Do you have a business financial planning in your business or do you let yourself go and make decisions on the fly? Manage financing and the financial assets available is decisive for success. This is the correct path to grow, survive and to be able to react correctly to different economic milestones. For example, to counteract impact of fiscal policies.
1. Concept, phases and importance of business financial planning
Financial planning pursues these main objectives:
Identify available resources.
Set your business goals.
Design the strategy to achieve them with existing resources.
In practice, for plan and manage the financing and economy of the organization These actions are carried out:
Develop a specific, complete, individualized and detailed plan with the objectives desired and their costs.
Identify that resources are required to obtain them.
Establish a Plazo to reach them.
Anticipate what scenarios and circumstances will need to be faced. For example, him impact of fiscal policies.
Define and implement the tools with which to measure what was obtained.
2. What are the phases of business financial planning?
Quickly, we can summarize this process in 5 steps:
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Situation analysis.
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Goal setting.
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Concretion of the financial strategy.
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Review and incorporation of improvements.
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Evaluation of the results.
3. Advantages of this business planning
Manage financing and integrating an action plan in this regard brings interesting benefits to your company. In summary, these are the main ones:
Facilitates the achievement of goals.
Favors and supports the adoption of financial decisions.
Allows you to have a audiovisual suitable.
Helps control the financial movements.
Increases the ability to invest and save.
Descends the indebtedness of your organization.
Conforms and provides strategic measures of anticipation financial
4. Impact of fiscal policies: main developments in Spain
There are three reasons that have influenced the appearance of new developments and tax increases that affect Spanish companies:
The philosophy and policies adopted by the Spanish Government.
The influence of large international tax agreements.
The increase in control of the Tax Agency.
Next, we discuss which taxes have meant the greatest impact of tax policies on companies and the self-employed in 2023:
Intergenerational Equity Mechanism or MEI. It represents an increase in the contribution of the employer (0,5%) and the worker (0,1%). Its purpose is to promote the collection of pensions of the baby boom.
Taxes for start-ups. It is a kind of personal income tax applied to these entities. A general rate of 25% applies, with contributions of 20% for cooperatives and 15% for new companies.
New self-employed contribution system. The increase in fees is linked to the actual income obtained. When things are going well, the rise is more significant. When income goes down, payments go down.
Corporation tax. The general tax rate is 25%, but there are other percentages depending on the type of entity, for example, the reduced rate of 23% for companies that do not exceed one million euros, 15% for new companies or 20% for tax protected companies.
Tax on non-recyclable plastic packaging. Each kilogram of plastic used for a single use has a tax charge of €0,45. The agri-food sector is the most affected area.
5. Why do you need to have a financial plan that counteracts the impact of fiscal policies?
Manage financing and economics Taking into account the applicable tax obligations, it is an advantage for the company since it allows us to anticipate future payments and comply with these obligations without problems.
The demand is increasing and rigorously complying with national tax laws is the only valid way. This does not mean that, legally, it is impossible adopt measures and strategies aimed at reducing the cost of these taxes.
To do this, you need to have appropriate tax planning, which will bring you these benefits:
Absolute compliance with the legality.
Greater stability organizational.
descent in the lump sum payment of taxes.
Increase in the possibilities of Scalability.
Adaptation of fiscal management to the objectives Of the entity.
Implementación agile and easy, when supported by competent and experienced experts.
Before making unrelated decisions, such as relocating your business, deferring payments, or converting profits, you'll want to define your business financial planning. Only then will you be able to meet these payments in an efficient way for your interests.
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