SPANISH ACCOUNTANCY SERVICES - TAX FILING AND PAYROLL
Accountancy is mandatory for any of the company forms you choose to establish including sole traders. Regulations differ according to the structure – please contact us for further advice. However, our specialist Spanish accountancy services and Spanish taxation services can assist you with all aspects of accountancy, tax filing and payroll, for whichever type of company form you require.
Statutory books must be submitted to the Mercantile Registery and be kept in the place in which their registered office is located.
Financial statements consist of the balance sheet, income statement and the notes to financial statements. The Company’s directors must submit financial statements to the Registery in the following month after the approval of the annual financial statements at the shareholders meeting. These statements and the management document are public documents and anyone can have access to this information.
Our dedicated accountants Spain service can deal will all your local accounting requirements.
Payroll is based on the employee’s gross salary. We can assist in all aspects of administering this task including the following:
- Calculation of the amount to pay to the employee and to social security
- Payroll statement to the employee each month
- Employment contracts
- Social security registration and updates where required
- Completion of social security forms
- Handling e-payments to social security
- Withholding tax administration
SPANISH TAXATION SERVICES - HOW SPANISH TAX RELATES TO INCOME
All residents (both individuals and Companies) must pay taxes on all their worldwide income. Non-residents are subject to Spanish taxation only on income earned or paid in Spain.
Please contact us for further details and initial advice on how this could relate to your enterprise. Our local Spanish taxation services team may be able to suggest ways of reducing your tax liability, dependant upon circumstance.
CURRENT ADVANTAGES OF SETTING UP IN SPAIN
- For private limited companies the cuurent minimum share capital is just 3005.60 Euro's.
- Corporate tax is currently reduced from 30% - 25% for the first 120,202.41 Euro's of net taxable income (Note: only for SMES)
- As of July 2010 the standard rate of VAT has been reduced from 18% to just 8% with an extra reduced rate of 4%!
SPANISH ACCOUNTANCY SERVICES - EU VAT NUMBER
If you are trading within the EU, you will need to provide an EU VAT number. The Spanish tax authorities require the company to have office facilities in order to fulfil criteria for obtaining the number.
We have a sister company www.openaeuropeancompany.com which can assist with setting up a complete corporate structure across Europe according to your requirement.
