Tips to moving to spain
Jan 21st 2020, 8:54 am
#46
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Re: Tips to moving to spain
Hi Aaron i forgot to say a great book for the kids is Beginner's Spanish Dictionary by Usborne Language Books i use this all the time myself and find the book the least confusing.It is basic simple and quite a fun book.we live in the jalon valley the health care for you and your family would be private unless you go autonomo
Jan 21st 2020, 8:56 am
#47
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Re: Tips to moving to spain
Jan 21st 2020, 9:31 am
#48
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Re: Tips to moving to spain
If you are employed, healthcare is free.
If you are working as self employed, they you will pay social security of about €250 a month, which gives you healthcare, otherwise you will have to pay or buy health insurance.
You will not be able to stay more than 90 days without registering and to be able to do that you will have to have healthcare and show that you have enough financial resources to support your family.
If you are working as self employed, they you will pay social security of about €250 a month, which gives you healthcare, otherwise you will have to pay or buy health insurance.
You will not be able to stay more than 90 days without registering and to be able to do that you will have to have healthcare and show that you have enough financial resources to support your family.
Jan 21st 2020, 9:32 am
#49
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Re: Tips to moving to spain
Hi Aaron i forgot to say a great book for the kids is Beginner's Spanish Dictionary by Usborne Language Books i use this all the time myself and find the book the least confusing.It is basic simple and quite a fun book.we live in the jalon valley the health care for you and your family would be private unless you go autonomo
Jan 21st 2020, 10:06 am
#50
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Re: Tips to moving to spain
Automino means self-employed. If your wife is going to use her uk business as an income source you will need to set yourself up as self-employed. This will cost approx 270 euros a month and accounts every 3 months. This amount is irrespective of how much you may earn and is not part of your tax payment. It will, however cover your family for healthcare and other SS benefits. You will need this to have existed for 3 months if you are presenting this as your sole income for residency purposes. All money earned in UK will be declared in Spain and taxed under Spanish law so I am afraid there are no child benefits or tax free allowances ( well very small compared to uk). All in all you will find that the spanish tax system is nothing like as generous as the UK and often cancels out the idea of spain being a cheap place to live,especially if you are working.
Jan 21st 2020, 10:21 am
#51
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Re: Tips to moving to spain
Automino means self-employed. If your wife is going to use her uk business as an income source you will need to set yourself up as self-employed. This will cost approx 270 euros a month and accounts every 3 months. This amount is irrespective of how much you may earn and is not part of your tax payment. It will, however cover your family for healthcare and other SS benefits. You will need this to have existed for 3 months if you are presenting this as your sole income for residency purposes. All money earned in UK will be declared in Spain and taxed under Spanish law so I am afraid there are no child benefits or tax free allowances ( well very small compared to uk). All in all you will find that the spanish tax system is nothing like as generous as the UK and often cancels out the idea of spain being a cheap place to live,especially if you are working.
Jan 21st 2020, 10:27 am
#52
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Re: Tips to moving to spain
Automino means self-employed. If your wife is going to use her uk business as an income source you will need to set yourself up as self-employed. This will cost approx 270 euros a month and accounts every 3 months. This amount is irrespective of how much you may earn and is not part of your tax payment. It will, however cover your family for healthcare and other SS benefits. You will need this to have existed for 3 months if you are presenting this as your sole income for residency purposes. All money earned in UK will be declared in Spain and taxed under Spanish law so I am afraid there are no child benefits or tax free allowances ( well very small compared to uk). All in all you will find that the spanish tax system is nothing like as generous as the UK and often cancels out the idea of spain being a cheap place to live,especially if you are working.
WHAT IF YOU DON’T REPORT IN TIME / CORRECTLY?
The Spanish Tax Authority has implemented a series of penalties for those who do not comply with this regulation. These penalties can be imposed for late filing, incomplete/inaccurate filing and even for presenting the information to them in a way not deemed acceptable; basically, it must be done online. These are considered very serious offenses and the penalties in these cases are fixed, generally to an amount of €5 000 per item or “set of data” on the same asset, with a minimum of €10 000. The amount is reduced to €100 (with a minimum of €1 500) if the information is filed late without prior notification from the government. Speaking to some accountants and Gestors, they believe and have seen fines to be around €150 if you file late without any notification, but the law states differently so in reality the exact fine is questionable.
WHAT IF YOU DON’T REPORT AT ALL?
