Tax accounting for companies. Is not so difficult if you already have accounting notions. The first thing to keep in mind is how to distinguish the accounting of current tax of deferred taxes. As well as the assets and liabilities that are going to be derived from each of them. We are here to advise you on any doubts you may have regarding the tax accounting of your business. We will guide you professionally and make sure you do not pay more taxes than you are entitled to.
Our entity is an expert in this type of work. We can advise you or do your tax accounting to save you time and money. If you want to live or make transactions or other businesses in Spain. We will provide you with a series of services that will be of great help to you. Whether you are autonomous, society or natural person. We are experts in tax accounting and labor activities, we will guide you in everything you need
What is the current tax?
Knowing what current tax is will make the task easier for you. This type of tax is only the amount that a company or company contributes to the state budget; as a result of the tax settlements related to an exercise in a given period (generally one year). Expressed differently, we refer to the liquidity quota that is embodied in the corporate tax model.
What are deferred taxes in tax accounting?
To keep a correct accounting of corporate tax you must know how to distinguish each of the procedures. This type of taxes usually arise due to the difference of valuation criteria between the accounting part and the fiscal part. As long as it does not have an impact on the future tax burden. These differences are usually called temporal differences. And they can become taxable if a new tax burden is obtained as a result. Or otherwise they can be deductible.
Temporary differences will result in deferred tax assets and liabilities. Whose value is contemplated with fiscal effect once the current tax rate has been applied. However, it is necessary for you to know that deferred taxes also arise due to the right to compensation for losses in subsequent fiscal years. As well as deductions or other advantages pending application.
The principle of prudence appropriate to the fiscal year.
Something very important to take into account in corporate tax accounting; when we face the fiscal year. It is the principle of prudence. This plays a key role when recognizing a deferred tax asset. The company must be able to demonstrate that it will obtain tax benefits that will allow it to assume and compensate the deferred tax that it needs to register.
To culminate you must be able to distinguish temporal differences from permanent ones. While the temporary differences can be reversed in later exercises. The permanents are irreconcilable and should be included within the current budget and are not tax deductible.
The guidelines that we have given you are indicative. For better advice contact directly with us at Afina Business Consulting.We have the answers to all your doubts and concerns.
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