Latest posts in La Marina

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Where can I buy earrings in La Marina

Posted by KathyH in Recommended Tradesmen and Companies in La Marina on Tue Jul 18, 2017 11:49am

I would like to know of any jewellery shops in La Marina please.

Residents' Income Tax - How Income Is Categorised

jimtaylor Posted by jimtaylor in Taxes in La Marina: Suma, NIE and general tax advice on Mon Jul 17, 2017 3:02pm

This is a short topic, but anyone doing their own returns needs to know how income is categorised.

Your income as a Spanish resident is split into two categories – earnings related, and savings related.

Earnings related income includes wages & salaries, company and private pensions (excluding annuities you've paid for yourself), and also the UK state retirement pension. This is taxed at 21.4% up to €12,450, then starts increasing.

Savings related income includes interest on savings, share dividends, property rental, and also annuities. This is taxed at 19% up to €6000.

In the UK, annuities are taxed in the same way as wages and pensions, and on the full amount of the annuity. In Spain, annuities you've paid for yourself are taxed at the lower savings income rate, and only a part of the annuity is taxed.

Good news for anyone in receipt of an annuity – I'll publish more details shortly.


Wellness Center - Open or Closed?

Posted by KilkennyKid in Health, beauty, fitness and sport in La Marina on Mon Jul 17, 2017 2:37pm

Hello,

Do any of you know if the wellness center in La Marina village is still open? It's called ATM. We're arriving in September for a week and I'd love if my wife could avail some of their services. Maybe someone could recommend a better place perhaps?

Thank you very much,

Owen

Would anyone be interested in paella partys we come to you

Posted by sunnydays in Where to hire things in La Marina on Sun Jul 16, 2017 8:24pm

Looking at providing fresh Spanish paella for any occasion would anyone be interested of this service?  

Conned

Posted by Bob82 in General La Marina discussion on Sun Jul 16, 2017 12:09pm

I've only just joined the forum so this may have been covered before. Just over 2 years ago I needed to upgrade my house electrics so I responded to one of the countless stickers on the lampposts around the Urb. Dave the electrician duly turned up and completed the work and suggested I pay 250 euros for he certificate to be presented to Iberdrola to prove the conversion legal. I never received a certificate and have been ringing ever since. Beware! Better still if anybody knows of his whereabouts I would be very grateful.

Train to benidorm from Alicante

Posted by James76 in Buses, trains and public transport in La Marina on Sun Jul 16, 2017 12:03pm

Hiya,we are a family of four wanting to travel to benidorm from Alicante,we have done it before by coach but this time would like to do it by train but haven't a clue,so I'm hoping someone can help us out,as to where the station is,how regular do they go,and how long does it take,and maybe the cost,I would be extremely grateful of any kind forum members help,.........thankyou 

Looking for a job: Part time work any thing considerd la marina & surrounding area

Posted by Brianspain in Jobs and careers in La Marina on Sat Jul 15, 2017 11:20pm

Moving from uk to la marina next 8 or so weeks male 50 years old with wife

English speaking

Currantly in tele sales 25 year service at same company .including driving & warehousing/keen gardener

Looking for part time/possible full time

La marina & surrounding areas

anything considerd.

Thanks

                BRIAN

Residents' Income Tax - Allowances

jimtaylor Posted by jimtaylor in Taxes in La Marina: Suma, NIE and general tax advice on Sat Jul 15, 2017 10:29am

This is where Spanish taxation starts to get interesting, because there are allowances that the UK do not have. Also, the allowances are applied in a different manner than they are in the UK.

Personal allowances:

The basic personal allowance is €5,550.

If you’re over 65 on the 31st December, you get an extra €1150.

If you’re over 75, you get an extra €1400, on top of the €1150.

If you are doing a joint return, and you’re both over 65, then you get an extra two times €1150; if one of you is over 65 & one of you over 75, then you get an extra two times €1150 plus €1400.

By over 65, I don’t mean you don’t get the extra allowance until you’re 66. If your birthday is 30th December, then on the qualifying date of 31st December, you’ll be one day older than 65 and therefore qualify for the extra.

Married couple’s allowance:

This is another area where Spain is different. If you’re married, you can only claim the married couple’s allowance if you file a joint return, but you also have the option to each file separate returns.

