Go Back  British Expats > Living & Moving Abroad > Europe > Spain
Reload this Page >

Selling your business and tax

Selling your business and tax

Old Apr 27th 2007, 11:50 am
  #1  
rfc
Just Joined
Thread Starter
 
Joined: Feb 2007
Posts: 29
rfc is an unknown quantity at this point
Default Selling your business and tax

I've recently sold a business in Spain and returned to UK. Does anyone have experience in how the proceeds will be taxed? It only a small amount less the 40k euros

I would have spoken to my lawyer but they don't seem to want to return my calls anymore...

Ditto for my former gestor :curse:
rfc is offline  
Old Apr 27th 2007, 6:11 pm
  #2  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: Selling your business and tax

Originally Posted by rfc
I've recently sold a business in Spain and returned to UK. Does anyone have experience in how the proceeds will be taxed? It only a small amount less the 40k euros

I would have spoken to my lawyer but they don't seem to want to return my calls anymore...

Ditto for my former gestor :curse:

Did you take the proceeds back with you?
Mitzyboy is offline  
Old Apr 30th 2007, 7:35 am
  #3  
rfc
Just Joined
Thread Starter
 
Joined: Feb 2007
Posts: 29
rfc is an unknown quantity at this point
Default Re: Selling your business and tax

Originally Posted by Mitzyboy
Did you take the proceeds back with you?
Yes, by and large. Left a small amount in the bank in Spain. I'm expecting to pay tax, and indeed am more than happy to. I'm really just wondering how the sales proceeds will be viewed. Does the Hacienda take the view that it is effectively my income for the year and therefore taxed at 20% or can I offset previous yearly losses against it.

It's difficult to determine when your former professional advisors can't be bothered to return calls, and accounts will need to be presented June/July
rfc is offline  
Old Apr 30th 2007, 11:39 am
  #4  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: Selling your business and tax

Originally Posted by rfc
Yes, by and large. Left a small amount in the bank in Spain. I'm expecting to pay tax, and indeed am more than happy to. I'm really just wondering how the sales proceeds will be viewed. Does the Hacienda take the view that it is effectively my income for the year and therefore taxed at 20% or can I offset previous yearly losses against it.

It's difficult to determine when your former professional advisors can't be bothered to return calls, and accounts will need to be presented June/July
I would imaging logically that after deductions it will be counted as income and taxed accordingly .....can't understand why your gestoria won't reply as presumably its all income for him!!
Mitzyboy is offline  
Old Apr 30th 2007, 12:07 pm
  #5  
rfc
Just Joined
Thread Starter
 
Joined: Feb 2007
Posts: 29
rfc is an unknown quantity at this point
Default Re: Selling your business and tax

Originally Posted by Mitzyboy
I would imaging logically that after deductions it will be counted as income and taxed accordingly .....can't understand why your gestoria won't reply as presumably its all income for him!!
I know, he bizarrely had the hump when we told him we were selling up and returning. One cash-cow less, I presume.
rfc is offline  
Old Apr 30th 2007, 10:31 pm
  #6  
Banned
 
Joined: Feb 2007
Location: Hoping to get away from UK to Spain
Posts: 1,826
Big Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond repute
Default Re: Selling your business and tax

Originally Posted by rfc
I've recently sold a business in Spain and returned to UK. Does anyone have experience in how the proceeds will be taxed? It only a small amount less the 40k euros

I would have spoken to my lawyer but they don't seem to want to return my calls anymore...

Ditto for my former gestor :curse:
I would just pocket it and say you sold it and after out of pocket costs you just ended up level
Its a small ammount to the tax men they wont get worried or anything i dont reckon ..
Big Pete is offline  
Old May 1st 2007, 7:42 am
  #7  
rfc
Just Joined
Thread Starter
 
Joined: Feb 2007
Posts: 29
rfc is an unknown quantity at this point
Default Re: Selling your business and tax

Originally Posted by Big Pete
I would just pocket it and say you sold it and after out of pocket costs you just ended up level
Its a small ammount to the tax men they wont get worried or anything i dont reckon ..
It's highly tempting, but being an honest type, the burden of proof, big fella, is what I'd be worried about. That and, also next time I pass through border control, being invited into a sterile white room with only half a dozen of the Gaurdia's finest for company.
rfc is offline  
Old May 1st 2007, 12:21 pm
  #8  
Senior Moment
 
Mitzyboy's Avatar
 
Joined: Jan 2006
Location: On the edge
Posts: 20,460
Mitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond reputeMitzyboy has a reputation beyond repute
Default Re: Selling your business and tax

Originally Posted by rfc
It's highly tempting, but being an honest type, the burden of proof, big fella, is what I'd be worried about. That and, also next time I pass through border control, being invited into a sterile white room with only half a dozen of the Gaurdia's finest for company.
I heard of someone on another forum who committed a d/d offence and left Spain before it was sorted. Came back on holiday a few years later and unbelievably was arrested.
Mitzyboy is offline  
Old May 1st 2007, 11:44 pm
  #9  
Banned
 
Joined: Feb 2007
Location: Hoping to get away from UK to Spain
Posts: 1,826
Big Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond reputeBig Pete has a reputation beyond repute
Default Re: Selling your business and tax

Originally Posted by Mitzyboy
I heard of someone on another forum who committed a d/d offence and left Spain before it was sorted. Came back on holiday a few years later and unbelievably was arrested.
maybe scrub my idea then

Mind you bear in mind you could open a can of worms so to speak ?
You could come clean and say oh i owe you this and then they say really ,, show us all your bank statements and then you get deeper in it !!

I would take the first option and keep fingers crossed then plead didnt know and skip the country
Big Pete is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.