Tax Management for Companies on Worksible
At Worksible, we understand that for companies, properly managing taxes is essential to ensure regulatory compliance and fiscal efficiency.
Below, we explain how taxes are handled on our platform, specifically for companies operating under Spanish jurisdiction.
VAT Application
Companies hiring services through Worksible will receive invoices that include the corresponding Value Added Tax (VAT). This ensures transparency and facilitates tax deductions for companies eligible to reclaim VAT.
Calculation and Invoicing:
VAT Invoicing: All invoices issued to companies include the applicable VAT. The standard VAT rate in Spain is 21%, though it may vary depending on the type of service provided.
Invoice Details: Each invoice specifies the service amount, VAT applied, and the total payable. This simplifies accounting and fiscal compliance.
Tax Management on the Platform
Automation and Compliance:
Worksible uses an automated system for tax management, ensuring all VAT calculations are accurate and compliant with Spanish tax regulations.
This automated system reduces human error and simplifies the invoicing process for companies.
Documentation and Reports:
Companies can access their invoices and tax reports through the platform. These documents meet the requirements of the Spanish Tax Agency, making it easier to file tax returns and maintain accurate records.
VAT Deduction for Companies
Companies can deduct the VAT paid on freelancer invoices as long as the services are used for VAT-liable business activities. Here are some key considerations:
Recording and Filing: Be sure to record and declare all invoices with VAT. Maintain accurate records and submit your VAT returns on time to benefit from available deductions.
Complete Invoices: Ensure all invoices include the necessary information: service amount, VAT applied, and total payable.
Withholding Tax (IRPF)
In some cases, a withholding tax (IRPF – Personal Income Tax) may be applied to freelancer invoices, especially when dealing with self-employed individuals. This withholding must be properly reflected in the invoices and reported to the Tax Agency.
Benefits for Companies
Fiscal Transparency: The automation and accuracy in VAT invoicing ensure transparency in all transactions conducted on Worksible.
Regulatory Compliance: Worksible ensures that all invoices and tax reports comply with Spanish regulations, making compliance easier for companies.
Financial Optimization: Proper VAT management enables companies to deduct taxes efficiently, optimizing their financial operations.
For companies, understanding and properly managing taxes on Worksible is crucial for regulatory compliance and operational efficiency. Our platform not only automates these processes but also ensures that all transactions are clear and accurate, facilitating VAT deduction and tax compliance.