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Advice on moving to Spain / financial

Advice on moving to Spain / financial

Old Mar 27th 2007, 12:41 am
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Default Advice on moving to Spain / financial

Hello,
I am trying to find out more info (from those that know!) about the Citizenship / tax situation once you leave the UK.
We have two small businesses and we will keep them running when we leave and will keep our house, but rent it out. Our children will be registered in Spanish schools.
If we are therefore still paying tax in the UK, do you have to pay any more tax to the Spanish government / tax man?
If we are still paying tax in the UK are you still eligible for Tax Credits and Working tax credits or do they take them away from you because you are living out of the country.
I've asked lots of tax offices and accountants and I get mixed messages - what is the real situation?
Answers on a postcard ! ....by email to sunny Bristol please!!!

Many, many thanks in advance.
Kind Regards,
Vicki & family.
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Old Mar 27th 2007, 1:31 am
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Default Re: Advice on moving to Spain / financial

I want to know this myself, hopefully you get some answers.
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Old Mar 27th 2007, 3:41 am
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Default Re: Advice on moving to Spain / financial

Fred will no doubt answer your questions when he see`s them, as he is knowledgeable on tax.
But if you are resident in Spain then you will pay the Spanish taxman.
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Old Mar 27th 2007, 4:03 am
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Default Re: Advice on moving to Spain / financial

Originally Posted by jdr
Fred will no doubt answer your questions when he see`s them, as he is knowledgeable on tax.
But if you are resident in Spain then you will pay the Spanish taxman.
With this i agree if i were you in your situation you need to find an international accountant because otherwise if you have not set it up right you could be liable for income tax in both countries however if its your own business and your salered ie you give yourself a monthly income with some sort of payslip then you are still entitled to tax credit child benifit NO unless you receive some sort of benifit from the uk (I have been medically retired at 36 and because of this i get child benifit and tax credits and all dept`s know were we live and my Private Pension.

All of these things will depend on personal circumstances

regards
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Old Mar 27th 2007, 4:27 am
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Default Re: Advice on moving to Spain / financial

Under reciprocal agreements you shouldn't be taxed in both countries, and if you end up in the interim getting double taxed then you can re claim it.

If you are resident in Spain for more than 6 months more or less then you become a spanish tax resident. So you pay your taxes here on income, and of course the wealth tax on your worldwide assets. As far as I was and am aware there isn't an option.

However just to throw the usual spanner into the works, I know of someone locally who is paying taxes as a non resident on his Spanish home even though he has lived here for 5 years, and is paying his Belgian taxes in Belgium separately. I didn't think this was possible, but there you go!

Visualbyte, now you have me totally and utterly confused (not always difficult). How can you claim child benefit in the UK when you reside in Spain?
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Old Mar 27th 2007, 6:17 am
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Default Re: Advice on moving to Spain / financial

Thank you for your help. Who is this 'Fred' that you speak of? It sounds like I need to find him and pick his brains!
Look foward to hearing back from you,
Kind Regards,
Vicki
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Old Mar 27th 2007, 6:20 am
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Default Re: Advice on moving to Spain / financial

Originally Posted by victorialee
Hello,
I am trying to find out more info (from those that know!) about the Citizenship / tax situation once you leave the UK.
We have two small businesses and we will keep them running when we leave and will keep our house, but rent it out. Our children will be registered in Spanish schools.
If we are therefore still paying tax in the UK, do you have to pay any more tax to the Spanish government / tax man?
If we are still paying tax in the UK are you still eligible for Tax Credits and Working tax credits or do they take them away from you because you are living out of the country.
I've asked lots of tax offices and accountants and I get mixed messages - what is the real situation?
Answers on a postcard ! ....by email to sunny Bristol please!!!

Many, many thanks in advance.
Kind Regards,
Vicki & family.
I can highly recommend a book that breaks down all this stuff and is up to date to January 2007. Costs £14.99 but worth every penny. Living and working in Spain by David Hampshire google it!
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Old Mar 27th 2007, 6:33 am
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Default Re: Advice on moving to Spain / financial

Originally Posted by SmartiesUK
I can highly recommend a book that breaks down all this stuff and is up to date to January 2007. Costs £14.99 but worth every penny. Living and working in Spain by David Hampshire google it!

Or you and the law in Spain by David Searle.

I also have an up to date link that gives you all the tax info and rates if you pm me if you want it
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