bank accounts and taxation
Thread poster: Anna Moorby DipTrans

Anna Moorby DipTrans  Identity Verified
Local time: 04:09
Spanish to English
+ ...
Nov 11, 2002

I am a UK native and as such have a UK sterling bank account. However, I have lived in Spain and intend to emigrate there permanently next year. I have a Euro Bank account in Spain.

Does anyone know how I will deal with tax? I know it\'s a bit of a technical question, but if I\'m being paid in sterling into my UK bank account and Euros into my Spanish account. Do I pay tax in Spain/UK or (God forbid) both!

Thanks





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Parrot  Identity Verified
Spain
Local time: 04:09
Member (2002)
Spanish to English
+ ...
No one may be subjected to double-taxation Nov 11, 2002

Where you pay your tax depends on where you are considered a resident. If you get an EU residence card from Spain, you are considered a Spanish resident. For the meantime, there are as yet no controls on the amounts you are paid in the UK in sterling without an invoice creditable to a Spanish tax account number. However, tax laws are converging more and more every year; it would be good to get periodic updates from the Delegación de Hacienda where you finally decide to live.





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Gillian Searl  Identity Verified
United Kingdom
Local time: 03:09
Member (2004)
German to English
I have a similar situation Nov 11, 2002

in that I get paid into my German and UK accounts. You are only subject to tax in the country where you are resident. I am resident in the UK (for more than 6 months a year) so I pay British tax. While you are living in the UK you are subject to UK tax. When you emigrate you will be subject to Spanish tax. There may be a small overlap if the tax years are different but if so you re-claim your UK tax if you paid too much. You may need to take advice from two accountants - a UK one and a Spanish one after you move but in general it makes more sense to change over to paying tax in your new country of residence as quickly as possible. Hope that helps.

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Lesley Clayton
France
Local time: 04:09
French to English
+ ...
This is what I do Nov 14, 2002

I\'m registered in France but I still have an English bank account. If I have a client who wants to pay in sterling, I make out the invoice in euros as usual, and then add the total in sterling. The sterling cheque then gets deposited into my UK bank account but the invoice is declared on my French accounts.

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Anna Moorby DipTrans  Identity Verified
Local time: 04:09
Spanish to English
+ ...
TOPIC STARTER
Thanks! Nov 15, 2002

Thanks guys for the info. That clarifies it a little more!

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