720 return errors, whose liability ?

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20 Jun 2013 10:25 AM by johnzx Star rating in Spain. 5242 posts Send private message

Rather than going off thread elsewhere, I have started this new thread

 

It just occurred to me that when one has a Gestor etc complete their tax return, it is usual in my experience for them to get you to sign it, thus you are responsible for the accuracy of the return.

 

In the case of the 720 Return (Declaration of overseas assets in excess of 50,000 €)  mine was completed after I left the office and signed by the Gestor.  Now if there was a mistake, omission etc on that return, I can say I informed my Gestor but she failed to show the info on the Return.

 

I wonder what the legal position would be for me and/or my Gestor if the Hacienda decided to impose the minimum 10,000 euro fine.





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20 Jun 2013 11:57 AM by guslopez Star rating in Lorca, Murcia.. 744 posts Send private message

The responsibility is yours. You have no comeback against the gestor except by way of a civil action. ( or a baseball bat )

They always say that if you allow the gestoria to pay taxes on your behalf that you should always check with the Hacianda that they have done. Defeats the object if you ask me.

Similar system in Germany.



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20 Jun 2013 12:03 PM by johnzx Star rating in Spain. 5242 posts Send private message

Thank Gus,  sorry, but I think I failed to make my point clear.

. Iam not talking about paying tax but making the 720 Decaration.





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20 Jun 2013 3:07 PM by camposol Star rating in Camposol. 1406 posts Send private message

20 Jun 2013 3:51 PM by guslopez Star rating in Lorca, Murcia.. 744 posts Send private message

Sorry johnzx , I should have included that.

They have no responsibility for anything that they do. None whatsoever. That includes the 720 or anything else.



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20 Jun 2013 6:15 PM by Roberto Star rating in Torremolinos. 4551 posts Send private message

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 "In the case of the 720 Return (Declaration of overseas assets in excess of 50,000 €)  mine was completed after I left the office and signed by the Gestor."

I think you'll find it wasn't "signed" as such since it was submitted online. The declaration would have included your details as the person it pertained to, plus the gestor's details as the one who physically submitted it (on your behalf). Either way, I'm fairly certain that the responsibility for the veracity of the info contained therein lies with the declarant, i.e. you. That's why I sat in my gestor's office and went through the whole thing carefully (and got him to print out a copy of the final draft) before agreeing to let him submit it.



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20 Jun 2013 7:40 PM by Kathyslad Star rating. 329 posts Send private message

I received a draft via email from my gestor, corrected five mistakes, and then reviewed the changes, before authorising submission. I then checked the submitted declaration to be on the safe side.



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21 Jun 2013 3:10 PM by camposol Star rating in Camposol. 1406 posts Send private message

I wonder how many will check every detail.There were more than 5 errors on mine. The accountants have been under such pressure to complete all the forms, containing so many very long numbers, that it is likely that there are multiple human errors.

Would it be better if the accountant printed out the 720, translated or clarified entries   if needed, and the client fills in relevant bank account numbers, dates etc and both  sign it. Then the accountant could enter info online, still a risk of errors but at least the client know  his form was  correct and can prove it if required.

 


This message was last edited by camposol on 21/06/2013.



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21 Jun 2013 3:49 PM by Roberto Star rating in Torremolinos. 4551 posts Send private message

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 I printed the forms myself and completed them as you suggested. My gestor only had to copy the info, and submit them, once I checked he'd copied it correctly. 



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21 Jun 2013 7:13 PM by camposol Star rating in Camposol. 1406 posts Send private message

I noticed that with a joint account, the full amount is put in, then theres a box for the percentage-50 %;why dont they enter the full amount then halve it , as it looks as if the whole amount is added to your asset total?





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22 Jun 2013 8:25 AM by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

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This snippet was in an e-newsletter. To my mind, it almost certainly contains a barrowful of misinformation, as it seems to me unlikely that any of the form 720s have been processed yet, let along "taz-demands" issued. But here's the story ...


"A snippet from Expat Magazine, http://www.freefreefreefree.com/
Enough to worry all expats not just those who have sailed close to the wind up to now!
A BRITISH man in Jávea is facing a tax bill of €30,000 after filling in Form 720 to comply with the new asset reporting law – on a property which was his main residence.
Barry and Lesley lived in La Marina, San Fulgencio for 10 years and say the couple are going to have to return to the UK as a result."

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22 Jun 2013 10:54 AM by Roberto Star rating in Torremolinos. 4551 posts Send private message

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 Looks like the same story that's been doing the rounds - as I understand it, the bloke's accountant advised him that since he's declared the existence of a property in the UK, which used to be his main residence but clearly no longer is since he lives in Spain, having now sold it he will have to pay CGT on it. He would have been liable for this whether he submitted the 720 or not. The suggestion is, that were it not for the 720, he would have simply failed to declare the sale and any capital gain, and evased his tax responsibilities. So it's misreporting in as much as he hasn't actually received a tax demand due to fiing a 720, he's just 'fessed up to what he was already legally obliged to - and returning the UK won't avoid the liability either.



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22 Jun 2013 5:50 PM by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

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That makes sense Roberto. It was never going to be as reported!!!

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22 Jun 2013 7:25 PM by Sanchez1 Star rating. 853 posts Send private message

Yeah, it looks like it's got nothing to do with the 720 form.  More like he was badly advised by his accountant



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29 Aug 2013 2:07 PM by camposol Star rating in Camposol. 1406 posts Send private message

Apparently  there has been a post by EOS, 28th Aug, but I can only see the latest post as 22nd June??





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29 Aug 2013 5:14 PM by Roberto Star rating in Torremolinos. 4551 posts Send private message

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And the links in the notification e-mails are no longer "clickable" - really annoying!



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