that we can define this date as that moment in which something is going to happen. It can already be an administrative event, an obligation, a payment... In other words, it is the moment in which an operation is carried out that can be to settle a tax, pay an invoice, etc.
Accrual date and payment date, are they the same?
When talking about the accrual date, many confuse this term with the payment date when They are actually two completely different things..
It is true that the accrual date is always linked to an obligation that was born, either on the same day or on previous days.
However, the payment date is more related to billing, and not with the accrual (this is more for tax payments).
Types of accrual dates
As we have told you before, the due date is related to an obligation, but what you may not know is that there are many types.
Specifically, the following:
Tax accrual date
In this large group we would have all those situations in which a person and/or company is obliged to pay a tax. In this case, the date would be the last day you could pay that tax without being subject to surcharges or penalties for going over.
Within this, we can divide into:
- VAT Where the date, according to article 75 of the VAT Law, tells us that the accrual date can be established in the delivery of goods or in the provision of services. In both, the accrual date would be the moment in which the good can already be used by the buyer or the moment in which the services are rendered.
- IRPF. The Personal Income Tax has an established accrual date. It is December 31 of each year. That day is when the time to pay the tax arises and your tax period is always a calendar year.
- Corporation tax. This is similar to personal income tax but is related to commercial companies, which are the ones that are required to pay this tax. And when would it be? Well, it ends on December 31, which is the accrual date of this.
Depending on model
Something that not many know is that, depending on the model that is presented, you will have one date or another of accrual. Specifically, in the most common, you will find the following:
- Model 046. The date will be the one on which the model is printed. In case of telematic presentation, when it is presented.
- Model 50. It is used to cancel fees, payments... and the date will be the same moment in which the procedure is carried out.
- Model 600. It is the one you have to use to file the Tax on Property Transfers and Documented Legal Acts. Its accrual date is the same day on which the signing of the sale was made through a notary.
- Model 620. It is the one used to transmit vehicles and other means of transport. Its date is the day the contract of sale was signed.
- Model 621. Related to the previous one, it is used to settle the transmission tax, that is, the sale of vehicles between individuals. As before, the accrual date is the one on which the sale and purchase agreement was signed between both parties.
where is it regulated
If you are wondering in what laws the conditions are established, we must mention two:
- Law 37/1992, of December 28, Value Added Tax. Commonly known as the VAT Law.
- Law 58/2003, of December 17, General Tax.
These two establish the tax regulations and tax accruals.
Has it become clear to you now what the accrual date is and what are the usual ones in taxes and according to the model to be presented?