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What are the key steps you need to follow to complete a tax and accounting close that complies with current Spanish regulations?
What key areas should you review to ensure everything is correct at the end of the fiscal year?
How can this guide help you identify and correct common errors in the reconciliation of accounts, fixed assets, or stock?
In this comprehensive guide, you will discover the essential steps for an accurate and compliant accounting and tax closing in Spain. It’s a valuable resource for business owners seeking a clear and strategic overview of their operations, turning the year-end closing into a powerful tool for informed decision-making.
From performing accounting reconciliations to properly valuing financial assets, this guide offers a detailed framework for avoiding common mistakes and anticipating potential challenges. It also covers key aspects such as taxation, depreciation, and inventory reviews, helping you optimise your company’s financial management.
Key steps for an efficient accounting and tax close
With our guide, you’ll gain a clear understanding of the vital processes needed to ensure sound financial and tax management:
1
Closing reconciliations: Review the accounting of the previous year’s result distribution.
2
Fixed assets: Examine fixed assets in progress, depreciation for the year, and any applicable tax benefits, such as accelerated depreciation.
3
Stock: Ensure direct and indirect costs are activated, reasonably allocated, and correctly recorded in stock variation entries.
4
Suppliers and customers: Review supplier and customer invoices, year-end balances, and the impairment of receivables.
5
Other expenses: Assess directors’ remuneration, provisions for liabilities and charges, and reconciliation of staff costs.
6
Financial assets: Confirm the correct classification and valuation of financial assets.
7
Corporate income tax: Understand how this tax functions, including offsetting negative taxable bases and applying double taxation exemptions.
Consultancy: essential for an optimised accounting and tax close
Proper bookkeeping goes beyond ticking legal boxes—it’s crucial to ensure your company meets all tax and accounting obligations. Most importantly, it enables informed decision-making for the upcoming financial year while receiving expert advice and support throughout the process.
Accounting consultancy doesn’t just help you stay compliant—it enhances your company’s financial efficiency by enabling you to:
- Avoid penalties: Follow all procedures correctly to prevent fines and legal issues.
- Optimise your finances: Meet your tax and accounting obligations accurately while maximising tax benefits.
- Plan strategically: Benefit from forecasts, growth planning, and proactive responses to potential impacts on your business’s profitability.
At LEIALTA, we specialise in accounting and tax consultancy, supporting you every step of the way from account reviews to tax analysis, so you can focus on growing your business with confidence. Download this free guide and reach out for assistance. We’d be delighted to help!