Should the Spanish Tax Authorities discover that you have assets with a cumulative value over €50 000 in any of the above asset classes and deem that you have wilfully not disclosed this information, penalties are imposed. In some cases the fines issued are as high as 150% of the value of the undeclared assets!!!! It is also important to note that there is no statute of limitations when it comes to the Modelo 720 so there is no limit to how far back they can go…………
There have been numerous complaints about the unfairness of the Modelo 720 and the fines being imposed. The European commission has been in discussion with the Spanish Tax Authority to reduce the fines. The latest I have heard is that the 150% penalty of undisclosed assets would not stand and would be reduced to the lower fine levels, providing the assets were reported voluntarily, which just means it falls from the undisclosed category to the late reporting category and doesn’t help those caught not declaring. The Tax Authority is pushing for people to report their assets voluntarily, maybe there will be softer sanctions in the future but for now, this is how it stands.
Jan 21st 2020, 10:57 am
#53
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Re: Tips to moving to spain
And there are also many people who forget to declare any assets from abroad. Even if the OP spends less than 183 days in Spain, once the kids go to school in Spain they will have to declare.
WHAT IF YOU DON’T REPORT IN TIME / CORRECTLY?
The Spanish Tax Authority has implemented a series of penalties for those who do not comply with this regulation. These penalties can be imposed for late filing, incomplete/inaccurate filing and even for presenting the information to them in a way not deemed acceptable; basically, it must be done online. These are considered very serious offenses and the penalties in these cases are fixed, generally to an amount of €5 000 per item or “set of data” on the same asset, with a minimum of €10 000. The amount is reduced to €100 (with a minimum of €1 500) if the information is filed late without prior notification from the government. Speaking to some accountants and Gestors, they believe and have seen fines to be around €150 if you file late without any notification, but the law states differently so in reality the exact fine is questionable.
WHAT IF YOU DON’T REPORT AT ALL?
Should the Spanish Tax Authorities discover that you have assets with a cumulative value over €50 000 in any of the above asset classes and deem that you have wilfully not disclosed this information, penalties are imposed. In some cases the fines issued are as high as 150% of the value of the undeclared assets!!!! It is also important to note that there is no statute of limitations when it comes to the Modelo 720 so there is no limit to how far back they can go…………
There have been numerous complaints about the unfairness of the Modelo 720 and the fines being imposed. The European commission has been in discussion with the Spanish Tax Authority to reduce the fines. The latest I have heard is that the 150% penalty of undisclosed assets would not stand and would be reduced to the lower fine levels, providing the assets were reported voluntarily, which just means it falls from the undisclosed category to the late reporting category and doesn’t help those caught not declaring. The Tax Authority is pushing for people to report their assets voluntarily, maybe there will be softer sanctions in the future but for now, this is how it stands.
WHAT IF YOU DON’T REPORT IN TIME / CORRECTLY?
The Spanish Tax Authority has implemented a series of penalties for those who do not comply with this regulation. These penalties can be imposed for late filing, incomplete/inaccurate filing and even for presenting the information to them in a way not deemed acceptable; basically, it must be done online. These are considered very serious offenses and the penalties in these cases are fixed, generally to an amount of €5 000 per item or “set of data” on the same asset, with a minimum of €10 000. The amount is reduced to €100 (with a minimum of €1 500) if the information is filed late without prior notification from the government. Speaking to some accountants and Gestors, they believe and have seen fines to be around €150 if you file late without any notification, but the law states differently so in reality the exact fine is questionable.
WHAT IF YOU DON’T REPORT AT ALL?
Should the Spanish Tax Authorities discover that you have assets with a cumulative value over €50 000 in any of the above asset classes and deem that you have wilfully not disclosed this information, penalties are imposed. In some cases the fines issued are as high as 150% of the value of the undeclared assets!!!! It is also important to note that there is no statute of limitations when it comes to the Modelo 720 so there is no limit to how far back they can go…………
There have been numerous complaints about the unfairness of the Modelo 720 and the fines being imposed. The European commission has been in discussion with the Spanish Tax Authority to reduce the fines. The latest I have heard is that the 150% penalty of undisclosed assets would not stand and would be reduced to the lower fine levels, providing the assets were reported voluntarily, which just means it falls from the undisclosed category to the late reporting category and doesn’t help those caught not declaring. The Tax Authority is pushing for people to report their assets voluntarily, maybe there will be softer sanctions in the future but for now, this is how it stands.
