In the tax advisory world, November has historically been a month of “little” workload or during which we take the opportunity to dust off certain files and close them. This is mainly due to the fact that, in this month, there are no excessive filing deadlines, which gives us a certain margin for “creativity”.
Since the creation of our firm, we have always performed accounting and tax pre-closings in November for several reasons:
- It is necessary to anticipate possible high results in the Corporate Tax, avoiding cashflow issues.
- As a general rule, companies close their fiscal year on December 31st , so that a closing in November and a meeting with the client is a highly valued action, since it gives the possibility of adopting measures before the closing that help to reduce the tax burden: bonus distribution, investments, etc.
- Proactive advice: this concept is always an added value. With the era of digitalization, our role has been shedding the label of accountants to give more room to that of advisors. Therefore, our job is to advise the client and this is not achieved without proactivity. In our experience, clients place considerable value on receiving news about the performance of their companies before it is too late.
For these reasons it is necessary and advisable to anticipate the year-end closings to the month of November, giving flexibility to all our clients.
We hope you find this information useful. Should you have any queries, please get in touch with us.
Pablo Mallo.
