Female Focus - Now in our 22nd year!
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Happy New Year to you all and I hope the year brings health, happiness and wealth!
In this article I want to focus on things that can either save you money or make you money and with new objectives and needs it is the perfect time to get started.
These are my top 5 actions on financial matters for 2015.
1. If you are living here +183 days sort your tax situation out and become tax resident in Spain, failing to do so could result in heavy fines and penalties. Take advantage of allowances for Capital Gains, Inheritance and general tax as a tax resident. The upside for Spain is they receive income to maintain the country in roads, police, hospitals and school etc.
2. Review the assets held outside Spain as tax residents here in Spain and ask if Modelo 720 needs to be completed for the first time, amended if assets sold, or have increased by 20K Euros over last year, or if you have had a change of circumstance such as a death or divorce. If unsure take advice, remember the deadline is 31-3-15 and that approaches fast.
3. Happy with low interest and poor returns on UK banks accounts, well it’s not going to change this year. So there is a need to take advantage of tax opportunities and greater potential on returning income as people living in Spain. Take advice and give yourself a greater income.
4. The million dollar question for those who have NOT retired - “How much is in my pensions left behind in the UK?” Most people do not have a clue but importantly the monies left behind in Pension funds is intended for your lifestyle for 20+ years.
5. Plan your passing of assets and reduce the potential inheritance tax by updating or making wills. It is likely you will need a Spanish and British Will. Making decisions on assets such as property, when to turn it into cash and spend some of the income and enjoy living here in Spain, whilst protecting the capital for later years.
Finally enjoy the benefits of the reduced tax in 2015.
I have taken a lot of calls from people who are concerned about their finances and hopefully they received good advice at no cost! So don’t concern yourself or worry about an issue, contact me on
Steve.iball@devere-spain.es or mobile 610 822 484.
I am on the radio on Big FM (FM 89.9 or 99.8) on Thursday 08-01-15 at approx. 8.30 and Total FM 96.5 on 14-01-15 at 12 noon with updates on all matters financial for listeners in Costa Blanca.
Female Focus
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