Client profile from the real estate industry
The Client is a group of several dozen companies active in the real estate market, generating annual revenues of several tens of millions of PLN. The scale of operations translates into significant complexity in accounting processes and numerous reporting obligations. Although the company handles its accounting internally, it requires support in key settlements and in verifying the accuracy of financial data. Grant Thornton’s Outsourcing Department has been providing this support for nearly a decade.
Extensive scope of accounting responsibilities
Despite having its own accounting team, the company needed assistance during critical moments of the financial year. The entities face numerous reporting obligations to public authorities: annual, quarterly, and monthly. The diversity of deadlines and the scale of individual tasks make it challenging to manage all processes independently without additional oversight.
Proposed and implemented solutions
To support the Client in ongoing accounting processes, a dedicated specialist from Grant Thornton’s Outsourcing Department was assigned for continuous cooperation. This ensures uninterrupted support and a deep understanding of the Client’s needs and business specifics.
Within the scope of the engagement, we primarily provide Tax Compliance services, including:
- reporting to the National Bank of Poland (NBP) and the Central Statistical Office (GUS) within required deadlines;
- preparing intra group tax reports;
- monthly preparation and verification of JPK_VAT 7 files for all serviced entities;
- preparing annual CIT 8 tax returns, including recognition of taxable revenues and expenses, such as income from commercial properties;
- monthly calculation of the tax base and ongoing verification of tax obligations.
It is important to emphasize that, in the case of real estate companies, incorporating industry specific factors into tax processes is crucial. This directly affects the accuracy of settlements and compliance with applicable regulations. Therefore, when we identify risks, for example, regarding depreciation calculations, we recommend that the Client use advisory services. This ensures full correctness of all processes.
Benefits for the Real Estate Client
The Client received additional, continuous support that guarantees all tax and accounting processes are carried out in compliance with applicable regulations and tailored to the specifics of the real estate industry. As a result, the Client gained confidence and security in their settlements, along with assurance that no reporting obligation will be overlooked