We started with Modelo 720 in 2013. This form, issued by the Spanish Tax Authority, is for information purposes only according to a requirement that exists within the European Union.
Every resident who has assets outside of Spain over 50,000€, within any one group, has to complete it.
The groups are:
The assets must be declared in three groups:
Group 1: accounts held abroad where the total balance of all the accounts exceeds €50,000. This includes bank, savings and deposit accounts where you are the account holder or have had authorization over the funds during 2015.
Group 2: other assets and pensions held abroad exceeding €50,000 in value. This includes bonds, stocks and shares, life insurance, pension plans and annuities that are currently being paid. You are in this category if they have either a total value or a surrender value on the 31st December 2015 of €50,000 or more. We can confirm that private and company pensions currently being drawn are included in this category if their capitalization value exceeds the 50,000€ limit.
Group 3: property or business premises abroad. This applies to you if you live in Spain but still own a business or house in another country whose purchase value was more than €50,000.
If you completed the 720 last year and your circumstances have not changed then there is no need to complete one this year.
You should complete one this year if:
The fines published by the Spanish Tax Authority are substantial. They include:
* Non-presentation/ false information – fine of 5,000€ for every piece of information with a minimum fine of 10,000€
* Late presentation/ form wrongly presented e.g. not presented electronically – fine of 100€ for each piece of information with a minimum fine of 1,500€
Late presentation only refers to those asset declarations that are voluntarily presented and not those prompted by demands from the Spanish Tax Authority.
The form is not easy to complete and requires a ‘signature’ to do so. Most people need to engage with a fiscal representative to help them complete it. The next deadline is the 31st March.
We are here you during these uncertain times and can help with all your accounting needs and questions.
We are working from the office and remotely and can always be contacted on +34 951 607 006 or +34 626 559 714. Email firstname.lastname@example.org – we are happy to participate in video calls via Skype or Facetime.
I have worked with Carlos and the team at ATA for 10 years or more and they have worked diligently to prepare my accounts and taxes promptly. They have always been on hand to discuss and advise any difficult questions I have had regarding taxes (business and personal) and complex Spanish employment laws.
Since meeting Carlos and the team at ATA I finally feel that my accounting needs are being looked after by a professional and efficient company. They are always at the end of the phone for any questions or queries that I have which are always answered in a very clear manner. I highly recommend their services.
My real estate company Aylesford Costa del Sol has been a client of ATA for over 10 years. Carlos and his team have always been there for us and their help and advice over the years has been invaluable. ATA are very professional and I appreciate the way they get things done in a speedy and efficient manner! I have no hesitation in recommending ATA to my clients.