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How to find out about tax returns etc

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How to find out about tax returns etc Empty How to find out about tax returns etc

Post by Him & Her Sun Jul 12, 2015 11:53 pm

We need some advice on tax matters, I understand everybody needs to complete a tax return, is this correct? If you are living on savings and rental income from a UK property, what is the situation ?

We intend to have private medical for the first year, apply for residency etc then go into the Spanish health system and be all above board but not sure really where to start the whole process and what is required re Tax, accountants, returns etc, your Advice please would be wonderful.
Him & Her
Him & Her

Posts : 291
Join date : 2014-01-31
Age : 64
Location : Galera

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Post by Cavernícola Mon Jul 13, 2015 9:00 am

Check this out, everything you need to know is on here, good luck. Bob

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Cavernícola
Cavernícola

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Post by Lurchio Mon Jul 13, 2015 9:21 am

Rule 1 is: Don't try and do it yourself in the early stages. Tax advisers are NOT expensive in Spain and you will definitely save more hassle and stress. You have to 'set up' in the Spanish system, with identical paperwork being sent to the UK so the left hand talks to the right. The year FOLLOWING you first 'tax year' in Spain you do a return. So, if you are here for more than 183 days between January to December 2015, your tax return for that year has to be done by the end of June 2016, and so on. Theres no doubt that once you are tax resident you are liable for your Worldwide income (including Interest and rental income) and also have to declare all your worldwide assets to the Tax people here. Again, some may choose to fly 'below the radar' on tax matters but should you become the focus of attention by the tax people you can expect a robust investigation and a large fine (certainly 4 figures).Which leads to rule 2......

USE A RECOMMENDED AND WELL KNOWN TAX ADVISOR, hopefully that can speak English! There are several to say the least 'unqualified' advisors out there, go on recommendations and testimonies to save grief.

You have plenty of time to get all the tax affairs organised, you will be able to seek proper professional advice locally once you are here. You seem to be trying to line up all the ducks 'remotely' at the moment and that will stress you out. You will need Medical cover and your car sorted and legal when you 'land', the rest you can crack when you are here and amongst things.

Like I said, it will be a busy time, but as they say here 'Poco a Poco' and although Forums are very handy, its best to just get here and roll the old sleeves up with important issues being attended to by the qualified 'Pros' on your behalf. Its is NOT as expensive as the UK to get professional advice I promise you.

Obviously you are right to think of important matters as we did, but on some you should simply wait until the 'move' is done, that's stressful enough so why put any more 'plates on sticks' that don't need to be up there at the present time?


Lurchio
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Post by Him & Her Mon Jul 13, 2015 10:02 am

As ever Lurchio sensible advice ! You are right I am trying to get a grip on everything and it is stressing me out a bit, so I will take your advice and get the moving bit done and take it from there, we just don't want any nasty surprises I guess. In spite of being a bit stressed we are so looking forward to the big move, can't wait in fact. Thanks for your advice.
Him & Her
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Post by Lurchio Mon Jul 13, 2015 10:44 am

Its a weird feeling when you finally leave the UK for another life, excitement, a bit of fear and the unknown 'feeling'. You obviously both are intelligent enough to handle it all, you just need PROFESSIONAL guidance and updating on the important things, as do we all at some stage. (Even Einstein did on something, guaranteed). Its a learning curve, I guess you've done it before, now you have to do it for your big move.

Only thing that matters is the future, we all have to die but EVERYTHING else is negotiable in life, eh?
Lurchio
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