Although there are accountants, lawyers and gestors in Spain, and a number of overseas specialist tax consultancies in London, there is no other UK based company providing a specialist tax service for non-residents with properties in Spain.
The Spanish tax system is based on self assessment, which means that you are required to:
* Obtain the right tax form
* Calculate the tax due
* Complete the form
* Submit to the Spanish tax office
* Pay the tax!
Many non-resident property owners remain completely ignorant of their tax obligations - until they come to dispose of the property. This then prompts the authorities into action, which can lead to some nasty surprises!
* The taxable amount is based on the gain made between the sales price and the purchase cost, excluding any relevant expenses.
* The tax rate payable is 18%
* The costs of both purchasing and selling the property can be offset against the gain, plus inflationary allowances, plus the costs of any improvements.
* Tax is payable when you give all or part of a property to someone
* The taxable amount is the "value" of the gift
* The tax rate varies between 7.65% and potentially 81%
* There are no tax allowances applicable
If you would like a Free Spanish Tax Guide and to receive details of how Numerological can help you meet your Spanish Tax obligations, just click on the link below:
The Numerlogical service is designed for those non-residents that have bought a Spanish property, and focuses on those taxes that become applicable after you have been through the buying process.