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The coworking model continues to evolve, adapting to the new demands and expectations of professionals and companies. IL COWORKING & LEGAL SERVICES We are fully aware that we must undergo a continuous adaptation process to meet all the services and needs that are a priority for you.

For this reason, we continue to offer you information tools to keep you up to date on those issues that may arouse your interest, which are not only expressed through this monthly Newsletter, but we also maintain an active presence on our social networks, where our premise is to maintain a fluid dialogue with our community of professionals interested in continuing to count on our coworking space.

Likewise, if you visit our website you will see that we carry out an important policy We are not only informative in relation to the description of our services, but we also carry out proactive dissemination, in our Blog section, on issues that are of burning interest and pave the way for you to learn an overview of the initiatives we are committed to in order to enrich our services.

The topics we cover are numerous, but special attention deserves to be paid to trends that are transforming work management, where coworking plays a fundamental role. Companies are recognising the value of the sense of belonging that is achieved by participating in networking events, workshops and social activities.

According to a report by Coworking Insights, 70% of workers in coworking spaces say that social relationships are one of the most valuable aspects of their work experience. This approach not only enriches daily work life, but also boosts collaboration and the exchange of ideas, which can result in creative synergies and

Considering this premise, in IL COWORKING & LEGAL SERVICES We understand the importance of community and providing you with tools that make you feel comfortable in your professional performance. We offer a collaborative environment where our users can connect, facilitating both personal and professional growth.

Connectivity and digital tools, essential components of the work experience, also play a key role, as does the strategic location of the workspace. You will find all of this in IL COWORKING & LEGAL SERVICES, as we have a privileged location in the heart of the Chamberí neighborhood and we offer facilities equipped with the latest technology that allows our users to work more efficiently and effectively.

ECONOMIC DIAGNOSIS

Spain 2025: dynamic growth, althoughgo lower than in 2024

This year 2024 that we are about to leave behind is being a good year from a macroeconomic point of view, in a context still marked by high interest rates and with inflation that has been increasing and decreasing throughout the year. Overall, according to the report published this November by CaixaBank Research, GDP in 2024 is expected to grow by around 2.81 TP3T compared to 2023, a rate more than 1 point higher than what was expected at the beginning of the year. For 2025, the economy is expected to slightly moderate its growth rate to 2.31 TP3T, a dynamic rate and much higher than the 1.31 TP3T expected in the eurozone.

What are the drivers that will sustain this solid growth?

Firstly, it should be noted that households are expected to continue to regain purchasing power, given that wages per employee will be slightly above inflation slightly higher than in 21Q3Q, which will allow, together with interest rate cuts, the solid financial position of households and the end of inflationary pressures, a slight acceleration in private consumption.

Secondly, tourism will continue to be a key driver of growth: the contribution of this sector to GDP growth in 2025 will be between 0.4 and 0.5 percentage points, lower than in 2023 and 2024, but still a very significant figure.

Third, demographics will continue to be a tailwind. Over the past two years, the population has grown by about 1% TP3T year-on-year, largely due to the arrival of one million immigrants. This influx has increased and rejuvenated the labor force. Projections indicate that the population will continue to grow in the coming years at a rate of about 1% TP3T. Still, the housing market may be a bottleneck for immigration flows, but it may also contribute to larger flows if increased activity in the real estate sector attracts more labor.

Fourth, the labour market will continue to be a driver of growth: net job creation is expected to be just over 400,000 on average in 2025, with the unemployment rate expected to decline slightly.

Finally, investment has room to grow in a context in which the drop in interest rates can stimulate sectors related to investment in capital equipment, in which the boost from Next Generation funds will also play a role and in which investment in housing has room to strengthen.

What changes between 2024 and 2025?

First, the household savings rate should be mentioned. In 2025, this savings rate is expected to decline relatively gently as interest rates fall and confidence improves, allowing consumption to increase with a positive impact on GDP growth.

A second differential factor for greater growth is the impact of interest rate cuts. Thirdly, we highlight the favourable impact of the Next Generation funds, given that some investments financed with these funds that were expected for 2024 will end up being executed in 2025.

However, other factors will act in the opposite direction. Firstly, it is estimated that tourism will contribute very dynamically to growth in 2025, but that its contribution will be 3 tenths less than in 2024. It is foreseeable that the sector will normalize its growth rate given the high levels reached, although it will continue to experience a soft state and will have important levers for growth.

For its part, the contribution of the foreign sector will be more modest than in 2024. Finally, the withdrawal of tax rebates on energy and food and of discounts on transport will also have a small downward impact on growth, via their upward effect on inflation in these items.

