Good News! Tax advice for Spanish Property Owners!
In association with Numerological
May 2007

Hello and welcome to the first edition of the Resorts International Newsletter where we are delighted to inform you of a new service we have introduced for our valued clients, who are UK based Spanish property owners and may have concerns regarding their Spanish tax affairs.  

 
The implication of property ownership, however, from a Spanish tax perspective has always been complex, unclear and, like the UK, very much based on self-assessment.
 
Spanish tax authorities have been lax at making sure tax was paid by foreigners.  Now that relaxed attitude is disappearing and the authorities are tightening tax procedures and using all sorts of methods to track down tax avoidance.
 
However there is good news, because by seeking professional advice many property owners can greatly improve their tax liability and avoid any unexpected tax demands.  
 
Gi ven the number of our clients who own a Spanish property and request further advice on tax issues, we have now chosen Numerological as our preferred provider for advising and assisting clients with their Spanish tax obligations. 
   
In this issue:-
Who are Numerological?

Numerological are UK based and have been established to take care of all the Spanish tax issues for the UK non-resident property owner, to help the client understand their tax obligations and to minimise them through effective tax planning.

 
Gary Dewey, who is a Fellow of the Chartered Institute of Management Accountants and Member of the Chartered Management Institute, started Numerological, which has been borne out of his first hand experiences, in the purchase, ownership and disposal of a property in Spain
 
The taxes that may be applicable to a client include income tax, wealth tax, property tax (rates), capital gains tax, inheritance tax, gift tax and rental income tax.
 
The Numerological belief is that tax should not drive your decisions, but you should be fully informed when you make them, and so we have developed a range of services to help the property owner understand, minimise and administer their Spanish tax requirements.
 
The 3 Key Services

 

The Spanish self assessment system is notoriously difficult to understand and the tax issues specific to the non-resident can very often be misunderstood - even in Spain! Furthermore, it's our experience that many Spanish-based services often work purely on instruction and will not proactively advise you about any tax implications or attempt to minimise any potential tax liabilities.
 

1. Fiscal Representation - This service ensures a ll correspondence and dealings with the Spanish tax office are covered on your behalf, and also ensures that you are correctly setup as a non-resident for tax purposes. It also includes the calculation of income tax and wealth tax for each individual that owns a portion of a property, and the submission of all relevant returns on their behalf with the Spanish tax office.

 

2. Spanish Will - based on appropriate inheritance tax advice, a Spanish Will is produced, notarized and registered at the Central Wills Registry in Mardrid. Structured in the write way, a Will can prevent hefty tax demands for beneficaries.  

  

3. Spanish Tax Consultation - for those people either considering the purchase of a Spanish property or those that have already purchased a property, this consultation analyses your specific circumstances, informs you of the relevant Spanish taxes applicable to your situation, and examines ways to minimise any potential tax liabilities.



Get a free IHT estimate by using our online tax calculator
Given the potential issues around Spanish inheritance tax (IHT) for the non-resident property owner, Numerological has introduced a tax calculator   to its website, whereby Spanish property owners can input some brief details about their property, and an estimated IHT liability will be returned to them, which will hopefully give them some idea as to the extent to which IHT may or may not be an issue.


Spanish Tax Planning Consultation

Introducing a uniquepersonal oronline  consultation process to explore your Spanish tax obligations and answer the many tax questions you may have.

 

We're confident that during the consulationwe'll demonstrate tax savings of at least £1000 .  So confident in fact,thatif we don't, there'll be no charge! The way we see it - you've got nothing to lose and only tax savings to be gained.

 

Don't put it off any longer, email to arrange your Spanish Tax Planning Consultation.



Spanish Tax Guide: Your Questions Answered

In response to always being asked questions with regard to Spanish tax, Numerological has produced a booklet of the most common questions and answers covering all the 7 taxes that may be applicable to the non-resident property owner.

 
We will be sending a copy to all our existing customers, but if you or a friend wishes to receive a copy, then please email your name and address details and we will send you a copy through the post. 


Resorts International | PO Box 15 | Bangor | LL56 2JD | United Kingdom