Hello there
My partner has just been offered a teaching job in Mallorca. I am a total novice when it comes to anything like this so need all the advice I can get! We are both British but plan to make the move to Mallorca in the next few months and take up residency. I own a property in the UK, that I rent out using a letting agent and will continue to do so when we move. I also plan to get work when I'm out there, fingers crossed. I have been given an NRL 1 (non resident landlord) form to fill out which as I understand it, will exempt me from paying UK tax but could do with advice on Spanish tax laws etc.
Would it be beneficial to set up up a ltd company for the rental property or keep it as an individually owned property?
Thanks for any help/advice on this and any other things you think we should know
May 12, 2010 · ROB1305
Setting up a Spanish SL (= Ltd) company is complex and expensive (although I did hear that the government was going to simplify it to stimulate start ups in the current crisis)
I would doubt very much that that is a practical idea to reduce the tax liability on your UK rental income.
Suggest you read here
http://www.hmrc.gov.uk/cnr/nr_landlords.htm
and take professional Spanish tax advice.
I would doubt very much that that is a practical idea to reduce the tax liability on your UK rental income.
Suggest you read here
http://www.hmrc.gov.uk/cnr/nr_landlords.htm
and take professional Spanish tax advice.