BASIC TAXATION FOR ENTREPRENEURS IV-CORPORATE TAX

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Today, as an end to the series of articles that we have been developing to explain and pave the way for the understanding of taxation to be carried by the self-employed, we have to talk about the corporate Tax. WHAT IS CORPORATE TAX? When a natural person obtains an income for the performance of his/her work, it is taxed by the Income Tax of the natural persons (tax). Well, when it is obtained by legal persons, the tax that taxes the income is the Corporation Tax (IS). The Tax of Companies is a personal and direct tax that taxes the income obtained by the companies and juridical entities of the Spanish territory, ie, it is that tax that applies to the benefits that you obtain with your company since it is structured around To the accounting result of the company which is the basis of departure for the determination of the taxable base and the amount payable annually. It Is Personal because it takes into account the particular circumstances of each taxpayer when specifying the total payment of the tax benefit to be made, and it is understood as direct because it taxes the income as a direct manifestation of the Economic capabilities that the taxable person has. DECLARATIONS TO BE PRESENTED OF THE COMPANY TAX

  • Model 200: Annual declaration of the corporate Tax to be presented, those companies whose financial year coincides with the calendar, between the days 1 and 25 of July of each year. Important is that you know that the deadline for filing this tax varies, as it goes according to the date when the company’s taxable period is concluded. In short, it must be presented within 25 calendar days following the 6 months after the conclusion of the tax period and it is obligatory to present it even when no activity has been developed during the year or no income has been obtained Subject to the tax.

Types to apply in the company tax 2018 according to the categories

  • General Rate of 25%, effective January 1, 2016.
  • Reduced Rates of 15% for entrepreneurs who, since 2015, have been constituted and are applicable for two years. Patrimonial societies Are excluded.
  • A reduced Rate of 20% for cooperatives which is generally applicable in tax-protected cooperative societies.
  •  Reduced Rate of 10% for associations and foundations
  • Reduced Rate of 1% for investment companies
  • Model 202: Fractional payment of Corporate Tax. You Must present this model if you had a positive result in your last statement of Model 200. It Is presented in the months of April, October, December. These payments are an advance or payment on account of the amount payable in the next declaration of the model 200. The type to apply in fractional payments is 18% of the amount paid in model 200 of the previous year. In any case, there are higher rates of taxation for companies with a turnover of more than 10 million euros (24%).
  • Model 220: Tax form applicable to corporate groups (several companies in a group).

The presentation of all these models must be made compulsory by Internet. CALCULATION To calculate the taxable basis which, in short, is a way of measuring or valuing the fact that has generated the obligation of payment of the tax, we will make it from the accounting difference (which is the difference between the income and the expenses of the exercise). To This accounting result it may be necessary to practice a series of corrections, or over-accounting adjustments, due to the differences between the criteria for calculating the accounting result and the calculation of the taxable Company Tax base. Defined by Hacienda. In this way, we will obtain the income of the previous taxable year, which can be compensated with the negative taxable bases that are pending of previous exercises, and we shall arrive at obtaining the taxable basis of the exercise. This taxable basis, multiplied by the corresponding tax rate (which we saw before) will lead us to obtain the full quota or amount payable, which will also deduct possible deductions, bonuses and withholdings and payments on account that have been Satisfied. TAXABLE BASE = ACCOUNTING RESULT +/– ADJUSTMENTS Important, on many occasions, their calculation is not entirely simple since there is obligation to carry the mercantile accounting and, although we have different programs of assistance (we enclose the link below ), it is often preferable to be processed by a specialized agency. + Information and help: Corporate TAX ASSISTANCE PROGRAM https://www.agenciatributaria.es/AEAT.internet/sociedades/padis.shtml NEW Corporate TAX 2018 https://www.agenciatributaria.es/AEAT.internet/Inicio/_Segmentos_/Empresas_y_profesionales/Empresas/Impuesto_sobre_Sociedades/Novedades_en_el_Impuesto_sobre_Sociedades_publicadas_en_2018/Novedades_en_el_Impuesto_sobre_Sociedades_publicadas_en_2018.shtml We Hope We have helped YOU with this dedicated series To the taxation of the self-employed. Next week: Mutual and Autonomous (Benefits and regulations to take into account) IMPORTANT: NEW MODEL 190 OF THE YEAR 2018: In the tip of INCOME TAX We talked about the withholdings. The Model 190 Specifies the annual summary of the TAX withholdings practiced on workers, professionals and entrepreneurs. In The coming days, the Ministry of Finance will publish an order amending several informative statements, including the Model 190. We provide the Hacienda link so you can review its practical effects.

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