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Wealth Tax

Posted: Wed May 10, 2023 2:22pm
10 replies173 views3 members subscribed
timhurditch

Posts: 8

Location: Addaia

Joined: 4 Aug 2021

How do other property owners in Menorca pay their annual wealth tax?

We bought a new property 18 months ago. The lawyer we used for the purchase has taken it upon himself to present us with a bill - his bill is the same as the tax due, so not planning on using him to pay this now or going forward.

Assume that it is possible to file oneself if you know what to do, so looking for guidance on how other owners complete this annual task.

Timtimbles

Posted: Thu May 11, 2023 8:26am

Posts: 76

30 helpful points

Location: Addaia

Joined: 9 Jun 2018

Posted: Thu May 11, 2023 8:26am

I also own property in Addaia, have done for 37 years and I use Spanish Tax Forms Ltd. All done online very easy and their charge is only £38. Hope this helps.

timhurditch

Posted: Thu May 11, 2023 9:51am

timhurditch

Original Poster

Posts: 8

Location: Addaia

Joined: 4 Aug 2021

Posted: Thu May 11, 2023 9:51am

Timtimbles wrote on Thu May 11, 2023 8:26am:

I also own property in Addaia, have done for 37 years and I use Spanish Tax Forms Ltd. All done online very easy and their charge is only £38. Hope this helps.

Thank you so much timtimbles.

I knew that there had to be a much cheaper alternative out there, rather than being "milked" by my notary.

I will have to buy you a drink in El Castillo this Summer.

Timtimbles

Posted: Thu May 11, 2023 12:07pm

Posts: 76

30 helpful points

Location: Addaia

Joined: 9 Jun 2018

Posted: Thu May 11, 2023 12:07pm

timhurditch wrote on Thu May 11, 2023 9:51am:

Thank you so much timtimbles.

I knew that there had to be a much cheaper alternative out there, rather than being "milked" by my notary.

I will have to buy you a drink in El Castillo this Summer.

This is what they sent me when I first applied.

For non-residents tax, our service involves the calculation of your tax liability, obtaining and completing the necessary forms and sending these to you by email or post so that all you have to do is pay the tax at the bank.  We charge £34.95 per property.  We can also arrange for the forms to be presented and the tax paid for an additional £12 per person.

 

If you would like us to prepare your forms please complete the order form on our website: 

 

https://spanishtaxforms.co.uk/spanish-property.html

We look forward to hearing from you and to being of service.  – John Bosdet, Director

0800 0845 210

www.spanishtaxforms.co.uk

Good luck. We’re flying out today but might meet you sometime, Lynda

Katy

Posted: Thu May 11, 2023 12:20pm

Posts: 24

8 helpful points

Location: Coves Noves

Joined: 11 Sep 2021

Posted: Thu May 11, 2023 12:20pm

I have paid an accountant for many, many years and like yourself found that I was paying as much for their fee as the actual Wealth Tax itself.   Last year, on reflecting that my annual tax to Mercadal had been the same to the centimos for the past few years I began to realise that there was indeed very little work for the accountant to do before presenting me with his bill as we do not rent our property, and began to look for alternatives.  On reading good reviews online I used iberian tax.com and found the procedure incredibly easy and wished I had done it myself previously.   The form is in English and provided you know your NIF no and address there is very little information you will need other than your Cadastral details for the previous year.     This can be obtained from Mercadal Ayumiento by signing a form to authorise them to send you this by email or if you are in Addaia a visit to their office in Mercadal is easier.  As we do not rent our property I cannot say what information would be required in that instance.         The charge is 34.95 per owner, 2 owners 59.95 and if you rent your property for 2 owners it is 79.95.    The calculation was instant and I opted to transfer my payment to them for them to submit to the bank for me as I was not on the island.   This year I intend to make the payment at the bank myself and shall make sure I visit the council offices in Mercadal each year after I have paid my taxes to get the information I need for the following year's payment.   Happy to offer any further help if required!  

https://www.iberiantax.com/?gclid=EAIaIQobChMI76HjkIHt_gIVFeDtCh1V8QJDEAAYASAAEgIrYPD_BwE

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timhurditch

Posted: Thu May 11, 2023 12:27pm

timhurditch

Original Poster

Posts: 8

Location: Addaia

Joined: 4 Aug 2021

Posted: Thu May 11, 2023 12:27pm

Timtimbles wrote on Thu May 11, 2023 12:07pm:

This is what they sent me when I first applied.

