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Taxes guidance

Re: Taxes guidance

Postby Espanabums » Tue Mar 12, 2024 3:56 pm

marmite833 wrote:From what i gather, i have to pay tax in spain on my state pension and my private pension(£500pm). Total just short of £1400 pm.
They are both paid into my english bank with no tax paid, and small amounts are transfered to spain to live on.
Last year i paid 1,700 euros tax through my Spanish lawyer, surely thats not right. Any advice please.


A quick analysis of your income
1,400*12=16,800 GBP
16,800 GBP in euros = @ 1.17 19,656€
Less 2,000€ general allowance leaves 17,656€ taxable at the lowest rate 19% = 3,354.64
Personal Spanish tax allowance under 65´s = 5,550€ @ 19% = 1, 054.50€
3,354.64-1,054.50 = 2,300.14€ tax to pay

So on the face of it you got away lightly, although the exchange rate may be different, you might be older than 65 and have a higher allowance, or, as has been suggested, submitted a joint declaration.
Steve & Jill, Torrevieja
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Re: Taxes guidance

Postby Darro » Tue Mar 12, 2024 5:19 pm

marmite833 wrote:surely thats not right
Why 'surely'?

I thought €1700 was in the ballpark before I read Espanabums quick calculation.

You're not trying to compare Spain with UK are you, bad idea!

It's not what you bring over, it's what you get regardless of where it's paid.
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