Tax Returns

[Mike,Chislehurst]

Last year we transferred our villa to on shore status closing the off shore company and completed a tax return at the same time. As the villa has rented income, should we now complete a personal tax return to the Portuguese authorities and show any profit or loss (usually loss!). We do declare to the UK IR our interests in Portugal. Any help appreciated. Thanks.

[Mike,Chislehurst]

Sorry, I forgot to ask that if we do need a Portugal tax return, how much roughly would it cost. Thanks again

[biffa]

Any income from rentals of Portuguese property should be reported in Portugal whether the property is held by a company or by an individual.

If you are non resident you also need to appoint a fiscal representative resident here.

Any tax paid here should be able to be set off against any tax due in UK (or other country) under the double tax treaty. Expenses able to be set off against income are limited but best to produce everything to your accountant/tax adviser and let them sort what can be used.

Cost to prepare and file a return? Somewhere around 250 - 300 Euros??