Modelo 720 self completion?
#16
Last resort... format c:/
Joined: Mar 2012
Location: Singapore to Surfers Paradise to... Tenerife... to Gran Canaria!
Posts: 1,626
Re: Modelo 720 self completion?
How much is it currently costing you to have your accountant do everything? Are we talking more like €100-200 or several hundred Euros?
#17
BE Forum Addict
Joined: Jul 2012
Posts: 1,013
Re: Modelo 720 self completion?
Standard tax returns for the pair of us is €120. Which to me is not bad seeing as the accountant in the Uk we used for our personal and the business returns (including vat) worked out around £800 a year.
The company I use have so far helped us with NIE, Residency, Driving Licence exchange, buying the flat, Non res tax returns and they are available at any time if I have questions. I will use them to do our wills when we decide to do them.
And once here five years we will use them for our permanent residency stuff.
Don't know if the figures are expensive but Im happy with them as my level of spanish is not high enough yet to consider doing them myself.
#18
BE Forum Addict
Joined: Aug 2006
Location: Velez-Malaga
Posts: 4,920
Re: Modelo 720 self completion?
I decided to throw caution to the winds and have a go at doing my first ever Modelo 720, as it is a very simple one involving only two bank accounts. I'd worked out the closing balances and average quarterly balance for the final quarter of 2023 in advance, and got together all the other information required, having read everything I could find about what was needed. Being extra careful to input everything correctly, and pressing the validate key to look for anything I might have missed before confirming, signing and sending, it took just over 20 minutes.
#19
Lost in BE Cyberspace
Joined: Feb 2008
Posts: 5,624
Re: Modelo 720 self completion?
I did the same Lynn 4 years ago . Last year I had to remove one ISA account as the interest was so poor. You just go back into your record and close it. I have to add the new account I opened this year. Its not difficult to do yourself as can be done in English. So long as one pays tax on interest or profit I can't see the issue.
#20
BE Forum Addict
Joined: Aug 2006
Location: Velez-Malaga
Posts: 4,920
Re: Modelo 720 self completion?
I did the same Lynn 4 years ago . Last year I had to remove one ISA account as the interest was so poor. You just go back into your record and close it. I have to add the new account I opened this year. Its not difficult to do yourself as can be done in English. So long as one pays tax on interest or profit I can't see the issue.
#21
Just Joined
Joined: Nov 2023
Posts: 10
Re: Modelo 720 self completion?
I do both the Modelo 720 and Declaración de la Renta myself.
The argument that it's penny-wise and pound-foolish to do Modelo 720 or the Declaración de la Renta yourself doesn't necessarily hold true, in my opinion.
When you use a gestor/abogado etc instead of doing it yourself, you are making the assumption that they will do a good job. That's a pretty big assumption to make in Spain.
If you have a solid recommendation from a trusted source, then it would make sense, otherwise beware.
I asked some basic financial questions to more than one abogado with a good reputation (e.g. treatment of ISA / equalisation payment accounting) and their answers showed that they had no idea.
If you employ one, they'll send through a questionaire for you to fill in....which is basically the same questionaire that'd you be filling in directly on the Hacienda website anyway.
Then they just copy and paste it (or their interns do maybe....)
DIY is the way to do it, but if you're not comfortable with computers and/or personal finance, finding a family member or close friend who is, may be a good alternative.
The argument that it's penny-wise and pound-foolish to do Modelo 720 or the Declaración de la Renta yourself doesn't necessarily hold true, in my opinion.
When you use a gestor/abogado etc instead of doing it yourself, you are making the assumption that they will do a good job. That's a pretty big assumption to make in Spain.
If you have a solid recommendation from a trusted source, then it would make sense, otherwise beware.
I asked some basic financial questions to more than one abogado with a good reputation (e.g. treatment of ISA / equalisation payment accounting) and their answers showed that they had no idea.
If you employ one, they'll send through a questionaire for you to fill in....which is basically the same questionaire that'd you be filling in directly on the Hacienda website anyway.
Then they just copy and paste it (or their interns do maybe....)
DIY is the way to do it, but if you're not comfortable with computers and/or personal finance, finding a family member or close friend who is, may be a good alternative.