By Euro Weekly News Media • 01 September 2016 • 19:00
MANAGING TAX: Ensure your affairs are in order in Spain and the UK.
GONE are the days when you presented your Annual Income Tax Return (RENTA) to the Spanish Tax Office informing them of your annual income, general pensions and revenue from capital, declaring interest generated from savings accounts and investments held in Spain, and omitting interest received from the UK or other countries.
Over the last few years there has been a gradual introduction of different regulations aimed at minimising tax fraud, which is why it is very important that residents of Spain and residents of the UK account for tax correctly on their annual income irrespective of whether this is generated in the country of residence or elsewhere.
Also, if you own a property in the UK, are considering selling and are a resident of Spain, before doing anything it is important to find out what the consequences are going to be for you tax wise.
With the correct advice the decision you make will lead you in the right direction and could mean paying less tax. If you receive rental income from a UK property bear in mind you have the obligation to submit self-assessment tax returns to the UK Authorities and have to declare the rental income in Spain as well.
This does not mean you will pay double tax, but handling things correctly will save you future disputes with the tax office.
Finally, if you are a tax resident in Spain and lost a loved one in the UK and are due to inherit from the deceased please ask for advice. You may have to complete the inheritance tax forms and account for inheritance tax in Spain.
Are you a British expat, living in Spain and have not got your tax affairs in order either in Spain or with the UK?
You must take into consideration that once you begin to submit an annual income tax return in Spain, you should also put your tax affairs in order with HMRC in the UK. It is a process that needs to be dealt with simultaneously in both countries. For this it is fundamental to receive advice from professionals who understand both tax systems, British and Spanish.
Do not leave something as important as your tax affairs in the hands of inexperienced people. UK TAX REFUND SL, registered agents with HMRC, will ensure every detail is taken into account. They will also assist, if need be, to complete and submit your annual self-assessment tax return to HMRC.
Consult with UK TAX REFUND SL, who is able to deal with your UK tax affairs on your behalf with HMRC and make dealing between both countries easier and hassle free.
The service that UK TAX REFUND SL provides not only recovers any overpaid tax, but as part of the process ensures that your Spanish tax obligations are met and all your UK tax affairs are in order.
For more information give them a call on 965 636 938 or email them at: [email protected]
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