The additional deduction for married couples' returns (declaración conjunta) is €3,400.

On the face of it, if you file separate returns, then you each have €5,550 personal allowance, but if you file a joint return then you only get one €5,550 + €3,400, so it would seem that you’d be better off filing separate returns, and this is usually very much the case. However, if one of you has noticeably more income than the other, then by the time the (rather convoluted) calculations have been carried out, it might actually be better to opt for a joint return.

Calculating the tax of a couple is not as easy as adding one single allowance of €5,550 to the married couples allowances of €3,400 to give a combined allowance of €8,551 against their joint income.  The allowance is given in two stages so that only the married couple’s allowance reduces the couple's liability to the higher rate tax bands.

After working out their total tax bill as two individuals, a couple then needs to work out their tax bill for a joint declaration and compare the results.  If a joint return produces a lower tax bill, then declare as a couple and forget the individual returns, and vice versa.  

Opting for joint taxation is not binding for successive periods. You obviously can’t change your mind once your tax return(s) has been submitted, but for the following year you can opt for individual returns if that’s better for you.

If it’s possible, you could consider structuring your income to make the most of the choices available to married couples.  For example it may be possible to shift income from one spouse to another to use up more tax allowances, e.g. by arranging for interest or dividends to be divided differently.

Additional allowance just for having earnings related income:

For 2016 returns, there was an additional allowance of €2000. For a joint return, even if each person was entitled to €2000 on individual returns, you were only allowed one €2000 on the joint return.

Earnings-related allowance:

On top of the allowances mentioned above, there is an allowance which is based on your earnings-related income – the lower your income, the higher the allowance.

If earnings related income is less than €11,250, the allowance is €3,700.

If earnings related income is between €11,250 and 14,450, the allowance is:

€3,700 less 1.15625 x (earnings related income - €11,250)

Over €14,450 you don't get anything

This allowance is only available if savings etc income does not exceed €6500.

There is a downside to the way this allowance is calculated. The higher your income, the less your allowance, so the more there is to be taxed on. It's a double whammy which can produce quite unpleasant results.

Comparison:

Taking the basic personal allowance of €5,550, the special €2,000 allowance, and the maximum earnings related allowance of €3,700, this gives you a total of €11,250, against the UK £11,500, indicating you're going to pay more tax here than you would have done in the UK. If you're over 65, then things start looking better, and if you're over 75, then they're better still.

Other allowances:

There are a lot, but I’m not going to detail the other allowances – it would take too long.

Annuities:

These don't get an allowance as such, but are worth mentioning here.

If you receive an annuity bought with your money, rather than your former employer's payments into the fund, then you only include a proportion of the annuity income on your tax return. I'll be giving full details in a later post but, for example, if you were between 60 and 65 when you started to draw the annuity, then you only report 24% of the income.

In addition, this income is taxed at the savings tax rate, which is slightly less than that for earnings-related income.

Dual Taxation Treaty:

This was re-issued in 2013, with the English version having the title CONVENTION BETWEEN THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND AND THE KINGDOM OF SPAIN FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME AND ON CAPITAL - what a mouthful!

If you have paid tax in the UK, on income or capital gains, then you can obtain relief under the double-taxation agreement.

If you would have paid more tax here than in the UK, you can only claim the amount you actually paid in the UK.

And there are some circumstances where you may very well not get relief for the full amount you have paid in the UK.


Can anyone recommend: Front doors

Posted by Emma628 in Recommended Tradesmen and Companies in La Marina on Thu Jul 13, 2017 10:00pm

Hi all

Currently purchasing a property on the urb which is going to need a new front door as one of the urgents on the to do list!

Can anyone recommend someone who supplies and fits doors please. 

Or give an idea of costs.

Thanks in advance

Emma 

Loyalty card from Garage

Posted by Ajp in General La Marina discussion on Tue Jul 11, 2017 8:53pm

Can someone explain to me how their loyalty card works? I got a card from the garage, the one on the way out of the Urb. over a year ago. I used it a couple of times and they gave me a token for a free car wash. I've  used  the card now for more than a year and nothing, I thought every time you used it you got points and when you got so many you received a discount on the price of your petrol. Thanks Alan.



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