COMMERCIAL INNOVATION

The rise of mobile marketing: an opportunity you shouldn't ignore

That's why creating content and campaigns that only look good or are best used on a desktop computer is no longer a good idea. Now is the time to push for mobile marketing strategies, which take advantage of the unique capabilities and features of mobile devices to deliver relevant and personalized marketing messages to users anytime, anywhere.

Massive smartphone penetration means a diverse and especially accessible user base. Today, everyone from teenagers to seniors uses mobile phones in their daily lives, providing companies with a massive audience for greater impact in their advertising campaigns.

For this reason, mobile marketing has become an indispensable tool for many brands that want to grow in the market and be more competitive. This strategy not only allows them to reach a wide and diverse audience, but also offers endless possibilities to interact with consumers and generate lasting impacts.

Mobile devices facilitate instant access to an overwhelming amount of information anytime, anywhere. This accessibility has transformed the way people search for products, services or brands, creating new opportunities and challenges for businesses in the mobile marketing space.

In this context, one of the main advantages of mobile marketing is its ability to take advantage of the immediate purchase intention of mobile users. When a consumer searches for information about a product or service on a smartphone, they are likely to move forward in the purchase process and make a quick decision, a circumstance that enables companies to reach consumers at the exact moment they are looking for relevant information. We are talking about, to cite some examples, tools such as apps like WhatsApp, Google Maps, social media ads tailored for mobile devices, or formats such as SMS and responsive web banners.

When it comes to your website, it is very important that the texts, videos, links or forms that are part of your mobile marketing strategy are displayed in a simple, correct and optimal way. This is also something important that should start with the design of your company's website, which should be optimized and visually attractive to be viewed from a mobile device.

With this type of strategy, remember that you will achieve real-time interaction and instant two-way communication, which helps brands stay in touch with users, receive comments, answer questions and provide faster and more efficient customer service, although it is something that entails an added effort of active dialogue with customers, all without forgetting the added value that can be provided by having information such as the geolocation of users.

The goal of mobile marketing is to take advantage of the widespread use of mobile devices, such as smartphones and tablets, to promote products or services, interact with users and achieve marketing objectives. In this sense, different objectives can be established, depending on the ultimate goal that is intended with this type of strategy:

• Reach a specific audience
• Create a digital community
• Generate brand awareness
• Improving customer experience
• Boost sales and conversions
• Collect data and perform analysis

When implementing this type of action, it is necessary to take into account the limitations regarding design and content on a device where, for convenience, it is preferable to write little text. It is also important to bear in mind that it is not appropriate for users to have to wait for very large images to load, since a slow loading of a page will probably exhaust the patience of your visitors.

PROFESSIONAL PRACTICE

How to be more productive when you work remotely

Working remotely brings a number of considerable advantages, especially if you use centers like IL Coworking to implement it. However, we consider it appropriate to take into account a series of tips or guidelines to avoid feeling exhausted by daily routines, trying to be more productive while teleworking..

Teleworking is often seen as a system in which workers face all kinds of distractions, while at the same time, it is sometimes difficult to dissociate work from personal life.

For this reason, we always say that we should look for an intermediate formula through teleworking in centers such as IL Coworking You will find very positive factors to effectively organize your work, find moments to connect with other people and avoid elements that can contribute to neglecting your professional duties to perform, for example, household chores, which will reduce the effectiveness of your professional work.

It has been proven that teleworking does not entail a loss of productivity; in fact, it provides significant benefits to working in a motivated and efficient manner. However, teleworking requires discipline and some time to get used to it. Taking these considerations into account, we consider it appropriate to give you a series of tips so that you can implement remote work in the best possible way:

• Keep a designated workspace for this purpose. It is very important to have a specific space to carry out teleworking. Having your own desk like the one provided by IL Coworking, in a quiet area, is vital to concentrate and separate your work life from your personal life. Only then will you work in a more motivated way.
• Set clear work schedules. Avoid unwanted interruptions that make it difficult for you to concentrate and set clear guidelines for the hours you work. Stick to your work schedule and communicate it to your team, family and friends. This way, you will set clear boundaries for your schedule and ensure that you stick to them much more often.
• Establish routines that are most practical and realistic for you to carry out. Start each day by prioritizing the most important task on your to-do list. It feels great to be able to check it off as “done” and will put you in a better mood for the rest of the day.
• A great way to achieve your goals is to always start with the most challenging tasks first. That way, you won't procrastinate, and the rest of the day's work will seem much more bearable after you finish the difficult stuff first.
• Stick to set routines. More than 40% of employees say a flexible schedule is the best part of working remotely. However, not preparing for what may come unexpectedly during the day creates chaos. Work toward achieving the goals you initially set out and organize your tasks.
• Put your phone on silent and monitor app usage. As in any office setting, checking your phone incessantly throughout the day is a surefire distraction. Similarly, one of the biggest distractions when working remotely can be the use of apps and social media.
• The importance of disconnecting. Make sure you effectively disconnect digitally at the end of your day and set clear boundaries between work and personal life. Don’t feel “pressured” to be online when you really should be disconnected.

