Your accounting in the hands of someone who doesn't know what they're doing...
le sale muy caro a tu empresa
At Asesoría Orihuela Costa we handle your company's accounting within a comprehensive, ongoing advisory service. We don't manage one-off accounting: either we are your go-to firm or we are not your firm at all.
What accounting obligations does your company have?
The Código de Comercio establishes that every business owner must keep orderly accounting, appropriate to the activity of their company, allowing a chronological tracking of all their transactions and the periodic preparation of balance sheets and inventories.
Accounting obligations vary according to the legal form. Commercial companies are required to keep complete accounting in accordance with the Código de Comercio. Self-employed workers under direct assessment are not required to keep commercial accounting, but they must keep their VAT and IRPF record books correctly updated.
Mandatory books for commercial companies
Commercial books
The Journal Book, where all the transactions of the financial year are recorded chronologically, and the Book of Inventories and Annual Accounts, which contains the opening balance sheet, the quarterly trial balances, the closing inventory and the annual accounts.
Legalization at the Registro Mercantil
The mandatory books must be legalized electronically with a digital certificate at the Registro Mercantil of the registered office within the 4 months following the close of the financial year, that is, before 30 April of the following year for financial years that coincide with the calendar year.
Retention of the books
The General Tax Law imposes the duty to keep the accounting books duly organized for 6 years from their last accounting entry. Ceasing the activity does not exempt from this obligation.
Self-employed workers under direct assessment
Mandatory record books for the self-employed
- Sales and income record book
- Purchases and expenses record book
- Investment goods record book
- Record book of provisions of funds and disbursements(professional activities only)
Since 1 January 2019 these books are mandatory even if the self-employed worker voluntarily keeps their accounting in accordance with the Código de Comercio.
Why well-kept accounting is much more than just complying with the tax authorities
Accounting is the foundation on which all the relevant tax decisions of your company are made: the closing of Corporate Income Tax, the application of deductions, the offsetting of negative tax bases and investment planning. Accounting with errors can invalidate deductions and make it harder to defend yourself during a tax inspection.
The tax authorities automatically cross-check the accounting data with the tax returns filed. Any inconsistency between the accounting and VAT, withholdings or Corporate Income Tax can trigger a request that affects several financial years.
At Asesoría Orihuela Costa we keep your company’s accounting month by month, coordinated with all your tax returns, within a complete accounting advisory service for companies and SMEs.
More than 20 years handling the accounting of companies
Monthly accounting, record books, annual accounts and tax closing coordinated within a complete service for your company.
What the accounting management with Asesoría Orihuela Costa includes
- Monthly recording of all transactions
- Keeping and safekeeping of the VAT and IRPF record books:
- Annual legalization of the Journal Book and Book of Inventories at the Registro Mercantil
- Preparation of quarterly balance sheets for the real monitoring of your company
- Accounting closing coordinated with Corporate Income Tax
- Preparation and filing of annual accounts at the Registro Mercantil
- Service in Spanish, English and French for companies with foreign partners or directors
Frequently asked questions
When do the accounting books have to be legalized?
The mandatory books must be legalized at the Registro Mercantil within the 4 months following the close of the financial year. For financial years that coincide with the calendar year, the deadline ends on 30 April of the following year.
How long must the accounting be kept?
The General Tax Law establishes the obligation to keep the accounting books and documentation for 6 years from the last accounting entry. Ceasing the activity does not exempt from this obligation.
Is a self-employed worker required to keep accounting?
Self-employed workers under direct assessment are not required to keep complete commercial accounting, but they must keep their VAT and IRPF record books correctly updated. Under objective assessment, only the sales and income record book when applicable.
What happens if the annual accounts are not filed?
Failure to file the annual accounts at the Registro Mercantil can lead to the registry closure of the company, preventing it from registering subsequent acts, in addition to financial penalties that can reach 300.000 euros depending on the turnover volume.
Are accounting and the VAT record books the same thing?
No. The VAT record books are tax obligations managed before the AEAT. Commercial accounting is a different obligation, regulated by the Código de Comercio and supervised by the Registro Mercantil. A well-managed company needs both perfectly coordinated.
Does your company still not have a firm that handles its accounting in full?
Become a client of Asesoría Orihuela Costa and we'll take care of everything: monthly accounting, record books, annual accounts and tax closing.