Don't guess your Spanish taxes - we'll calculate them for youTaxes Wed, 4 Dec 2013
I used to love the quiz and games shows of the seventies and eighties. The Generation Game, The Price is Right, Call My Bluff and Blankety Blank were some of my favourites. They were all games you could at least try and join in with, unlike Mastermind which, for me, was definitely a spectator game.
I particularly liked to try guessing the cost of items on the Price is Right. At that time, I hadn’t had enough first hand experience of consumerism and wasn’t very good at guessing how much milk-shake makers and vacuum cleaners were worth. I’d probably be much better now. At that time I could have given you the cost of Charlie perfume or how much a single was at Smiths but not much else.
Now, sad to say, my knowledge is more linked to how much our monthly electricity bill is and I can guesstimate our phone bill to within a euro. I can even tell you exactly how much our Spanish IBI property tax is. Give me a Price is Right on tax contributions and I would walk away with the car every time.
So, how good are you? Can you answer these to within 5 euros?:
* What was the cost of your Spanish water bill last month?
* What is the cost of your home insurance?
* How much IBI council tax do you pay?
* What is the cost of your imputed income tax? (question for non-residents only)
I would imagine that most people above a certain age with a property in Spain, wouldn’t have much trouble with most of these. If there’s one that might have caught you out, it’s likely to be the last one.
Some non-residents with Spanish property are, amazingly, still not aware that they must pay imputed income tax at all. Let alone how much they should be paying. Imputed income tax is the second tax that non-resident property owners must pay if they don’t rent out their property.
Assuming that you are a non-resident and that you know about the tax – do you know how much you have to pay? It sometimes comes as a surprise to find out that although there are two non-resident property taxes in Spain, the two combined are probably less than you already pay for your council tax in the UK.
If you haven’t got the price right, or anywhere near. We can help you. We can offer a free calculation of your imputed income tax in Spain with no obligation. At least that way you know exactly what the cost is, no guessing involved.