Female Focus - Now in our 22nd year!
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Female Focus Xmas is coming, time to clean up your financials
Hello I am Steve Iball, Area Manager of the Costa Blanca office for deVere - Spain. Last month I discussed the budget changes proposed in the UK and “freedom to take monies out”, I added my warnings and tax implementations. This month I want to give guidance on what you can do to ensure that 2015 is a good year either by saving money or making money.
4 key actions
1. Last opportunity for reviewing your opportunities on pensions in UK which are “unfunded” ie NHS, Teacher civil service, certain Police and Fire Authorities. From April 2015, the movement out of these schemes will not be permitted. Action:- Take advice from a IFA here in Spain, who will get the cash transfer valuation and give you options, deVere- Spain do not charge and complete hundreds in a month. Those of you who are not in these schemes should also understand your pension values, after all it is your income in retirement.
2. Review your tax status, remember +183 days living in Spain you need to be a Spanish tax resident, it is not painful and you won’t need to worry about not being legal. Action:- Set up a meeting with an accountant for January 2015 and register.
3. Existing Spanish tax residents, you need to ensure you are not paying investment tax in UK on bank interest and investments and receiving Gross interest or dividends, that amount should be declared to your accountant and form part of your tax declaration in 2015. Action:- See your accountant.
4. Modelo 720 is due to be declared, updated or assets removed by March 30th 2015. To avoid this declaration any cash or investments above 50000 Euros can be placed in a Bond, which is tax friendly in Spain. Action:- Speak to an IFA here in Costa Blanca. My clients have benefited from such actions and get an improved return.
If you want any no obligation advice I am happy to help and at no cost to yourself. Please contact me on
steve.iball@devere-spain.es or the Denia office number +34 965 785 609.
Next month I have a guest accountant Hazel Smith to discuss the changes here in Spain for 2015, so I will be grilling her for your benefit asking the questions you need to know about.
I am on Total FM radio 96.5 (
www.totalfm.es), on Saturday 22nd November at 1.30pm and at the Denia Marriott Christmas Fair 29th and 30th November.
Call the station direct on 663 011 211 or come along to the fair and ask your questions.
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