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Does anyone know of a income tax expert as opposed to someone who just helps you complete and submit your return. I’m a resident who’s sadly just above low income and it costs me very heavily.
Thanks In advance
Posted: Tue Apr 19, 2022 8:08pm
Super helpful member
You don't have to be an expert to file an income tax return. However, there are personal circumstances and "Ways" to do things depeding on information already available to the tax office. It can make a big difference filig individual or joint returns, in my case 3K. Then, any assets in the UK can give you a bad time. Did you file form 720 (declared by EU contrary to Law)?
killjoy wrote on Tue Apr 19, 2022 8:08pm:
You don't have to be an expert to file an income tax return. However, there are personal circumstances and "Ways" to do things depeding on information already available to the tax office. It can make a big difference filig individual or joint returns, in my case 3K. Then, any assets in the UK can...
Read more...
... give you a bad time. Did you file form 720 (declared by EU contrary to Law)?
Thanks for your reply and yes my abogado has filed my modelo 720 every year since I became resident. I have no assets in the UK and no real capital just my income from a couple of private pensions as well as my Uk state pensions. Sadly none are government pensions. As it stands as I said (no partner so no joint income) I am sadly not much above low income and end up paying a large amount of tax every year - which I have to save up for from my income. In these days of high energy and rising other costs this puts quite a burden on me. Someone mentioned that pension pots accrued prior to 2006 may not be taxable so I just wanted to go through everything to see f there’s any way to make a saving, I’m happy to pay tax it just seems a disportionate amount for my income plus there’s so many out there with assets but low income who pay barely any tax.
killjoy wrote on Tue Apr 19, 2022 8:08pm:
You don't have to be an expert to file an income tax return. However, there are personal circumstances and "Ways" to do things depeding on information already available to the tax office. It can make a big difference filig individual or joint returns, in my case 3K. Then, any assets in the UK can...
Read more...
... give you a bad time. Did you file form 720 (declared by EU contrary to Law)?
Of itself the 720 has NOT been declared contrary to EU law and remains an obligation for foreign residents with assets in excess of €50k located outside of Spain.
The EU Court ruled only on the dosportionate flat rate fines levied for failing to file a 720 on time or filing with errors or omissions.
The precise threshold for tax can depend on a raft of factors, such as the age when you began to draw benefits from private pensions and annuities for instance, but roughly speaking an income of around €13,000 should not attract a tax bill.
BTW having government pensions can in fact result in HIGHER Spanish tax bills not lower ones!
Darro wrote on Wed Apr 20, 2022 10:48am:
Of itself the 720 has NOT been declared contrary to EU law and remains an obligation for foreign residents with assets in excess of €50k located outside of Spain.
The EU Court ruled only on the dosportionate flat rate fines levied for failing to file a 720 on time or filing with errors or omissions....
Read more...
...
The precise threshold for tax can depend on a raft of factors, such as the age when you began to draw benefits from private pensions and annuities for instance, but roughly speaking an income of around €13,000 should not attract a tax bill.
BTW having government pensions can in fact result in HIGHER Spanish tax bills not lower ones!
Oh yes sadly I am higher than the €13000 but it’s the rules about private pensions I wanted to explore in further detail. Otherwise I know I sadly fall into the small group who are sadly much worse off tax wise in spain than in the UK (not obviously counting those with excellent pensions and plenty of assets)
