The consolidation of the productive process and finances of the company, go hand in hand with strategic Taxes for small business planning. In this article we want to talk to you about the points of tax planning that you must take care of to have everything in proper shape and from aspects such as employment benefits to payroll. The economic circuit carried out by an organization to produce goods and services requires a tax contribution that represents the expenditure. For the different taxes that must be recorded in the accounting, which must be scheduled in advance.
Table of Contents
First: What is tax planning?
The tax planning precisely is conducting a methodical and organized projection of the future behavior of taxes. This will allow to have a vision of tax scalability and to foresee the most favorable productive business portfolios. A tax outsourcing with a track record and recognized experience will be the best ally, to guide the following key points –
Make an executive preliminary diagnosis
To start the fiscal planning of the company, it is necessary to carry out a preliminary diagnosis that defines the entire organizational structure. Next, review and evaluate the accounting policies in accordance with International Financial Reporting Standards. Also, corroborate the organization’s productive fixed assets certificate, to validate the global amounts of its amortizations and depreciations. This allows the preparation of reliable, truthful and reliable information for the issuance of representative financial statements of the company.
Define the plan of the production objectives
This allows us to continue with the second step of fiscal planning, which consists of defining periodic production objectives. These are based on setting maximum levels considering the installed capacity of the organization and the market. Likewise, payroll management solutions should be established that help in the formulation of planning. The purpose of projecting production in a systematic way in the fiscal year is to appreciate the behavior of income. Likewise, a system of human resources administration services that processes payroll should be designed.
Establish the requirements for goods and inputs
Once the phase of defining the objectives and annual production plans has been completed, the raw material needs must be established. When creating a summary table of all the accessories, goods and tangible and intangible fixed assets, mandatory. To place the finished products and / or services offered by the organization. The taxes tied to their respective acquisition must be estimated. This phase of tax planning has the importance of considering all the taxes that are going to be generated.
The company as a systemic approach
All the essential elements that add value to the different productive instances and the taxes originated have already been defined. The fourth key point of tax planning views the organization as an open system of information inputs. The organization will be given by type of tax and origin of taxable income. This will facilitate their classification and registration in the accounting accounts that are recorded in the mandatory books.