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Renting your property – The costs

Earn moreMany people are choosing to rent property in Spain these days, and it can be a great source of income for the owner. However, where there is income, there will be tax. It’s important not to solely rely on the income from letting your property to pay the mortgage and maintenance costs, as you may find it hard to get it covered all year round. Here is some brief information on what costs and taxes you may be subject to if you decide to let your property.

Income tax, how much to pay and when (Non-residents)

When your property is being rented out, the amount of income tax payable is usually a flat rate of around 25% of the gross income earnt from letting the property. This would be paid quarterly for the previous 3 months. When filling out your tax return, don’t forget to offset any expenses you pay on behalf of your tenant such as the water or electricity. Be aware though, the tax authorities work closely with the electric and water companies, and will know if the bills are being taken from your bank account or your tenants so you must only offset the expenses paid for by you. Continue reading “Renting your property – The costs”

Partnership with Novasol

novasol_logo_smlHomeCareontheWeb has forged an exclusive partnership with Novasol – by far the largest company in Europe promoting privately-owned holiday homes – to help get more rentals for our owners.

This partnership will enable our two companies to grow and develop the Spanish holiday rental market, and capitalise on the enormous marketing power that Novasol can wield being part of the Fortune 500 Wyndham Worldwide Group. Continue reading “Partnership with Novasol”

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