Common Reporting Standard
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Hi Everyone,
I've been living in northern Italy for about twenty years as a language trainer and translator and I also go back to the UK to teach at a University for 6 weeks every summer.
With the implementation of the CRS, I am obliged by the Italian tax authority to declare all financial interests that I hold in my UK bank...so far only for 2016/7. My accountant (mandatory for almost all freelancers, even though I don't earn that much!) wants me to provide bank info going back even to 2012!
Does anyone know if this is necessary/obligatory? Does anyone have any experience of this at all...?
Thanks very much
I've been living in northern Italy for about twenty years as a language trainer and translator and I also go back to the UK to teach at a University for 6 weeks every summer.
With the implementation of the CRS, I am obliged by the Italian tax authority to declare all financial interests that I hold in my UK bank...so far only for 2016/7. My accountant (mandatory for almost all freelancers, even though I don't earn that much!) wants me to provide bank info going back even to 2012!
Does anyone know if this is necessary/obligatory? Does anyone have any experience of this at all...?
Thanks very much
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Yes, you should have been declaring it since Monti introduced it.
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Do a search for "ivie italy" to get English information on it (IVIE; “Imposta sul Valore Immobili Esteri“).
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It isnt IVIE, but if you havbea foreign bank account you have to pay the tax on having a bank account in Italy - not much , 30 odd euros a year, plus tax on any interest earned.
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Of course Modicasa is right! I should have read the OP properly. We’ve not paid such on our online account here in Italy since 2010, so it seems a bit off they want to charge you on a UK account. Last time we paid it, it was €32 plus. No doubt they will want interest as well.
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...and of course I have to pay tax in Italy on any earnings that go into my UK bank account - for which I pay no tax in the UK because it's under £11,500...right?
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I'm still not convinced Italy had no allowance, but can't find anything to confirm this one way or another. I'm sure I recall Modicasa saying they don't, so I would go with that, therefore yes at 23% last time I looked!
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Geordie - there's a provision for "prestazioni occasionali" which allows for up to EUR5,000 per year I think. However, if you earn more than this then you pay tax on all of it, or at least that's my very non-expert understanding.
Otherwise, I believe you pretty much pay tax from the first euro.
Otherwise, I believe you pretty much pay tax from the first euro.
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Thanks guys. Much appreciated
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Hi Everyone,
I've been living in northern Italy for about twenty years as a language trainer and translator and I also go back to the UK to teach at a University for 6 weeks every summer.
With the implementation of the CRS, I am obliged by the Italian tax authority to declare all financial interests that I hold in my UK bank...so far only for 2016/7. My accountant (mandatory for almost all freelancers, even though I don't earn that much!) wants me to provide bank info going back even to 2012!
Does anyone know if this is necessary/obligatory? Does anyone have any experience of this at all...?
Thanks very much
I've been living in northern Italy for about twenty years as a language trainer and translator and I also go back to the UK to teach at a University for 6 weeks every summer.
With the implementation of the CRS, I am obliged by the Italian tax authority to declare all financial interests that I hold in my UK bank...so far only for 2016/7. My accountant (mandatory for almost all freelancers, even though I don't earn that much!) wants me to provide bank info going back even to 2012!
Does anyone know if this is necessary/obligatory? Does anyone have any experience of this at all...?
Thanks very much
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Being fined for being 6 months late was bad enough. I don't like the sound of ravvedimenti operosi. Something for Equitalia to get their teeth into.
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To be honest I've blanked the whole experience. Although it's on here somewhere, I remember we had to pay an accountant a lot of money to redo five years worth of tax returns, plus the back-tax we had to pay, plus the fines. It was all about €5-7k in the end. Money that we had allocated elsewhere, so it was a bit of a shock to the system at the time.
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