Since January 2020, one topic has dominated the news that is at the centre media reports everywhere. Yes you’ve guessed it, we are referring to Covid-19. The new virus has meant changing the way we live by staying at home and isolating ourselves from those who play a huge part of our day to day lives. It’s as if time has stood still until further notice.
In spite of this, there are some things that do not stop, and the Spanish Tax Authorities still expect everyone to comply with their tax obligations. For this reason, UK Tax Refund would like to highlight a few things that need to be considered, especially as it is now time to submit your Spanish Income Tax Return (RENTA)
Over the last few years, there has been a gradual introduction of different regulations aimed at minimizing tax fraud. It’s vital that residents of both Spain and the UK account for tax on their annual income correctly, whether this is generated in their country of residence or elsewhere.
If you are a Resident of Spain and own a property in the UK, before you consider selling it, seek professional advice. This will help you make the right decisions, and could even mean paying less tax on the sale.
If you receive any rental income from a UK property you own, remember you are obliged to submit Self-Assessment tax returns to the UK tax authorities (HMRC), and also declare the rental income in Spain. You will not pay tax twice on the same income, but handling things correctly will save on future disputes with the tax authorities in Spain. The resulting fines could cost a lot more than the expense of employing an experienced tax consultant.
If you are a tax resident in Spain, and have lost a loved one in the UK from whom you expect to inherit, we can provide the advice you need. You may still need to complete inheritance tax forms in Spain. It’s better to be safe than make an expensive mistake.
Once you begin to submit annual income tax returns in Spain, you still need to put your tax affairs in order with HMRC in the UK simultaneously. To do this properly, it is vital you receive advice from professionals who are fully conversant with both the British and Spanish tax systems.
UK Tax Refund SL are registered agents with HMRC, and we will ensure every detail is taken into account. We can assist with completing and submitting your annual Self-Assessment Tax Return to HMRC, producing tax efficient wills, property conveyancing, and any other legal process with tax implications.
Contact UK Tax Refund SL can handle your UK tax affairs on your behalf with HMRC, thus making dealing with both countries hassle free. We can also recover any overpaid tax, and ensure that both your Spanish and UK tax affairs are in order. We are, as always here to assist you, so contact us for your free initial consultation.
Contact details:
Telephone: (00340 965 63 69 38)
Email:michelle@uktaxrefund.net
Website: WWW.UK-TAXREFUND.COM