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Tax planning will allow Spanish companies to save up to 40%
2023 is presented for Spanish companies as an economic year marked by uncertainty, given the world market situation, the threat of recession and the constant regulatory changes to adapt the reality of the countries to the new frameworks. Given this scenario, experts recommend that business planning be closed before the last quarter of the year, an exercise that will allow them not only to prevent losses, but also to increase their profits by up to 40%.” One of the most frequent mistakes and that takes its toll on most companies, especially small and medium-sized ones, is arriving late when planning tax payments or accounting for the year that is beginning”, recalls Margarita Bufi, director of Fimax Asesores, who adds that “in In all circumstances of life, the only thing that has a chance of success is well-done planning with a clear objective on the horizon”. This can only be achieved “with an experienced and complete advisory service, which works with a wide range of departments coordinated with each other”. In this sense, from ignorance, most companies and individuals begin contacts with managers or advisors during the month of April, just before the opening of the collection period, forgetting to plan the budgets of their companies for the coming year. This lack of foresight makes them lose their ability to react and the opportunity to optimize their accounts through the tools known to experts. “Let’s take elite athletes as an example,” Bufi proposes, “who, in order to be great professionals and get the The best brands plan their strategy 10 years ahead. This allows us to think about the changes before having to make hasty decisions.”At Fimax Asesores they work in advance for their clients.”The normal thing is that in the months of June to September of the year 2022 we have prepared the operating budget for the year 2023 and we are already with the investment budget and treasury planning”. This means knowing in advance the amount that is available to invest, manage personnel or expand the company. From the point of view From an accounting point of view, it is important to detect if something is missing to post and correct errors, reclassification of account balances based on maturity, etc. “We must change our way of working both in our company and in the income statement, planning in advance, since it will allow us to make correct decisions such as increasing our salary, deciding whether to distribute dividends… etc”, recalls the director of Fimax Asesores In the same way, it is important to plan taxes, “both from our company and our own personal income tax,” they recall from this consultancy. “Normally, 95% of companies and individuals begin preparing their declaration for the year 2022 in April 2023, there is even a very high percentage of companies that meet with their advisor in June 2023, and at that time they already there is practically no room for reaction”. The ideal situation to optimize the benefits of companies is that the operating budget for the year 2023 is prepared between June and September 2022, together with the investment forecast and treasury planning. Thus, “we will have a clear amount on which we will have to declare in the Corporate Tax and with the knowledge of the current laws our advisor can plan the tax that we will pay in July 2023”, adds Bufi. Thus, before finishing the current year, we will know if in the following year it can be “reinvested to apply the investment reserve that we have endowed in 2019 or if we are not interested since we have negative tax bases and deduction for sufficient investment”. It will also be known if with the help of the special regime for small and medium-sized companies we can “reduce our benefit or if we are in doubt about increasing the workforce because we see that we may need it and we decide to expand the workforce by hiring young people under 30 years of age and ask for the grant. “In other words,” he recalls, “we can plan and make the right decisions before the month of December of the current year. In addition, during the year 2023 we will work month by month to update our budgets to adapt them to reality.” Fimax Asesores recommends Finally, “to have our heritage protected in a family business so that we do not have to pay twice the wealth tax and the gift tax if we consider it appropriate to see our children enjoy our savings and effort while alive.”
Contact Contact name: Margarita Bufí Contact description: Margarita Bufí Contact telephone number: 928858930
