fondo-blog-enero

ARE YOU A RESIDENT? DON’T FORGET ABOUT YOUR TAX YEAR!

You must pay taxes on your worldwide income in your country of residence.


SPANISH RESIDENT

If you have stayed within Spanish territory for over 183 consecutive days in 12 months.

  • If you are EMPLOYED, your employer will deduct your income tax liability from your salary and you must file a tax return when exceeding the limits set out.
  • If you are SELF-EMPLOYED, you must make fractioned payments quarterly, on top of filing your tax return within the statutory period.

PERIODS: In Spain, the tax year corresponds to the calendar year.

TAX YEAR: 1st JANUARY – 31st DECEMBER  – TAX RETURN: APRIL – JUNE OF THE FOLLOWING YEAR


UK RESIDENT

If you have stayed for over 183 days.

  • If you are EMPLOYED, tax income will automatically be deducted from your salary through the PAYE System (Pay As You Earn). *There are exemptions in place for residents for incomes below the minimum threshold.
  • If you are SELF-EMPLOYED, you must file your tax return reporting on all the details of your income to determine the applicable amount of taxes.

PERIODS:

TAX YEAR: 6th APRIL – 5th APRIL OF THE FOLLOWING YEAR  – TAX RETURN: ON PAPER UNTIL THE 31st OCTOBER / ONLINE UNTIL THE 31st JANUARY


GERMAN RESIDENT

If you have stayed in the country for over 6 consecutive months.

  • If you are EMPLOYED and your only source of income is your salary, there is no obligation to file a tax return. Your employer will gradually deduct your income tax liability from your salary.
  • If you are SELF-EMPLOYED, you must make quarterly payments in advance based on your results from the previous year. During your first year of self-employment, you must produce your anticipated earnings.

PERIODS: In Germany, the tax year corresponds to the calendar year.

TAX YEAR:  1st JANUARY – 31st DECEMBER – TAX RETURN:  JANUARY – MAY OF THE FOLLOWING YEAR

No Response

Leave a Comment

Your email address will not be published.