The general public began flocking to Spain around the 1970’s. The package holiday made areas such as the Costa del Sol an affordable vacation for hundreds of thousands.

Since then things have changed tremendously and there are thousands of British people who presently or perhaps have in the past owned real estate in Spain. The attractions of a property in the Mediterranean have proven to be a winner in the UK.

It now seems that Spanish real estate investors may very well be eligible for a refund of their Spanish Capital Gains tax. What this means is if any of you sold a Spanish property in between January 1st 1997 and December 31st 2006 you can receive your money back.

How is this possible?

A recent ruling from the European Court of Justice (ECJ) verified that non-Spanish home owners were unfairly charged 35% in Capital Gains Tax compared to 15% charged to local Spanish residents. As a result it’s now possible to submit a claim to see the 20% difference back from the Spanish Tax regulators.

It is estimated that the home owners who sold since 1997 could possibly be due an average £13,500 <a href=”http://www.goalgroup.com/solutions/goal-taxback.html”>tax reclaim</a>. As a result, former Spanish homeowners may be entitled to claim a tax reclaim with regard to missing interest at a rate of 6% from the date the reclaim is presented, which makes it feasible for the complete reclaim to become even greater.

Commenting on the topic, Eduardo Fernandez Martinez, specialist in the Spanish Property Tax field had this to state, “This is breaking news for the non-resident taxpayer.

The Spanish Tax Authorities have been completely overloaded with claims ever since the judgment of the ECJ. The actual result that it had been both discriminatory and also unfair to impose a larger tax percentage is both deserved and overdue. Non-residents will now get what is indebted to them for investing in Spain for years.”

Who is eligible?

The qualification process is straightforward.

- You sold your Spanish home between January 1st 1997 and December 31st 2006.

- When you sold your property you were not a Spanish resident

- You have a duplicate of the purchase and sale deeds of your property

- You have the Spanish Tax form Modelo 211 and / or Modelo 212

What to do now

There are a variety of organisations which are trying to help people facing this challenge. If you do meet the criteria, it is recommended that you do some investigation into your property and be sure you have all the specified documentation.

It’s then a question of finding the right organisation to assist you.

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Reverse mortgages can be a great way opportunity for seniors who own a home to access the built up equity within their homes when they need additional income   As explained by San Antonio reverse mortgage specialists, Senior Reverse Mortgage Services, a reverse mortgage is similar to a traditional mortgage in that a lender loans a sum of money to a borrower.  Where it differs, however, is how the money is repaid.

Reverse mortgages don’t need borrowers to repay their loan in regular installments like a traditional mortgage does.  Instead, the loan is repaid when a home is sold or other criteria are met that affect ownership of the home, such as a death or declaration of bankruptcy .  A reverse mortgage option provides a unique opportunity for homeowners to tap into the equity in their home without having to sell their home, move or make monthly payments .  By doing this , homeowners can benefit from the equity they have acquired and utilize it when they need it.

Senior Reverse Mortgage Services, a Texas reverse mortgage company, states that seniors who may not have consistent incomes may find reverse mortgages an attractive option as they do not require proof of income or a specific credit score.   In fact, older individuals can typically take out bigger mortgages than younger homeowners .  Those that own homes with greater resale value can also take out larger loans .

It is not necessary to have a home paid off in order to qualify for a reverse mortgage, it is possible to take out a reverse mortgage even if you still have an existing mortgage .  When this is the case , as the Texas reverse mortgage specialists explain, the reverse mortgage ordinarily pays off the existing mortgage so there is only one outstanding mortgage on the home.  Since payment on a reverse mortgage does not need to be made until a home is sold or the homeowner dies, the money is available for use when individuals may need it most.    When the time comes that a home is no longer owned by the borrower , the homeowner, or the heirs if the homeowner is deceased , pay off the loan according to the terms specified in the original documents .  The bank never owns the home during the term of the loan.

Reverse mortgages offer different income opportunities to senior homeowners .  The loan is available to individuals that can tap into the equity of their homes to supplement their income, pay off other debts, make a large purchase, pay for medical care, long term care, college tuition or other large items, or to simply use as an added financial source to enjoy retirement .  The opportunity comes without the concern of having to make regular monthly payments to pay back the loan while the money is being used .

