Selling your business and tax
#1
Just Joined
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Joined: Feb 2007
Posts: 29
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:
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:
#2
Re: 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:
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?
#3
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Joined: Feb 2007
Posts: 29
Re: Selling your business and tax
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
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
#4
Re: Selling your business and tax
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
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
#5
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Joined: Feb 2007
Posts: 29
Re: Selling your business and tax
I know, he bizarrely had the hump when we told him we were selling up and returning. One cash-cow less, I presume.
#6
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Joined: Feb 2007
Location: Hoping to get away from UK to Spain
Posts: 1,826
Re: 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:
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:
Its a small ammount to the tax men they wont get worried or anything i dont reckon ..
#7
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Joined: Feb 2007
Posts: 29
Re: Selling your business and tax
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.
#8
Re: Selling your business and tax
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.
#9
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Joined: Feb 2007
Location: Hoping to get away from UK to Spain
Posts: 1,826
Re: Selling your business and tax
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