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 David Bowern


 

 

   

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 David Bowern
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Are You Paying Too Much Wealth Tax?
Tuesday, 07 June 2016
There are so many attractions and advantages to living in Chiclana de la Frontera.  However, some expatriates find the tax burden in Spain quite high, especially if they are liable to wealth tax on top of income tax.

Wealth tax returns need to be submitted by the end of June 2016, for assets held at 31st December 2015. Married partners need to make separate returns reflecting your share of any joint assets and liabilities in addition to any personal items.  If you are unhappy with your wealth tax liability now is the time to seek advice to see what you can do to reduce your tax bill next year.

 
Do You Pay More Tax Than Necessary? Will Your Heirs?
Thursday, 28 April 2016

Tax planning is a fundamental part of protecting and maximising your wealth.  Yet so many people do not review their tax planning often enough, or do not have all the knowledge they need to set up effective tax mitigation.

There are two key elements to tax planning.  The first is a good understanding of the tax regimes that affect you, so that you are fully aware of your tax obligations and how they impact your income and wealth.  If there are two regimes – for example, you live here in Spain but are also still affected by UK taxation – you need to know how they interact, which country you should pay tax in etc.  The second part is knowing how to apply the rules to your advantage and use compliant arrangements to lower your tax liabilities wherever possible.

 
Is Your UK Property Worth Its Weight In Tax?
Thursday, 28 April 2016

For British expatriates, it may seem like financial sense to keep hold of your house in the UK. However, recent changes have generally increased the tax burden for owners of residential properties in the UK.

 

If you have UK property, it is important to understand what has changed and how you might be affected.

 

 

 

 
What Will Happen To Your Legacy?
Thursday, 14 April 2016

Many readers are enjoying their retirement years here in Spain, taking advantage of all the benefits living in Southern Spain has to offer.  You are reaping the rewards of all your hard work advancing your career, perhaps building up and selling a business, and the effort you put into accumulating your savings, investments and pension funds.  Some readers may have inherited capital, which has helped them achieve the dream of moving here.

 
UK Budget 2016
Thursday, 14 April 2016

In his eighth Budget as Chancellor of the Exchequer, George Osborne announced very few changes that are likely to affect expatriates on 16th March 2016.

The Personal Allowance is increasing to £11,500 in 2017/2018 (it will be £11,000 per person in 2016/2017), and the higher rate band will apply to income in excess of £45,000 in 2017/2018.

 
Form 720. What Do You Need To Do In 2016?
Tuesday, 01 March 2016

We are fast approaching 31st March, the deadline by which residents in Spain need to submit their annual Form 720 (Modelo 720) listing their overseas assets, where applicable.  If you have previously submitted a form, you only need to declare assets if they have grown a certain amount or you have sold or closed them. 

Besides confirming what you have to declare this year, this is also a good time to consider whether you are holding your assets in the most tax-efficient vehicles for Spain.  If you have investments that were set up with UK taxation in mind, you may be paying more tax in Spain than you need be.

 
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