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Cash accounting in Spain

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Cash accounting in Spain

This regime is available in Spain. An application for Cash accounting regime must be made and the following requirements must be met:

  • A registration form must be filed during the month of December of the year prior to the application of the regime.
  • Only businesses with a turnover below 2M€ can apply.
  • Business gifts are 0% deductible unless for promotion samples or low value gifts (less than 200€ per year)
  • A number of transactions and sectors are excluded: fisheries industry, agriculture, simplified margin scheme for SME, intra-Community acquisitions, reverse charge supplies and imports.
  • The application of this regime must be stated on the invoice.
  • Additional information should be included in the VAT books for supplies under this regime
  • All these supplies should be reported separately in the Annual Sales and Purchases Listing (Form 347)