Tax deadline approaches!

August 15th, 2011  

Remember the deadline for your 2010 Spanish tax returns is the 31st December 2011. If you have previously submitted returns in Spain, then all you will need is your rateable value for 2010, and we can calculate the rest.

Check out our new sister site – www.taxinspain.co.uk – which offers a choice of services to complete your tax returns on your behalf.

Did you pay “black money”?

July 17th, 2011  

The long established tradition in Spain of paying “black money” when you purchase a property, i.e. under declaring the price in order for both buyer and seller to save tax, is started to catch up with people.

One of our clients has recently been instructed to visit the tax office in Spain, in order to provide evidence of “black money” payment made to their developer on completion. Although, in this case, it is the developer being investigated and not the property owner, it does demonstrate that the tax office is now starting to look at some of these tax evasion practices.

Give us a call or drop us an email if this has also happened to you.

How much tax to pay?

July 15th, 2011  

We have launched 2 new tax calculators, which allow you to find out how much tax you need to pay on your annual tax returns. One calculates just the annual notional tax that all property owners have to pay, and the second also calculates any rental income tax that you may need to pay

Click HERE to find out what tax you need to pay.

Change to rental tax rules!

July 15th, 2011  

Up until the end of of 2009, non-resident property owners had to pay 24% tax on the GROSS INCOME they received on any rentals, and could not offset any expenses – the result being that very few of owners have actually decalred this income to the Spanish tax man.

However, from the 1st January 2010, non-residents can now offset expenses when calculating their rental “profits”, which means that in reality there is a great opportunity to start doing things correctly, without having to pay any additional tax.

If in doubt, please give us a call.