Through this blog we are going to explain how we have to count the bills received for the services of a professional, such as a lawyer, an adviser, a notary or an architect, and in the case of invoices for entrepreneurs who are given high in certain sections of the building.
What does it mean or what I have to do if I receive an invoice with retention?
We, having received an invoice with retention, we become "retainers." What do you mean? We have an obligation to join the Treasury that amount will be deducted on the invoice via a quarterly declaration (model 110)
This retention, if is a person carrying on his occupation (lawyer, notary ...) is 15% usually, although it may be 7% during the first two years of its activity.
With so be careful with is that certain construction activities developed by individuals, are subject to a 1% retention, so we can find bills with this type of retention.
We propose the following scenario to explain as reflected in the book that deduction. We assume that we receive a bill from our attorney that amounts to 1,000 € plus 16% VAT. We apply a withholding tax of 15% of their income tax. We should record the following entries:
1. In the invoice received
- On the debit side:
1000 (623) Independent professional services
160 (472) Treasury VAT
- For having:
(4751) Public finance, withholdings payable
150 (410 ) Trade for services rendered 1,010
2. When paying the bill
- On the debit side:
1010 (410) Payable for services
- For having:
(572) Bank and credit institutions c / c sight
1,010 euros
3. Quarterly is to present the Model 110, and enter the deductions made. Then we'd get to the next seat
- On the debit side:
(4751) Public finance, withholdings payable
- For having:
(572) Bank and credit institutions c / c sight euros
This 4751 so the account would be canceled
Remember also that the end of the year you have to send these professionals a withholding certificate stating the gross wage, the liquid collected and the amounts withheld. Greetings
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