Re: Taxes guidance
Posted: 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.