According to the Texas reverse mortgage specialists at Senior Reverse Mortgage Services, a reverse mortgage is fairly easy to qualify for it the individual is   62 years of age or older and is the primary owner of the home .  The company assists seniors in determining the loan that best meets their specific needs . 

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2 years ago, Alastair Darling simplified Capital Gains Tax (CGT) by wholesale away various reliefs, including indexation and taper relief, in return for a low flat rate of 18 per cent. It was too good to last. Now it looks as though we’re going back to something more like the pre-2008 system, with CGT rates “similar or end to” the income tax rates of 20 per cent, 40 per cent and 50 per cet. But we do not as yet have details of how the new regime will work – these will be announced in the emergency budget, which is on June 22.

Assets Affected

We know that the new rates will apply to “non-business assets”, a class that includes buy-to-let properties and second homes, as well as other investments. To sweeten the pill, the Government could bring back taper relief or something similar. This rewarded long-term ownership by gradually reducing the tax on assets owned for three years or more before sale. But with reducing the deficit their main priority, they may choose not to introduce new reliefs.

Will the annual exemption survive at current levels?

At present, every person has an annual exemption of £10,100 – only gains over this amount are taxed. The Liberal Democrats would like to reduce the annual tax free gain to only £1,000. Will they get their way? The Coalition Agreement makes no mention of any change to the allowance.

When will the changes take effect?

We don’t know when the increase will take effect. It would be difficult to have dissimilar rates in one tax year, so the best guess is that the new rates will apply from 6 April 2011, giving people time to sell at the old 18 per cent rate.

For more on Capital Gains visit http://www.mulburyhamilton.co.uk/capitalgainstax.html

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Beautiful Coal Harbour has been through a lot ever since it first began business as an exclusively industrial waterfront working zone. It wasn’t any more than just fifteen years back when the neighborhood began to get coordinated as the very first residential part of town next to the Burrard Inlet to be worked on. Appropriately found just blocks from the wonderful shopping opportunities on Vancouver Business Districts’ Denman and Robson Streets, and equally close to Downtown Vancouver’s beautiful Evergreen Oasis at Stanley Park, Coal Harbour real estate and beautiful townhouses provide an idyllic location for any lifestyle.

In its brief fifteen years of existence, this humble community, complete with 23 acres, has turned into the pinnacle of urban communities, and is constantly improving.  There is a brand new convention centre being built that shall be opened in time for the 2010 Winter Olympics; on January 24th, 2009, the first Shangri La & Zen hotel/condo, which is additionally the tallest luxury hotel of Vancouver, opened up to the public while more highrise condos are being devised for construction next to the tall structures of Coal Harbour condos.

Burrard Inlet’s eight acre waterfront park is an Searching for a slow evening in the crisp North air? Why not take a walk through Burrard Inlet’s waterfront park? With eight acres along the seawall, and stellar views of the Lions Gate Bridge, Stanley Park, and the North Shore Mountains for background, grab yourself a cup of coffee and enjoy the quiet calm of the fresh outdoors. You can even cross the Bridge from the North Shore to head Downtown for some more excitement. We have for instance a great view from our REMAX Vancouver office located in Coal Harbour.

At Coal Harbour, you have it all at your desire; Downtown thrills or quiet evening strolls at your beckon. Obviously, there is pretty heavy traffic on those central streets and the meticulously allotted commercial spots that take in the residential communities; however, there is always something to enjoy when you have such incredible views to take in from every part of town.

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Commercial property has traditionally been one of the best long term investments you can make . But  what about the current times when the economy has been sinking  and as a property owner, you find yourself facing higher vacancies and shrinking revenues?

What if your investment partners or bank  suddenly recommend  -–strongly—that you sell your commercial property asset before before you had originally planned to do so ?

At that point, unfortunately, you’re probably already in deep trouble . When the market starts to crumble, prices of good property crumble  with it. So it may not be in your best interests to sell the property at what may be a  net loss  . Additionally, if you’re in trouble,  your competitors  are no doubt also in trouble. That means the market may be already clogged with panic sellers. With increasing supply and shrinking demand, this is no time to throw your property into the mix with all the others .

