The turnover of a company is one of the star topics of this blog. You can find articles about it and its role in digital transformation are numerous. This new post also deals with the same topic. However, far from wanting to be repetitive, today we are approaching it from a perspective that is more than interesting for your business. In these lines, we delve into company invoicing and the significant changes it will undergo in the coming months. If you want to stay up to date with the tax authorities and avoid surprises and violations, what we have to say below will be of interest to you.
The Create and Grow Act on company turnover
One of the most significant changes coming up for any company operating in Spain is the entry into force of the so-called Create and Grow Law . In this article, which we have already written at easyap and linked to below, we explain in detail how this regulation affects you. Without going any further, with its entry into force, certain measures will be applied, such as those listed below:
- All companies will be required to use electronic invoicing programs .
- New companies can be incorporated as limited liability companies with one euro of share capital. Until now, this limit was set at a minimum of 3,000 euros.
- It expands the list of economic activities that are exempt from the requirement to obtain a license to operate as a company.
- They the channels through which companies and businesses of any kind can file complaints when they consider that the administrations are not complying with the principles of economic regulation.
- Improvements to promote alternative financing instruments such as crowdfunding or collective investment, etc.)
Both the measures mentioned above and others of lesser significance have a twofold objective. On the one hand, they aim to combat late payments, double accounting, and tax fraud. On the other hand, they aim to encourage the creation of new companies that are fully digital and undertake the digital transformation of the existing business fabric .
The government will create a National Delinquency Observatory.
Precisely in order to achieve these two objectives, the Executive is considering creating a National Late Payment Observatory. The measure is expected to be launched by the Ministry of Finance and Public Administration with the intention of better monitoring and tracking payment data and promoting good practices in company invoicing. And, as you know if you read our blog regularly, software like ours plays a key role in this.
However, what we want to announce here is that this regulation will soon come into effect.
Therefore, you should be aware that the new regulation will take effect on the day it is published in the BOE (Official State Gazette). From that moment on, the deadlines for complying with it are:
- If your company has a turnover of more than eight million euros annually, you will have one year to implement electronic invoicing in your business.
- If your company's revenue is lower, you will have a two-year grace period from the date of publication of the law.
Therefore, it is in your best interest to stay up to date on how and when the Create and Grow Act is published. In any case, at easyap we will keep you informed of any new developments in this regard.
The Recovery, Transformation, and Resilience Plan will continue.
Another of the most high-profile measures in recent times has been the government's implementation of the Recovery, Transformation, and Resilience Plan. Unlike the Create and Grow Law, this regulation is already in force. In fact, you can find it published in the Official State Gazette since April 29, 2021.
However, although it has been around for some time, we highlight it as a change that may affect a company's turnover in 2023 because you can also take advantage of it during the coming year. Remember that this plan regulates what are known as EU Next Generation Fundsare regulated. In other words, the popular Digital Kit that you can join to digitize your business with subsidies will continue to be available.
The amounts of aid under this program can range from €125 to €12,000. These amounts will remain unchanged for 2023. There are numerous actions for which you can benefit, all of which are linked to the digital transformation of businesses. However, at easyap, as a digitalization agent, we focus on what we know: digital invoicing for a company for this new scenario.
How does easyap help with a company's taxation and invoicing?
In line with the above, we offer a solution to transform all your business's invoicing. Adapt it to the new digital landscape. How? With a complete system that is fully adapted to the regulations in force in your country of residence. So we guarantee that with our software you will be able to:
- Manage your invoice workflow. You will control each and every invoice you issue and receive within the software.
- Adapt it to any ERP you already have installed and integrate it with other services or platforms.
- Inform and communicate with public and private suppliers and customers. Both they and you (and the teams, departments, or people you choose) will be able to check the status of invoices conveniently and efficiently.
- Control other costs that affect your business's accounting and taxation, such as employee expenses.
- Manage tax and fiscal matters. Without going any further, you can file certain taxes with the relevant authorities electronically and from within the software itself.
In relation to the latter aspect mentioned above, it is very important that our system is connected to the SII (Tax Information Supply). Therefore, since electronic invoicing and the SII are mandatory in Spain, software such as easyap will save you a lot of bureaucratic headaches.
In turn, you should also know that we adapt to regional or formal regulations on tax matters. A clear example is TicketBAI, the program of the Basque Country's regional tax authorities. Well, if you have to comply with it, our system is also a good solution. In fact, this system has been in force in Álava since January 1 for the taxation and invoicing of companies in the territory. Likewise, in 2023 it will continue to be in force and will be extended to the rest of the Basque provinces.
And best of all, you can take this step now and prepare for the legislative changes coming in 2023. Our specialists install the software in less than a week. Therefore, you will have your program up and running at full capacity in no time. All you have to do is contact us as soon as possible. This is the best way to avoid being caught off guard by the upcoming changes to your business's billing.
