The relevance of timely compliance
For an SME, the TAX FINES can represent a severe blow to your cash flow. Knowing the most frequent errors will allow you to implement controls that will keep your business in compliance and avoid costly penalties.
Error 1: Incorrectly filed declarations
- Lack of documentation: send declarations with unsupported items.
- Confusion of periodsVAT from one month to another.
- Erroneous amountsDifferences between CFDI and reported figures.
How to avoid it: uses a monthly checklist and double check each return before sending it to SAT.
Error 2: Invalid CFDI
- Invoices with expired folios.
- CFDI without payment complement.
- Incorrectly written RFC of customers or suppliers.
How to avoid it: integrates a reliable billing system to validate in real time the validity of certificates and RFC.
Error 3: Lack of bank reconciliation
Failure to reconcile bank statements causes differences that the SAT detects.
How to avoid it: establishes a process of daily reconciliation or weekly; records each transfer and collection.
Mistake 4: Incorrect payroll and deductions
- Misapplied ISR or IMSS/INFONAVIT calculations.
- Delays in payments.
How to avoid it: implements a approved payroll software and performs simulated calculations before the actual payroll.
Mistake 5: Not taking advantage of authorized deductions
Many SMEs are unaware of tax incentives (research, digitalization).
How to avoid it: consultation with a tax advisor that identifies all the savings opportunities.
Implementation of fiscal controls
- Policy Manualdocuments processes and responsible parties.
- Annual trainingKeep your team updated on tax changes.
- External reviewInternal audits: program of six-monthly internal audits.
