IT LAD

Hello again,

Feeling nervous now as our house is on the market findaproperty.com *Snip promotional url*

How did you all feel when you had decided to make the move??? We are all over the place, excited one minute, then doubting the decision we have made the next… I guess that’s only natural though… Still, it’s a big move!!!

Thanks to this site, we now know what’s to be done concerning residency, banking, money transfers etc, great site and some excellent and funny reading…some sad posts too though, some very moving…

We have picked up most costs for monthly outgoings from this site; we thought we would break them down below... If I have missed anything out, please let me know – It might help other people out too…Thanks.

This is for 2 people, per month living in Moraira Costa Blanca North

Gas €25
Electric €80
Community/Council Tax €50
Water €30
Car insurance €45
Car fuel €150
Car servicing/Repairs €20
Pool cleaning €25
Food and drinks €600
Taxes
Telephone and Broadband €70
Building and contents insurance – not needed as we will be renting? €30
Accountant €15
Health Care €120
Villa Rent €1,200
Going out/eating and drinking €540

Total apart from taxes €3000.00


Does any one know what taxes would be due on savings of say £320,000.00 and a monthly income of £1,800.00… What sort of taxes do you pay?


Also, if anyone knows of a good accountant in the Moraira area… (Who speaks some English?)

Really sorry for so many questions, but we just want to be prepared as possible…

Thanks

Rob and Louise

cajam31

Hi,
You look like you have everything covered there pretty much, but can i just ask about the villa rental, have you found somewhere already? 1200 a month rent seems a huge amount to me?

poshnbucks

This post seems LOB so here is a piccy for you to smile whist your debts increase

ShinyAndy

As does

Food and drinks €600 + Going out/eating and drinking €540 - Am pretty glad it doesn't cost me even a quarter of that!

Then ironically, 15€ a month for an accountant? I just ditched mine who was charging around 80€ a month and I'm autonomo generating one invoice a month

Based on my (well my girlfriends) current usage of the healthcare system then I wouldn't waste my money on private cover. It's leagues better than the support/care she got in the UK

Where do people get these figures from?

Rotor

If you have 320k savings its worth putting it offshore surley?

Rgds

Rotor

Dee_dee

Ummm don't know about where you're going but around these parts if you're a tenant then your community charge & pool cleaning charge is included in your rent.

Depending on how cold it gets in winter and if you're using Calor gas for heating then it will cost you more than 25 euros. I use 2 gas bottles a week in the winter , so that was 25 euros per week.

Water is cheap, our last bill was 42 euros.

Our Iberdrola bill which we got 2 weeks ago was 62 euros, this for a 4 storey house!!

poolboy

health care you get 2 years free from Uk Govt so save yourself 120e pcm, pool cleaning I would do myself with expert tuition from a local resident (me, plug my venture) & save a further 25e pcm.

I would also renegotiate my monthly rent by offering to do full maintenance, painting, gardening etc. As a landlord here myself that´s worth a 200e pcm reduction. Even in Moraira money 1200e pcm is a bit toppy. If that doesn´t get anywhere offer 6 months up front - good long term villa tenants are rare.

Hope it helps,

poolboy

I would also think twice about selling your house - even though its in Chessington! - sorry, I am from Kingston. Why not rent it & see how it all works out. The cost of your inspections is tax deductible & with no other income you get all the rent tax free - claiming all the allowances. It also gives you something to worry about when you are laying on the beach!

That or sell it & buy a flat, there´s a few repos in your area in the next Allsop auction. Then you can live in Moraira & have a holiday home paid for by tenants in UK.

I personally wouldn´t cut my UK tie unless I was a. a pensioner or b. minted, or c. both minted & a pensioner.

Dee_dee

Yup I agree with poolboy, if you can possibly afford not to sell your UK house then don't.

I'm very pleased that I decided to hold on to mine and not cut all my ties to the UK.

Wendy Nesbeth

Dee_dee, you are very wise, I wish we had bought a flat in the UK instead of 2 properties here.

Wendy x

Fred James

Assuming you are both under 65 the income tax on that would be about 3400 euros.

If you take Rotor's advice and put it offshore it will still be liable for tax in Spain and as the witholding tax is now 18% which is the same as the Spanish income tax there would be no difference.

IT LAD

Cajam61 – Hopefully we will be able to get a villa cheaper, but we want to be close to ElPortet in Moaraira near some friends we know …We were hoping for a 3 bed detached villa with pool as there will be a lot of friends and family coming over for hols

Shinandy – is that to little for an accountant then?…I will only need one once a year to do my tax return and I thought €180 Euros a year would cover…I was going on what my accountant charges me for my Tax Return in the UK


Dee_dee, thanks for the info, that was good to know…

Poolboy, thanks for the tips on the villa… will be following your advice…I would rather do the gardening, painting, and the pool myself anyway… We have decided to sell the house so we can invest some of the money, and this with my wages will cover us…If it goes wrong in Spain, at least we can come back with the money and buy some where (have got a maisonette in New Malden that I rent out, so if I’m desperate)…Yeah, Chessington is a dive!!! I can’t wait to move… We have great neighbours and friends here though… cheers…

PoshnBucks LOB, don’t get it???

Rotor – sorry to be a dumb dumb, but I know nothing of putting our money offsure… does it pay monthly Interest, what rates do you get, is it safe??

cheers

Mitzyboy

My Gestor charged me €60 this year for my tax return

Offshore ....... many people are of the opinion that putting money offshore guarantees that you wont pay tax on it, but in fact its not the case. I keep referring to the court case with, I think, Barclays a while back when they were forced to reveal to HMRC all their customers offshore accounts

IT LAD

Fred, thanks for that, really handy to know...we will have to add that to our budget...

IT LAD

Oh, forgot about vets fees...are the charges cheaper in Spain... we have 2 dogs and 2 cats...