Jim's Guide - Residents' Income Tax - 2019 exchange rates - Taxes in Mudamiento: Suma, NIE and general tax advice - Mudamiento forum - Costa Blanca forum in the Alicante province of Spain
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Jim's Guide - Residents' Income Tax - 2019 exchange rates

Posted: Thu Jan 2, 2020 8:37am
4 replies95 views2 members subscribed
jimtaylor

jimtaylor

Legendary helpful member

Posts: 4667

Location: Mudamiento

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The European Central Bank have now published the exchange rates for 2019.

The 2019 average exchange rate, to convert sterling to Euros for the 2019 resident tax return is 1.1393.

For anyone who needs to submit a Modelo 720, the rate for 31st December 2019 is 1.1754.


Herefordjack

Fri Jan 10, 2020 3:05pm

Posts: 68

Location: Denia

10 helpful posts

Posted: Fri Jan 10, 2020 3:05pm

Thanks Jim, that info is very helpful.

On the subject of Modelo 720, I submitted one (online) last year for the first time to cover 2018, doing it myself. I haven't heard back from the tax authorities, so I'm hoping it was done correctly.

I'm willing to give any advice I can to CB Forum readers planning to do the same, but I must stress that my return covered only one of the three asset categories, namely company shares that I own, so I'm unable to answer questions on the bits of the form covering non Spanish (a) savings accounts and (b) property. You may or may not know that the individual limit for each of the three categories is 50,000 Euros, i.e. if you have assets abroad in any of the three categories valued at more than 50,000 Euros individually, you need to declare them on the Modelo 720 form.

regards

Herefordjack

jimtaylor

jimtaylor

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Fri Jan 10, 2020 4:15pm

Posts: 4667

Location: Mudamiento

6294 helpful posts

Posted: Fri Jan 10, 2020 4:15pm

It's very kind of you to offer, and I'm sure that someone will take you up on it.

I've not done a guide on the 720 because it's changed so much since we did them, and we had the easy category of only having money to declare. You've done the hardest return of the three categories because, as you know well, it's difficult to calculate the values. Property in my opinion is a fairly easy one.

So, when will we see the Herefordjack's Guide to the Modelo 720?!

Herefordjack

Fri Jan 10, 2020 10:48pm

Posts: 68

Location: Denia

10 helpful posts

Posted: Fri Jan 10, 2020 10:48pm

Hi Jim

Maybe after I do my second Modelo 720, sometime in the next few weeks.

One thing I would say, for anyone thinking of doing it and/or your income tax return online - follow Jim's guide to getting an electronic certificate as a first step.

Regards

jimtaylor

jimtaylor

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Legendary helpful member

Sat Jan 11, 2020 5:19am

Posts: 4667

Location: Mudamiento

6294 helpful posts

Posted: Sat Jan 11, 2020 5:19am

Have the shares gone up by more than €20,000? If not, I don't think you need to do another return:

Real Decreto 1065/2007 updated to 15/11/2019:

La presentación de la declaración en los años sucesivos sólo será obligatoria cuando el valor conjunto para todos los valores previsto en el apartado 4.c) hubiese experimentado un incremento superior a 20.000 euros respecto del que determinó la presentación de la última declaración


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