Here are some strategic steps that we at Financial Management Group  share with our commercial property management clients on successfully holding their properties (where circumstances merit it) and riding out the slump. If you act quickly enough , you stand to save many thousands of dollars. That alone is a good reason to consider it .

Step 1: Be upfront with your investors
Make full disclosures to each of your investors. reassure them  that you have the expertise—either your own or those of your professional property managers—to manage your next steps wisely and effectively. Keep your investors in the loop at all times, communicate frequently and fully, and they will give you the support you need.

Step 2:  Dialog with your lenders
Sit down with your lenders and discuss your plan for the months ahead . Be non-confrontational, and honestly and openly consider their feedback. Show how you plan to face each contingency, and demonstrate why you’re confident going forth. Promise – and deliver — full transparency with zero surprises.

Step 3:  Zealously guard your cash funds
Find ways to increase your cash reserves by such steps as reducing or eliminating dividends and distributions (which is always easier if you’ve done Step 1 correctly). Put off any discretionary capital improvement projects, and closely micromanage  operating expenses wherever you can.

Step 4:  Create a realistic business plan
Take the time to lay out cash flows under both optimal and negative conditions going forward. Plan what you can do should your capital run out . Will you need more money from partners? Can your bank help out with a contingency or bridge loan? Do you have liquid capital elsewhere that can prop you up should you need it?

Be  unashamedly honest about your circumstances , using conservative estimates of future cash flows based on current conditions, not conditions  before the economy soured .

Get highly qualified, creative help and ideas from your property management company. If it’s not strong enough or experienced enough to give you what you need, find a company better equipped to help you .

In spite of all the above, should you and your professional advisors decide there is no alternative to selling, be sure you have strong negotiators on your property management and real estate investment teams who can assist you in making that happen to your advantage. An even better situation is one where you  work with a single firm providing both property management and real estate investments. If that firm offered business management services, as well, that would be a strong added bonus .

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In the previous 30 days, three separate prospective buyers have indicated to me that they do not plan to pay a lot more than the tax value given to the property. Why is this? Let me attempt to answer this question as best as a Vancouver real estate agent could: People apparently believe that the number that is assessed for tax reasons is the same as what the house is actually worth.

As a result of this error, real estate agents have begun to include phrases like “price is below the assessed value” in their listings. We at REMAX Vancouver have not fallen to that schema althought I have seen a few… Following these statements, houses that are priced lower than the assessed value are seen as bargains. Unluckily, this could not always be true.

The assessed value of a home is an amount that is determined by a tax official (British Columbia utilizes a provincial crown company known as Vancouver BC real estate Assessment) in order to calculate taxes. As soon as this assessment is figured out, the entity responsible for taxation, including the City of Vancouver, then sets its tax rates according to the assessment.

Fair market value figures the price that an intelligent, free-thinking, and interested client would consider paying to the person who owns the property, who is not required to sell the house if he or she does not want to. Preceding putting a house up for sale, a real estate representative is going to track down several houses that are similar to that of the seller that have sold in the past few months. Factoring in these comparisons, the representative can then advise the owner on what the price of the house has to be. When a buyer and seller agree on a purchase price, this decides the fair market price of the house. This illustrates the reasons why you want to compare similar houses’ selling prices before informing the owner what you’ll pay. This can guarantee you know that the house is priced in an even manner.

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US Law requires a non-custodial parent’s taxes be levied to pay past-due child support. The Debt Collection Improvement Act of 1996 was enacted into law on April 26, 1996, to enable the Treasury Secretary to collect past-due child support by the offset of Federal payments. The process is codified at 42 U.S.C. § 664.

Besides federal tax refund intercepts, NC also intercepts state tax refunds to pay delinquent NC child support. N.C. Gen. Stat. section 105A describes a procedure by which debts owed to state agencies are deducted from state tax refunds. See N.C. Gen. Stat. § 105A-1 (1995).

Non-custodial parents (NCP) who owe more than $150 in child support arrears ($500 for those cases where the parent did not receive public assistance) are targeted for a tax intercept of their federal tax refunds unless saved by Davis vs. NC Department of Human Resources, 349 N.C. 208, 505 S.E.2d 77 (1998). Non-custodial parents who owe more than fifty dollars in arrears are subject to tax intercept of state taxes unless exempted by the Davis decision. Davis holds that a NCP who is in compliance with a court-ordered repayment plan for arrearages should not be certified for Federal tax offset, even if a debt of past paid assistance is still owed.

