The Immediate Supply of Information (SII) obliges us to comply with the Billing Regulations
We have been talking for weeks about the SII, a new obligation for large companies, VAT groups and companies included in the REDEME (monthly VAT refund scheme).
In simple terms, this means "uploading issued and received invoices to the cloud," and less simply, "maintaining the VAT Register on the Spanish Tax Agency's (AEAT) website." Companies have four days (eight this year) to do this, starting from a specific date: the date the issued invoices were issued and the date the received invoices were registered.
These dates and deadlines can produce changes in records, VAT settlements and accounts receivable, which ultimately affect the company's treasury.
It's important to note that the regulation applies to large companies with the resources to invest in software and internal billing procedures, but also to companies included in the REDEME (Special Regime for Small and Medium-Sized Enterprises). As consultants, we know that many SMEs and micro-enterprises operating in international markets are in this regime precisely to alleviate their cash flow problems (otherwise, they could end up financing the Spanish Tax Agency (AEAT) for up to two years through VAT payments).
Small and medium-sized enterprises (SMEs) and micro-enterprises lack the resources to adapt their invoicing software and internal procedures, and may suffer severe cash flow problems.
What are the main threats to the treasury?
- The deadlines for issuing invoices to customers
- Deadlines for registering invoices from Suppliers and Creditors
The first reason is that it can lengthen the collection periods, and the second is that it can shift the VAT paid from one period to a later one, all because either there are no adequate internal procedures, or the management software does not allow invoices to be recorded correctly, or both.
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A graduate in Economics from the University of Barcelona, he is also a Certified Actuary, Real Estate Agent, and Insurance Broker.
He furthered his training with courses in taxation, business valuation, and credit management offered by the College of Economists of Catalonia and the Center for Financial Studies (CEF).
In 2000, he became the managing partner of the firm, and since 2011, he has also been responsible for the Finance Department.
For five years, while already a member of the management team at Àmbit Assessor, he also held the positions of Deputy General Manager and Finance Director at Alco Grupo Empresarial.
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