Take advantage of the benefits of coworking spaces.

These types of spaces are for people who, as a rule, work away from their “real” office and isolating themselves from everyone during the day can trigger feelings of depression and anxiety, which could reduce productivity in the long run. Working from a shared office or co-working space helps employees interact with people who are also in the same circumstances. IL Coworking We provide you with all the tools to work comfortably.

BUSINESS MANAGEMENT

Recommendations for keeping the accounting of your company

In IL Coworking You can count on our value-added service, through which we provide support in different areas to facilitate your business development, such as advice on accounting management. In this article we provide you with some simple tips on how to be more effective in the day-to-day accounting of a company.

Keeping a company's accounts is one of those aspects in which you cannot fail. For this reason, having a series of criteria and techniques, as well as the appropriate technology, can make a big difference between the success or failure of your management. Among others, the advantages of keeping a company's accounts up to date are summarized as follows:

• You get a clear view of your financial situation.
• You can make more strategic decisions for the future.
• It is a way to control inventory and assets.
• It allows to evaluate the financial performance of the business.
• It facilitates the granting of financing to the company.
• Helps improve self-management

In short, accounting is a key tool in business management. Not only is it required by law, but it is also crucial for the solvency and success of any business. For this reason, from IL Coworking We offer you our support service in this matter, always with the aim of having expert support and saving you worries.

Whether you have just started a business or have been in business for years, you may need to define how to keep your accounting records in a rigorous and effective manner. Contact us and we will guide you.

What transactions must be recorded?

The list of operations may vary greatly depending on the activity undertaken by each company, but in general, as a guide, they would be the following:

• All purchases made in the name of the company.
• Personnel expenses, per diems and transportation costs.
• Sales and income of the company.
• Bank transactions.
• Investment goods.
• Grants and subsidies, as well as sources of financing.
• Tax settlements: VAT, corporate tax and others.
• Cash movements.

Based on these considerations, in order to keep a company's accounts, these are the main good practices that must be followed:

• Continuously monitor all operations: payments, collections, etc.
• Save tickets, invoices and any supporting documents
• Constantly check whether invoices issued and received are correct
• Keep a daily record of accounting entries in an orderly and consistent manner
• Perform bank reconciliation, submit documentation and make required communications within the required timeframes.
• Submit the Annual Accounts as required in the Commercial Registry.
• Make the required communications to the Tax Agency, always meeting deadlines and all tax obligations.
• Stay informed and up to date with the latest legal and tax developments that could affect your company

CURRENT TAX

Tips for saving taxes before the annual fiscal year

With the fiscal year coming to a close, the General Council of Economists (CGE) has reviewed the new developments that will affect businesses in the next Corporate Tax campaign, and made some recommendations for companies to optimize, before December 31, the results of the declarations they will present in 2025.

Some of the actions to be undertaken include:

• Check the net amount of the turnover to determine the maximum deductible amount of the expense of customer and supplier services, which is precisely the 1% of this “If we were to exceed this limit, it would be advisable to postpone, as far as possible, this type of expense to the following year.”
• If you want to reduce the fee to be paid for contributing to the capitalisation reserve, it should be remembered that for 2024 it has been increased to 15 % of equity and this increase will only have to be maintained for three years.
• If the company is small in size and its turnover in the previous year did not exceed ten million euros, "the tax bill can be reduced if it provides for the equalisation reserve." That is, if contributions are made to this fund, which is designed to cover possible negative tax bases in future years.
• Controlling the turnover and, if it were to slightly exceed ten million euros, "it could defer the realization of some income for the next year, and apply the reduced size regime." If the law that will regulate the complementary tax for multinationals is approved, it would be advisable to transfer income to 2025 because the tax rates will be lower," explained the
• If this is the first or second year in which you have made a profit since you were incorporated, “do not forget that the tax rate is 15 %, unless it is a patrimonial entity, in which case the rate is the general rate of 25 %.”
• If you have a debt that you are no longer going to pay because it has expired in civil law (five years) and the year in which the income should have been taxed has also expired (four years), it can be cancelled by crediting it to reserves without tax costs. “If you cancel it before the tax expiration, the accounting income must be included in the tax base.”
• If the entity has obtained any income from dividends or from the sale of shares and has at least 5% of participation in the company, it may exempt the income or profit in 95%.
• Finally, if the capitalisation reserve reduction was applied in previous years, the economists recommended checking that the requirement of maintaining the increase in equity, which in 2024 amounts to three years, has been met. “Otherwise, it must be taken into account that in the self-assessment of the tax, the corresponding amount of the saved quota plus late payment interest must be added to the quota for this year,” the economists concluded.

