Modelo M720 - warning
Thursday, February 11, 2016 @ 11:21 AM
Spotted on another forum today, worth reading?
Modelo M720 - warning
If you need to fill one of these in, have you?
This came to light yesterday, 8th Feb, when my wife & I each received a hand delivered letter from the Agencia Tributeria informing us in Spanish that there will be a disciplinary hearing soon to determine the extent of the offence we have committed which has been classified as very serious!....
The letter went on to say the offence was that the information about our foreign assets at the time (2013)- a chalet which we have since sold & paid heavily for in tax to the Spanish taxman - was not notified in time! Less than week late!
As a consequence we will each receive a fine of around 1,300€, which if not paid immediately will then multiply quickly!
The letter was a long one and in Spanish… My Spanish isn’t good but enough to see we could be in serious trouble!
Obviously we have been to see our solicitor today who immediately took responsibility and will fully pay the fine as it was her fault.
We use a solicitor in Torrevieja who does our M720s for us, but she had got caught out on the first year that they became mandatory, 2013.
Apparently she made an error in them as even she found them complicated, and hence missed the deadline of April 30th by just a couple of days!
So we are glad we have an honest and reputable solicitor!
She has tried to find way round it, but there is none and we are not her only clients who have received such letters, so she could well be a lot out of pocket!
BUT if we are being fined over 1000€ each just because the form was received a few days late, how much will anybody be fined if they have failed to declare any overseas assets & they get discovered after a few years!
I know the legality of M720 is being discussed by the European parliament at the moment, so it is possible refunds could be in order eventually if found to be illegal, but for now the best advice is to declare your foreign assets and pay any fines quickly.
.....................................................................................................
** I've been using Transferwise to send money abroad. It's really easy and a lot cheaper than the bank! Sign up now using this link and get your first transfer up to £3000 free.** .