The result they show is, after tax adjustments, the starting point for corporate tax. If your SL has just started trading, the guide to corporate tax in your first year explains how the accounts, the modelo 200, and the deadlines fit together.
In practice there are three steps: the directors prepare them, the general meeting approves them, and they are then filed. A small SL usually files the abridged format, with less detail in the balance sheet and the notes. With a single partner, the «meeting» is that partner's signed decision, but the step still exists.
Typical mistake: not approving or filing the accounts because the company had no activity. Even with no transactions the obligation stands, and if nothing is filed the Registro Mercantil can close the company's registry sheet and impose a penalty. Another mistake is preparing them without first reconciling the books, so the balance sheet does not match what is really in the bank.
They are linked to the libro diario, the Plan General de Contabilidad, and the modelo 200, the corporate tax return. In kontora double-entry bookkeeping gives you an up-to-date balance sheet and profit and loss account, which are the basis of the annual accounts.
Guides that use this term
- Corporate income tax in Spain: your SL's first year
- Tax and accounting duties of a Spanish SL
- Annual accounts of a Spanish SL: drawing up, approval, deposit and what happens if you skip them
Related terms
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