Holiday Rental Accounting Service (HRAS)

Taxation

As a non-resident, when you rent out property in Spain, whether long or short-term, you must file and pay an annual tax on your rental income in Spain (Non-Resident Income Tax or NRIT, for short). This is done on the first two weeks of January of the following year.

 

Failure to pay, will attract penalties, delay interests and surcharges.

 

Continued non-payment leads to your property being burdened with a legal charge by the tax office which leads Authorities to impounding it and selling it off in a public auction.

 

The most interesting part of our accounting service is that, if you are EU tax resident, we can reduce your landlord tax bill by 70%, or more, on applying for generous landlord tax relief.

 

On average, we reduce taxpayer's bills by 70%, or more, for EU-residents! Owners who rent properties out in Spain (whether long or short-term) and hire us, save a substantial amount in taxes.

 

"We will save you more money on taxes than what you spend on hiring us."

 

Our law firm offers a rental income accounting service for both legal and physical landlords. Please note this accounting service is only available to non-residents in Spain. We file taxes all over Spain.

 

Our team of dedicated lawyers and economists will submit your annual tax form for a very competitive fee. Because of how admin intensive this procedure is, and the need for specialized tax software, no landlord can realistically hope to complete it on his own without attracting fines & penalties.

 

Our Holiday Rental Accounting Service (HRAS) offers all the following advantages:

 

  • We reduce landlord’s tax bills by 70%, or more, on average through tax relief.
  • Over 21 year's of experience filing taxes
  • Deal only with native English-speaking lawyers and economists. No more ‘lost in translation’ shenanigans.
  • Registered professionals at the Spanish Law Society and Economist's Society.
  • We are members of the British Chamber of Commerce, Spain.
  • Very competitive fees.
  • Fast, responsive, easy-to-understand tax service.
  • We will let you know exactly (in %) how much tax we have saved you through our tax service.
  • Complete the quarterly tax forms in Spanish. We will email you a copy once filed for your records and for your peace of mind.
  • Submit the tax returns before the tax office in a timely manner (thus avoiding attracting penalties and surcharges on late payment).
  • Setting a fiscal representative’s address to deal with all tax-related correspondence generated throughout a fiscal year.
  • Reply to any tax notifications within the deadline ensuring tax compliance.
  • Appeal misunderstandings or material errors (additional fees may apply).
  • Mandatory Professional Indemnity Insurance which you can claim from in case of negligence or malpractice. Currently this cover stands at €1,000,000 with Larraín Nesbitt Lawyers.
  • Up-to-date knowledge on fast-paced fiscal changes.

 

What this service does NOT include:

 

  • Paying taxes late: If you submit your taxes late, we can no longer arrange payment as a direct debit against your Spanish account. The only way to settle these overdue taxes is that someone pays them at a Spanish bank, in person, in Spain. Our quoted fee does not include this extra service. You will be charged a minimum of 100 plus 20% VAT, dependent on how many tax forms we are required to pay.
  • If you are resident in Spain: you cannot hire this non-resident tax service. You must hire this other tax service instead: Spanish Resident Income Tax (IRPF), which also has lenient landlord tax relief available.

 

Penalties for late submission of tax returns

 

Payment after the tax deadline, attracts the following delay interests:

Up to 3 months 5%
Up to 6 months 10%
Up to 12 months 15%
+12 months 20%

 

Legal fees: 125

Quoted fee includes two joint owners. If there are more, higher fees apply.

 

Larraín Nesbitt Lawyers, small on fees, BIG on service.

 

We will be very pleased to discuss your matter with you. You can contact us by e-mail at info@larrainnesbitt.com, by telephone on (+34) 952 19 22 88 or by completing our contact form to book an appointment.

 

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