How is the Digital Kit taxed?

If you work as a self-employed person or through a commercial company (with a maximum of 250 employees), remember that you can apply for help from the so-called “Digital Kit” to implement a series of specific digital solutions or even hardware. The total amount of this subsidy depends on the size of your company and the number of employees, but ranges from 3,000 to 29,000 euros.

From a tax point of view, it is also necessary to remember that subsidies are allocated according to their purpose:

• Current grant: if they are intended to cover expenses for the year, they are fully recorded as increased income in the year in which their grant is notified.
• Capital subsidy: when they are linked to the acquisition of a new asset related to its activity, they must be charged in the same proportion in which the asset is depreciated.

Well, since subsidies usually constitute aid for acquiring tangible or intangible fixed assets, they should generally be allocated as these assets are depreciated.

If you are self-employed under simplified direct estimation and must apply the special amortization tables of this regime, remember that the maximum amortization coefficient for computer applications is 26 %.

TODAY COMMERCIAL

Bankruptcy proceedings break record in Spain

Spain closed the month of October with a historic record of bankruptcies and is on track to end 2024 with figures unprecedented in the last five years.

Last month ended with more than 905 companies in suspension of payments, the highest figure in the entire series since the reform of the Bankruptcy Law came into force in September 2022 and which has led the country to accumulate 5,911 bankruptcy petitions so far this year, almost the same in ten months as all those registered, for example, in 2021, when the economy was still not fully recovered from the COVID-19 pandemic.

There are multiple factors that explain these figures, despite the strong GDP growth, although the market points to a combination of three: the proximity of the end of the accounting moratorium, the high inflation in recent months and the balance sheets of companies loaded with debt. Their combination has prevailed over the positive trend that the economy is carrying with a growth rate clearly above the European average. For 2024, GDP growth of 3% TP3T is expected and for next year 2.1% TP3T, respectively.

Since the beginning of the year, the number of bankruptcies has increased in almost all sectors. The main increases have been recorded in trade (+172), followed by the hotel and catering industry (+113) and business services (+64). The only decreases have been observed in education (-3) and administration (-1). Trade, for example, accounts for 26.32% of the total so far this year, while construction and real estate activities account for 18.41%.

Do you need guidance on how to implement a bankruptcy procedure?

Given the high number of companies that resort to the procedure of bankruptcy, it is necessary to have expert and qualified professional support to rigorously undertake this type of procedure.

In this sense, we remind you that IL Coworking can help you in this area, thanks to the strategic alliance it maintains with Acountax Madrid, a firm that can guide you through the processes that may arise from the bankruptcy or liquidation of a company. They can also help you address a pre-bankruptcy situation, where it is essential to have experts in order to assess the moment in which bankruptcy should be requested and help you prepare all the documentation that this process entails, avoiding, as far as possible, situations of liability arising from the administrators.

Remember that the annual accounts cannot be modified once they have been approved and filed in the Registry.

• This is confirmed by a recent ruling by the Barcelona Provincial Court, which states that errors detected in the accounting period must be corrected.

The Barcelona Provincial Court has ruled that it is not possible to reformulate the annual accounts of a company from previous years when they have already been filed in the Commercial Registry.

The provincial court argues in the ruling that, once the annual accounts have been filed in the corresponding Commercial Registry, any accounting errors detected must be corrected in the year in which they are discovered, “recording the adjustment in a reserve item, while incorporating the corresponding information in the report”.

In this regard, it is necessary to refer to article 38 of the Commercial Code, which regulates the reformulation of annual accounts as an exceptional formula and always before the moment of approval of the annual accounts by the board.

In other words, the obligation to reformulate the annual accounts is considered an exceptional remedy for cases in which the true and fair view of the company could be seriously affected if it is not done. Therefore, technically, the possibility of reformulation regulated by the Commercial Code ends once the board has approved the accounts.

Another issue is whether, once the annual accounts have been filed, the Commercial Registry issues a notification in the event of a defect or error in the formal registration process that requires a correction.