For non-residents tax, our service involves the calculation of your tax liability, obtaining and completing the necessary forms and sending these to you by email or post so that all you have to do is pay the tax at the bank.  We charge £34.95 per property.  We can als...

...o arrange for the forms to be presented and the tax paid for an additional £12 per person.

 

If you would like us to prepare your forms please complete the order form on our website: 

 

https://spanishtaxforms.co.uk/spanish-property.html

We look forward to hearing from you and to being of service.  – John Bosdet, Director

0800 0845 210

www.spanishtaxforms.co.uk

Good luck. We’re flying out today but might meet you sometime, Lynda

Lynda - again, many thanks.

My wife is currently in residence with sisters and friends so if you happen to run into them in El Castillo / Corner Bar over the next few days, I apologise now for the noise they will no doubt be making.

timhurditch

Posted: Thu May 11, 2023 12:32pm

timhurditch

Original Poster

Posts: 8

Location: Addaia

Joined: 4 Aug 2021

Posted: Thu May 11, 2023 12:32pm

Katy wrote on Thu May 11, 2023 12:20pm:

I have paid an accountant for many, many years and like yourself found that I was paying as much for their fee as the actual Wealth Tax itself.   Last year, on reflecting that my annual tax to Mercadal had been the same to the centimos for the past few years I began to realise that ther...

...e was indeed very little work for the accountant to do before presenting me with his bill as we do not rent our property, and began to look for alternatives.  On reading good reviews online I used iberian tax.com and found the procedure incredibly easy and wished I had done it myself previously.   The form is in English and provided you know your NIF no and address there is very little information you will need other than your Cadastral details for the previous year.     This can be obtained from Mercadal Ayumiento by signing a form to authorise them to send you this by email or if you are in Addaia a visit to their office in Mercadal is easier.  As we do not rent our property I cannot say what information would be required in that instance.         The charge is 34.95 per owner, 2 owners 59.95 and if you rent your property for 2 owners it is 79.95.    The calculation was instant and I opted to transfer my payment to them for them to submit to the bank for me as I was not on the island.   This year I intend to make the payment at the bank myself and shall make sure I visit the council offices in Mercadal each year after I have paid my taxes to get the information I need for the following year's payment.   Happy to offer any further help if required!  

https://www.iberiantax.com/?gclid=EAIaIQobChMI76HjkIHt_gIVFeDtCh1V8QJDEAAYASAAEgIrYPD_BwE

Katy - many thanks for your invaluable advice.

Ianrhammy

Posted: Mon May 15, 2023 8:59am

Ianrhammy

Helpful member

Posts: 119

56 helpful points

Location: Addaia

Joined: 29 Jul 2019

Posted: Mon May 15, 2023 8:59am

Frankly it's easier to do it through lawyers. My guy Fernando Visser in Mahon charges very reasonably and can organize NIE and Spanish will etc.

timhurditch

Posted: Mon May 15, 2023 10:00am

timhurditch

Original Poster

Posts: 8

Location: Addaia

Joined: 4 Aug 2021

Posted: Mon May 15, 2023 10:00am

Ianrhammy wrote on Mon May 15, 2023 8:59am:

Frankly it's easier to do it through lawyers. My guy Fernando Visser in Mahon charges very reasonably and can organize NIE and Spanish will etc.

Thanks Ianrhammy - rather than ease, it is cost that made me ask the question.

Timtimbles

Posted: Mon May 15, 2023 5:32pm

Posts: 76

30 helpful points

Location: Addaia

Joined: 9 Jun 2018

Posted: Mon May 15, 2023 5:32pm

It takes no more than 5 minutes in your armchair to let Spanish Tax Forms Ltd do it all for you even paying the bank for you, all for £38. Saves a lot of hassle, fuel for the car, parking fees. You only need to get the catastral valor the first time, it’s not necessary for consecutive years. They will send you a reminder when it’s next due, you tell them to go ahead & that’s it!! So easy.

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