The Federal Income Tax Refund Offset program is operated by the Treasury Department’s Financial Management Service and the State Income Tax Refund Offset program is operated by the N.C. Department of Revenue.

Before a tax intercept occurs, the non-custodial parent is notified. On or about 30 September of each year, a Pre-Offset Notice is sent to NPCs who are selected for federal tax intercept that includes certified arrearage amounts. An NCP has 30 days from the date of the notice to file an appeal.

NCPs receive a notice explaining of the total arrearages that are being certified for tax intercept. If current support has not been satisfied when state income taxes are intercepted, current support is paid first and then past due child support are credited with any remaining amount.

The spouse of an NCP may file IRS form 8379 Injured Spouse Claim and Allocation Form with the IRS to protect their rights as to any federal refund.

After the agency receives the tax intercept, it is required under N.C. Gen. Stat. § 105A-8 to notify the debtor it has intercepted the tax refund. The notice must inform the debtor that the debtor has the right to dispute the matter by filing a request for a hearing, the time limits and procedure for requesting the hearing. A petition for a contested case hearing under N.C. Gen. Stat. Ch. 105A, N.C. Gen. Stat. § 110-140 and 45 C.F.R. 303.72 is available at http://www.oah.state.nc.us/hearings/h06b.doc.

While a NPC who has his or her tax refund intercepted should appeal if the certified arrearage amount is incorrect, winning the appeal does not bring permanent closure to the issue. The Administrative Law Judge’s ruling is not binding on future tax refund garnishments. For complete and final closure, the NPC should consider a declaratory judgment action to determine the arrears or other action that will be binding on future determinations. Check with a NC Family Law Attorney for more information.

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Management of all types of financial affairs including but not limited to, negotiating a home loan, consulting to help aquire other business interests , preparing financial statements and tax planning, requires some professional advice and certified accountants in Liverpool are equipped to handle practically anything money related. One of the primary responsibilities of an accountant is to evaluate a company’s ledger and generate reports that go both to the managers and the government. Versed in the language of taxes and finance, a professional public accountant is vital to smooth operations. Assuming the duties of all of your financial details, a capable accounting firm or solo accountant provides numerous benefits.

Different Liverpool Accountants are in business doing different things , but all of their tasks involve financial management and advice. Large private estates require continual management as do trusts, not-for-profit organisations, foundations and others. Asisting with paying bills or arranging your finances and preparing your tax returns are among the duties of all personal accountants. Personal financial negotiations such as buying a property can also be  handled by an accountant. Hiring a top accountant allows you to spend more time on the things that you do well and lets them do the number crunching .

 Business’ of all sizes are tasked with maintaing good detailed accounts, tracking expenses and taking care of taxes. Hiring the right accountant should be a careful decision and the basis of a good working business relationship. The right accountant will help you focus your attention on the day-to-day operations whilst maintaining great financial records 

With one of the many chartered accountants in Liverpool in your employ, the financial side of your business or private estate will be in good hands. Leaving your personal wealth or your companies well being to chance is not advisable. Having a professional accountant to handle your affairs is a cost-effective way to keep your business strong or to grow your fortune

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The Key Is To Start NOW, Get Your Self Organized.
(Even If You Just Throw Everything Into One Box .)

Keeping good records, verifying every entry is the key to successfully claiming all the home-based business deductions to which you are entitled. If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly.

Start with getting an accounting ledger booklet or even start with an excel spreadsheet making two columns, expense  and income.

Franchise Expenses:
 If you have a monthly affiliate, make sure you claim that.  

Business Supplies:
Be sure to save all receipts for any supplies you purchase for your business use. Business cards, paper, pens, ink cartridges, staples, any item you purchase and use for your business. 

Advertising:
Advertising is a business expense and in most cases can be written off. Make sure you have all receipts. No receipt than you cannot claim it.

Phone Bills And Internet Access:
If you have a phone line for business use or have the internet  in your home or office for business use, save all receipts for each bill paid. These items are business expenses and may also be written off.

