UK Company owning Spanish Property
Options
Shanie
Registered Posts: 4
in Business Tax
Hello,
I have a client who has set up a UK Company and purchased a property in Spain for €80k for personal use and rental income. I have advised the client they need to register with the Spanish authorities and make declarations there. I will be preparing the UK company accounts and CT600. I have been researching this and found that if no physical rent is paid when the property is available for personal use that a market value must be declared as rental income in Spain. Would I need to declare the same amount in the UK accounts? Any advice on this would be much appreciated as I can only find online what to do from the Spanish side, but not the UK side.
Thank you in advance.
Kind regards,
Shanie
I have a client who has set up a UK Company and purchased a property in Spain for €80k for personal use and rental income. I have advised the client they need to register with the Spanish authorities and make declarations there. I will be preparing the UK company accounts and CT600. I have been researching this and found that if no physical rent is paid when the property is available for personal use that a market value must be declared as rental income in Spain. Would I need to declare the same amount in the UK accounts? Any advice on this would be much appreciated as I can only find online what to do from the Spanish side, but not the UK side.
Thank you in advance.
Kind regards,
Shanie
0
Comments
-
Hi Shanie
I believe this is quite a complex tax situation. I'd like to suggest reposting on the accounting professionals Tax section instead. https://forums.aat.org.uk/Forum/categories/tax
I think I know what would need to happen, mostly, but I'm unsure about one part and am struggling to find confirmation because of this I wouldn't want to give an answer in this situiation.
AAT Level 4, MAAT
ACCA in progress
F4- Passed Aug 2020
F5- Passed Dec 2020
F6- Passed Sep 2020
F7- Passed June 2021
F8 - Passed Sep 2021
F9 - Passed June 2021
SBL -
SBR - Passed Mar 22
ATX - Passed Dec 21
APM - Passed June 220 -
Hello,
Thanks so much for your help, I have posted there.
Kind regards,
Shanie0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.4K For AAT students
- 262 NEW! Qualifications 2022
- 144 General Qualifications 2022 discussion
- 9 AAT Level 2 Certificate in Accounting
- 44 AAT Level 3 Diploma in Accounting
- 65 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 268 VAT
- 90 Software
- 271 Tax
- 133 Bookkeeping
- 7.1K General accounting discussion
- 195 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 578 Job postings
- 16 Who can benefit from AAT?
- 35 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership