Tax and accounts in Tenerife
As in any country, there are legal and conventional ways to ensure that you pay as little tax as possible and much of your ability to do so will rely on the skill and attentiveness of your fiscal advisor. Accountancy is not simply a matter of tallying the books and record keeping: an experienced advisor should be able to save you money in the long term, as well as offer advice based on the accumulated knowledge of many other businesses like your own.
Tenerife lifeline discusses the two tax regimes that apply to businesses; the modulo system and estimación directa. As a business, you will need to know about IGIC declarations, corporate tax rates, tax returns, the new plan general de contabilidad which came into force in January 2008, tax deductions, tax concessions such as the Régimen Económico y Fiscal de Canarias (REF): all of which are covered in the book. There are all sorts of schemes to help businesses, such as the reserve for investments in the Canary Islands (RIC) and the ZEC Free Zone. The book also looks at employment law in Spain from a Tenerife employer’s perspective.
Clearly, there is an enormous amount of potential to minimise your tax liabilities. To take the best advantage, a business needs to be aware of what potential incentives there are and take these into account at all stages of business planning. That means getting good advice and taking care to select the right asesoria.
When Rab Bone’s favourite watering hole, Bobbins bar in Torviscas, came up for sale he seized the opportunity and bought it. Rab is typical of many expats who had been holidaying in Tenerife for years before finally taking the plunge. And like many business owners, Rab’s first experiences of an asesor were of a lacklustre and indifferent service. But things changed when he decided enough was enough and changed to Complete Legal Solutions.
“They are first class at sorting out problems. If I have an inspection, I just need to give them a call and someone will be down here to translate and help out right away. They keep in close contact, too. Every month they give me a call and tell me what’s coming out of the bank and what it’s for” enthused Rab. Complete Legal Solutions are an Asesoria Laboral, Fiscal y Contable, which means they are qualified to advise on labour issues as well as accountancy and tax. This ‘one stop shop’ is a time saving advantage for a busy business person. “Everything is under one roof” continues Rab, “and every month they come and collect my paperwork and drop off the nominas for the staff. Easy.”
Small touches, such as picking up and dropping off paperwork can become invaluable, especially when you are short staffed and have to get papers in on time, or get fined. But businesses like Rab’s also manage to get key advice as Complete Legal Solutions meet them regularly to discuss profit and loss statements. These meetings help business owners to get a good understanding of their accounts, enabling them to plan effectively for the future. “They’ll think of things before you need them, which is exactly what you need when you’re running a business” added Rab.
 Complete Legal Solutions, TenerifeTelephone: 922 736 098Address: You can find the offices of Complete legal Solutions beside the Las Chafiras roundabout, opposite Mercadona: C/ Las Moraditas, Edificio Clara-Toledo nº4 Las Chafiras Send an Email |
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