July is one of the most relevant months of the year for many companies operating in Spain from an accounting and tax perspective.
This is not because there is a specific “semi-annual tax” that applies to all companies. Rather, July brings together several important obligations. These may include quarterly VAT returns, withholding tax returns, payments linked to the second quarter, Spanish Corporate Income Tax and other specific obligations depending on the company’s activity, structure or tax profile.
In this context, the end of the first half of the year is a good moment to stop and review. Filing tax forms on time is important. However, checking that the accounting and tax information behind those filings is complete, reconciled and properly documented is just as important.
Updated, reconciled and well-supported accounting records help identify differences, anticipate risks and make better decisions. For this reason, LEIALTA has prepared a semi-annual accounting and tax review checklist for companies operating in Spain.
This downloadable Excel document is designed to help companies review the main accounting, tax and documentary aspects of the first semester, identify pending items and organise the information needed before moving forward with relevant Spanish tax obligations.
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Fill out the form with your information, and you will receive an email with the resources.
This editable tool allows your finance team to monitor the status of each review point, identify pending issues and follow the progress of the company’s accounting and tax review in Spain.
Why review accounting and tax matters halfway through the year?
Many companies reach July under pressure to file tax returns, close periodic forms and review information accumulated during the first six months of the year.
However, not enough time is always spent checking whether the information used for those filings is complete, reconciled and properly supported.
A semi-annual review helps detect errors or pending items at the right time. If these issues are left until the year-end closing process, they may become more difficult to correct.
Some of the points that should be reviewed include:
- Bank balances and accounting reconciliations.
- Issued and received invoices pending accounting entry.
- Input VAT and output VAT.
- Withholding taxes on professionals, leases or payroll.
- Balances with customers, suppliers and related parties.
- Deductible expenses and supporting documentation.
- Depreciation, fixed assets and inventories.
- Tax losses carried forward, reserves and tax deductions.
- Documentation required for Spanish Corporate Income Tax.
International or intragroup transactions, where applicable.
The purpose is not only to check whether tax forms are filed. The key question is whether the company has reliable information to support those filings.
What does the accounting and tax checklist include?
The checklist is structured so that companies can review the main accounting and tax points of the first semester in a practical way.
The resource includes several review blocks:
1. Preparation of the semi-annual review
This first block helps define the review period, identify the Spanish tax obligations that may apply and gather the basic documentation needed for the review.
For foreign companies, this step is particularly useful. The obligations may vary depending on whether the company operates in Spain through a subsidiary, branch, permanent establishment, representative office or another structure with Spanish tax obligations.
2. Key reconciliations
Reconciliations help check whether accounting balances match the company’s financial and tax reality.
This block covers bank accounts, cash, suspense accounts, balances with the Spanish Tax Agency, Social Security and other outstanding amounts.
For companies belonging to international groups, this review may also include balances in foreign currency or amounts involving the parent company or related entities.
3. Invoicing, Spanish VAT and withholding taxes
Invoicing and indirect taxation are often among the areas with the greatest impact in July.
The checklist helps review issued and received invoices, input and output VAT, intra-EU transactions, international transactions, withholding taxes and other applicable forms.
This is especially relevant for foreign-owned companies or non-established companies that may have Spanish VAT registration or filing obligations.
4. Customers, suppliers and related-party transactions
It is also important to check whether balances with customers and suppliers are real, up to date and properly supported.
This block also covers related-party transactions involving shareholders, directors, group companies or other connected entities. In international structures, this may include intercompany invoices, management fees, royalties, financing arrangements or transfer pricing documentation.
5. Expenses, provisions and deductibility
Not every accounting expense receives the same tax treatment.
For this reason, the checklist includes points to review expenses without sufficient support, fines, penalties, surcharges, provisions, financial expenses and directors’ remuneration.
This review helps identify expenses that may require further analysis before being treated as deductible for Spanish tax purposes.
6. Fixed assets, depreciation and inventories
The treatment of fixed assets and inventories may affect both the accounting result and the taxable result of the company.
The checklist allows companies to review additions and disposals of fixed assets, depreciation, assets under construction, inventory and possible impairment.
For foreign groups, this is also useful when local Spanish accounting and tax criteria need to be aligned with group reporting information.
7. Spanish Corporate Income Tax and tax planning
The final block focuses on Spanish Corporate Income Tax, tax adjustments, tax losses carried forward, reserves, deductions, advance payments, the applicable tax rate and the estimated tax impact for the year.
It also includes points that may be especially relevant for companies operating in Spain through international structures, such as branch or permanent establishment rules, intragroup payments, head office allocations and related-party documentation.
An editable tool to gain control
This checklist has been designed in an editable format so that each company can work directly on the document.
Each point can be marked as pending, under review, completed or not applicable. In addition, the document includes fields to assign owners, add notes and prioritise the items with the highest accounting, tax or documentary impact.
As a result, the company can obtain a clearer view of:
- Which information is under control.
- Which documentation is missing.
- Which points require internal review.
- Which areas may need professional support.
- Which issues should be solved before filing tax returns.
The aim is not to replace a tailored accounting or tax review. Instead, this resource offers a practical first step to organise the work and identify areas that may require attention.
What type of companies can use this checklist?
This checklist may be useful for companies operating in Spain that want to review their accounting and tax position before moving forward with July obligations or preparing the year-end closing process in advance.
It may be especially useful for companies that:
- Have accumulated invoices or documentation during the first semester.
- Need to review Spanish VAT and withholding taxes before filing.
- Must prepare Spanish Corporate Income Tax.
- Have transactions with group companies or related parties.
- Manage relevant expenses, provisions, depreciation or inventories.
- Want to anticipate the tax impact of the year.
- Need to improve internal control over accounting information.
- Operate in Spain through a subsidiary, branch or permanent establishment.
- Belong to an international group and need to coordinate local Spanish obligations with group reporting.
In many cases, a mid-year review helps avoid last-minute adjustments, improve the quality of information and make decisions with greater confidence.
Checklist, guides and professional advice: three levels of review
The checklist is a first step to understand the company’s position and identify possible pending issues.
From there, it may be useful to go deeper into specific areas with complementary resources, such as LEIALTA’s accounting and tax closing guide or tax optimisation guide. These materials help explain what should be reviewed, how to interpret certain points and which decisions may affect the company’s tax position in Spain.
However, when there are accounting differences, doubts about deductibility, related-party transactions, incomplete documentation or relevant Spanish Corporate Income Tax issues, it is advisable to carry out a professional review adapted to the specific case.
At LEIALTA, we support national and international companies with accounting, tax and business advisory services in Spain. Our approach combines technical review, strategic vision and ongoing support so that each company can meet its obligations with greater security and control.
Download the semi-annual accounting and tax review checklist
Reviewing information on time helps anticipate risks, organise documentation and face tax obligations with greater confidence.
Download the semi-annual accounting and tax review checklist for companies operating in Spain and use this tool to check which points are under control, what remains pending and which areas should be reviewed before moving forward.
Download guide
Fill out the form with your information, and you will receive an email with the resources.
The information contained on this page is for general information purposes only and does not constitute tax, accounting or legal advice. Its application requires a specific analysis of each case in accordance with current regulations.
If your company needs specific accounting or tax advice in Spain, contact us. We will be pleased to review your case.