Home Office:
 Be sure to let your tax advisor know that you have sectioned off part of your house as a home office. They will calculate this business expense with the mortage, property tax, insurance ï»¿ï»¿and interest.  

Long Distance Calls:
If you make any long distance calls that are related to your business, make sure you keep all phone bills showing the calls and the amounts charged. If these calls are related to your work, the cost of the calls may also be written off in most cases.

Postage:
 This one is often forgotten, any postage cost or shipping fee may be claimed. 

Computers:
If you purchase a new computer for business use, the cost of the computer may be claimed. You may also claim depreciation for 3 years after the computer was purchased.

Labor Expenses:
Any reasonable payments made to your spouse, kids or others who  completed a task are all deductible expenses.

Utilities:
If you have a room in your home that is used only for your internet business and nothing else, you will be able to deduct a portion of your utilities. I especially like this because I have to have these things anyway with or without the internet business and now they are tax deductible. Everything from gas, electricity, long distance and garbage pick-up are allowable deductions. Be sure that you keep your payment receipts in your accounting ledger or spreadsheet.

Car Expenses:
Keep track of your mileage, keep a speadsheet in the car and anytime you are using it for work, write it down. 

Entertainment Expenses:
I don’t have too much to deduct in this category, but several times a year I will meet a potential client over dinner. Keep  track of your dinner expenses, including tips…this is all deductible also.

Education:
 Attending trade shows, conferences, conventions, any cost of journals, software, or web subscriptions may also be claimed.  

Income:
In addition to all your deductible expenses, you will also  need to keep track of any money that you make with your business.

Travel:
The percentage and eligibility of deduction depends on whether your trip was deemed to be business-related exclusively (100 per cent) or partially (50 per cent). Best to keep receipts and discuss with tax advisor.

In closing, keep good records, verify everything with copies of all bills, paystubs, a mileage log for the vehicle, etc. If you are ever audited, you will have your information organized and ready. Total up each category at the end of the year and take the entire booklet or excel sheet into your tax preparer.

If you are at the point of looking to  start  a home business,  than I would only have one suggestion. Not only is this the most lucrative business on the planet, this is the best group that you could join with.  The company is Amega Global and the team is the Polaris Group 

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Step 7 in your do it yourself financial plan is tax planning. The use of tax deferrals, tax deductions, and tax credits is good tax planning that legally reduces your tax liability . The one that most of you are familiar with is tax deferral . That is because most of you have a 401K plan or some sort of deferred compensation plan (403b, 457, etc) at work.

For example, if you earn $100,000 a year and contribute $10,000 to a 401(k) plan to build wealth, you’ll pay income taxes on $90,000 instead of $100,000 so you saved taxes on $10,000 of income. Woohoo!!!

Most of you also get a “matching contribution” from your employers. For example, you earn $30,000 a year and work for an employer that has a matching 401(k) plan. The match is half of every dollar up to 6 percent of your salary. Each year, you contribute 6 percent of your salary ($1,800) to the plan and receive a matching contribution of $900 from your employer. That’s an automatic, no risk return of 50% on your investment! Woohoo! Yet a recent study found that, among employees younger than 59 ½, 54% did not take full advantage of the company match!.

Now the downside – okay, so you can’t take the money out until you are 59 ½ years old or there are severe penalties – like a 10% federal penalty and 2.5% state penalty (if you live in CA) plus federal and state income taxes on the amount withdrawn. A cash withdrawal on a credit card is cheaper than this . But that is why they call it a retirement plan, folks. It really is for when you retire.

Let’s talk about the deferral part . If you could save $15,000 a year for 30 years in your 401K and let’s assume you only got a 5% return annually on your investment, you would have accumulated $67,016. But if you had it in a taxable account (assuming a 25% federal and 6.8% state tax rate), you would have accumulated only $41,662. Big difference! Taxes do eat into your return.

President Bush signed the Pension Protection Act of 2006 into law on August 17 . The PPA contains many changes for defined contribution plans (401K, IRA, Roth IRA, SEP-IRA, etc). To make sure that you are taking advantage of these changes, and put the maximum contribution to your 401K plan to work now, see your Financial Advisor .Tax planning is an essential step to build wealth . -Fern Alix LaRocca CFP® Wealth Coach

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