Is there someone on here I can quiz about taxes

Hi Kimmy

Thanks for your reply, it is very useful. 

So what confuses me now is how any assets, like owned properties, would affect income tax banding? 

Andrew

As Kim says, read my posts.

The 720 is an information only report. You aren't taxed on the assets themselves.

I assume your reference to the €20K is in relation to the €22K declaration threshold here. That only applies if that income is earned in Spain and taxed at source by the employer, so doesn't apply to you.

You have to do a tax return here for your first year of residency.

Rental income from property in the UK is in theory taxable in both the UK and Spain, and is one of the features covered by the Dual Taxation Treaty. Although you declare it here as well as in the UK, you get relief of the amount of tax paid in the UK. The only time such income would affect tax due here is if you are due to pay tax on other income, when it would affect the rate at which such income is taxed.

Hi Jim

My 20000€ reference was to the income tax banding in Spain. Ie.

Up to 12450€ you pay 19%

Then 12450 - 20200 you pay 24% 

Or is that only if you're working in Spain?

So you say UK rental income is taxable in both Spain and UK but because of the treaty of I already pay tax on it in UK then I would or wouldn't have to pay tax on a portion of it in Spain? You can see why I'm confused!

Well PM you too 😊

Andrew

Up to €12,450 it's 19.5%

From €12,450 to €17,000 it's 23%

From €17,000 to €20,200 it's 25.9%

and so on.

That's on taxable earnings related income after allowances, irrespective of how it's earned or where it comes from, excluding income that is only taxed in the UK, like pensions related to government employment. 

Rental income from property in the UK doesn't come into the equation unless there is tax due here on other income, in which case - as I said - it affects the rate at which you pay tax on that other income.

Thanks Nicola!

I pinged Jim a PM yesterday which he has kindly replied to. 

I'm normally okay doing this sort of stuff but I got mixed information about tax in Spain when I googled it so it's good to have some accurate information!

What's the weather like there ATM?

A

Next week looks pretty good!