The key in this case will be to correct the errors and make a new deposit. Something we must bear in mind is that the Commercial Registry will not carry out the deposit if there are defects or errors. It will only send notification to the representative. We must also bear in mind that the Registry itself does not assess or verify the veracity of the information, therefore, the errors will always be formal.

CURRENTLY WORKING

The labour changes planned for 2025: reduction of working hours, salary increases and new time recording

The Ministry of Labour is working on a series of labour measures that will come into force before the beginning of 2025. According to the Government, these reforms seek to balance work and personal life. The main and most important change is the reduction of the maximum working week from 40 to 37.5 hours. The measure has sparked controversy, as the negotiation table between the Ministry, the unions and the employers' association ended without an agreement with the CEOE and Cepyme.

The Minister of Labour has claimed that the reduction in working hours will be approved despite not having the support of the employers' association. Despite the lack of consensus with the employers' association, Yolanda Díaz, second vice-president and Minister of Labour, has reiterated her intention to move forward with the measure. She has offered direct aid to small companies in affected sectors.

Public consultation on the legislative text on the reduction of working hours

In this regard, the Ministry of Labour and Social Economy has opened the period for public consultation of the legislative text that will reduce the maximum working day in Spain from 40 to 37.5 hours, an objective that the Ministry intends to come into effect on 1 January 2025, but which, if the measure is approved, will begin to be applied later, given that before that date it is practically impossible for the legislative and parliamentary procedures to have been concluded. The period for civil society to submit contributions will be open until 7 December through the website of the Ministry of Labour and Social Economy.

This progress comes after the negotiation table between Labour, the unions and the employers' association concluded after failing to reach an agreement with CEOE and Cepyme, who have already formally rejected the measure in the terms proposed by the Government, as they consider that the working day should be dealt with in the collective bargaining of each sector in order to meet the needs of companies and employees in each activity or company.

The text that the Ministry of Labour has put out for public consultation reviews the arguments defended so far for reducing working hours, such as improving productivity or the importance of strengthening conciliation and people's time. After that, it explains that the first objective is to establish a reduction in the maximum legal weekly working day (on an annual average) from 40 to 37.5 hours on 1 January 2025, establishing specific provisions for both part-time work and reduced working hours.

Secondly, as regards time recording, on the one hand, the aim is to unify the regulations on this matter for full-time, part-time, ordinary and extraordinary work in a single new article. The problems that are intended to be addressed are, on the one hand, the achievement of a "truly effective" time recording system, governed by the principles of "objectivity, reliability, accessibility and interoperability".

On the other hand, the norm seeks to improve the regulation of the consequences of non-compliance with regard to time recording, both from the substantive legal point of view - presumptions - and from the sanctioning point of view. Thirdly, as regards the right to disconnection, it is intended to "unify" in a single provision the "dispersed" regulation on the subject, incorporating some aspects of the Disconnection Agreement negotiated in the European Union and also of the V Agreement for Employment and Collective Bargaining (V AENC) signed last year by unions and employers with general notions for the negotiation of collective agreements.

In this way, the Ministry of Labour wants to define the "inalienable right of the worker to disconnect outside of his or her working day, as well as the employer's duty to guarantee this right, referring to collective bargaining the modalities of exercising it."

Increase in the minimum wage

Another relevant aspect that could come into effect next year is the increase in the minimum interprofessional wage (SMI). According to Yolanda Díaz, the increase to be proposed is estimated to be around 5%, seeking to achieve the objective of the minimum wage representing 60% of the average wage in the country. If this measure is confirmed, the new SMI would be 1,190.7 euros per month distributed in 14 payments, which would imply an increase of 56 euros per month. In the case of opting for 12 payments, the gross monthly salary would rise to 1,400 euros, representing an increase of 77 euros per month.

Although the exact date for the implementation of this change has not yet been determined, it could be approved during the first quarter of 2025.

NEWS

We renew our alliance with One Shot Hotels

Given the success of the collaboration strategy that IL Coworking & Legal Services signed a few months ago with One Shot Hotels, we have decided to renew our alliance for another year.

As a result, if you are a client of our coworking space you will have access to a 10% discount on the rates of the One Shot Luchana 22 and One Shot Fortuny 07 hotels.

This discount will be applicable for individual reservations on the best available public rate without restrictions, including offers.

In this way, we continue to offer you tools to make your stay in Madrid easier, so that you can not only enjoy our magnificent coworking facilities, but also have an unbeatable hotel offer at advantageous conditions.

Contact us to find out more about this benefit and many other initiatives that we have that may be of interest to you.