What is Model 115?

The Form 115 is used to settle the withholdings and payments on account that are applied to the income from the leasing of urban real estate. It is a quarterly personal income tax self-assessment made as an advance and must be presented without error with unexpected setbacks.

Who must present Form 115

As a general rule, all companies and individual companies that pay rent for offices and premises must submit it, as long as these are urban. It is essential to be meticulous with all the data since any error in the information presented can lead to tax fines from the Tax Agency.

When is Model 115 presented

It is presented at the end of each quarter of the fiscal year, and you must do so in all of them. They are all mandatory for those who receive income from their urban properties during the period that is being liquidated. Delivery times must be met without exception and are as follows:

• January: Between the 1st and the 20th.
• April: Between the 1st and the 20th.
• July: Between the 1st and the 20th.
• October: Between the 1st and the 20th.

Remember that by submitting it, you are advancing a part of the taxes and that the sum of all settlements must be, without possible exception, equal to the annual total. If the sum of the models does not match the total, you will have to review the data to discover the error.

How to present Form 115

The Tax Agency offers two ways to present it so you can choose the one that may interest you the most:

• Via the internet: Without a doubt, it is the most recommended option for those who know what they are doing. It offers the possibility of filling in model data from anywhere with simple access to the network.
• In person: You can do it in person, in a branch of the Tax Agency. It is usually slower than electronic communication, but in exchange, it offers you the peace of mind of being able to receive help from its workers. It is the best option for those who need to learn more about the steps they should follow.

You should also know that not all income from rentals must be included. You should be aware of some exceptions to present the model without problems.

Exceptions to Model 115

The Tax Agency has provided several exceptions for this model, and they can be grouped into the following four points:

• Rentals for workers: This is usually one of the cases that causes the most confusion, but it is essential to know that if you pay housing to a worker, you should not include them in this model.
• Financial leases: You should know that Leasing or Renting type leases have a different tax treatment and will always be exempt in this model.
• Group 861 headings: This is a particular case, but it is also exempt from paying taxes in this model. Now, you can only stop including it when the landlord is subject to any headings in this group.
• €900 per year: Last but not least, you should keep in mind that when the total is less for a year and comes from the same landlord, you should not include it. But be careful, since to be exempt from the model, you must meet both conditions, or you will not be able to stop doing it.

Finally, you should know that at the end of the year, you will be required to present its annual equivalent. It is Model 180 and adds the four models 115 of the year you want to liquidate.