What is Model 425?
Model 425 is an annual summary that must be submitted by any individual or entity that was required to file Model 420 (quarterly IGIC declaration) during the year. This model provides a summary of the quarterly self-assessments submitted throughout the year.
Who is required to submit Model 425?
Model 425 must be submitted by all individuals and entities that filed Model 420 in each of the four quarters of the year (January-March, April-June, July-September, and October-December). This includes self-employed individuals, businesses, and entities subject to IGIC in the Canary Islands.
What is the deadline for submitting Model 425?
The deadline for submitting Model 425 is until January 31 of the year following the relevant fiscal year. For example, for the year 2024, the deadline will be January 31, 2025.
What information should be included in Model 425?
Model 425 should include the following information:
- The taxable bases and IGIC quotas settled in each quarter through Model 420.
- The total income and expenses from the economic activity, along with any applicable deductions or allowances.
- The summary of the quarterly self-assessments to calculate the total for the year.
How is Model 425 submitted?
Model 425 is submitted electronically through the Canary Islands Tax Agency (ATC) website. A digital certificate or access to the ATC platform is required to submit the model.
What if I am no longer required to submit Model 420 during the year?
Even if you were not required to submit Model 420 during the year, if you were registered in the IGIC taxpayers’ census at any point, you may still be required to submit Model 425 as an annual summary. At Xolo, we make sure all your self-employed declarations are submitted on time and correctly.