Ernesto Quintana & Associats

Ernesto Quintana & Associats Tax advisers and accountants.

It may be alien to most of us, to use the services of a tax advisor. But if you own a property, or are now resident in Menorca, it is essential that you seek the services of a professional Spanish tax advisor.

Ernesto Quintana & Associats are a multilingual business friendly, but dynamic firm of qualified Spanish & English speaking accountants based in Mahón (Menorca), providing tax, accountancy and business development advice and services to residents and non-resident individuals, start-up companies, small businesses and companies.

We are trusted and experienced advisers always available to help with any aspect of your business or personal tax affairs. We differ to other accountants, working much more closely with our clients than traditional accountants and business advisers.

Most of our new business comes from “word of mouth” referrals and recommendation. Our aim is to establish a long term partnership with all our clients.

We can help to find a specialist who can assist you, if you have special needs: Solicitors, Gestorias, Estate Agents, Health & Safety Experts, Insurance Companies, etc.

Our services include:

• Non-residents Spanish tax liabilities:
• IRNR, Wealth Tax (up to Dec. 31st 2007), Letting Income Tax and Capital Gains Tax declarations.
• Tax advice on setting up a business:
• Registration of new businesses for tax and social security, tax planning for individuals and small businesses.
• Book-keeping and accounts preparation, Corporation tax and filing of Spanish tax returns.

A brief explanation of Individuals and Corporate tax liability:

An individual is considered to be resident or non-resident in Spain if he remains or not here for more than 183 days in the calendar year and if his economic interests lies in or outside our country.

It is very important that residency is correctly determinate. Residents in Spain pay taxes on their income worldwide, but non-residents are taxed only on their income within our country.

Non-residents owning one or more properties in Spain are required to pay Income Tax according to the IRNR Law:

Annual Income Tax Return, based on the own use of the property. Deadline for submission is 31st December each year declaring the previous tax year.

Rental Income Tax Return, based on the gross income generated from the rental of the property. Deadline for submission is 30 days from the income date.

VAT Returns are required in certain rental scenarios.

Capital Gains Tax Return, should be submitted if a property located in Spain is transferred. Deadline for submission is 120 days from the sale date.

In previous years, non-resident owners were liable to file a Wealth Tax Return. This liability ended on June 2008 with the submission of the 2007 Tax declaration.

All other sources of income are liable to taxation, based on various specific regulations.

Foreign Corporate owners are liable to a special tax every month of January.

Residents in Spain, are liable to submit a self assessment Income Tax Return every year declaring their worldwide income. Deadline for submission is 30th. June each year declaring the previous tax year.

Based on the UK-Spanish Double Treaty, United Kingdom citizens must complete the FD9 form to apply for UK Income Tax exemption.