Cove Advisers

24/09/2024

WE CLAIM MORTGAGES AND REVOLVING CARDS:
Unfair terms in banking contracts are characterised by the fact that they have not been individually negotiated and are imposed by the bank, which takes advantage of its privileged position vis-à-vis consumers and users.
1. We claim all kinds of contractual clauses contained in the mortgage or cards that are abusive and that violate the rights of consumers:
The clauses that are abusive are: mortgage expenses in charge of the mortgaged, interest calculation according to a 360-day business year, floor clause, mortgage according to irph, late and abusive interest, early maturity, unpaid installments, early repayment installments or loan totals, loan cancellation fees, etc
2. The client will send us via email through you his mortgage along with the expenses and we will take care of carrying out a free study of the clauses that can be claimed and the economic amount of all of them approximately.
3. Once this report is passed to the client, if he says yes, we will ask for a small provision of funds depending on the items to be ordered and a professional order sheet will be sent to him to sign and where it will be stated that we are going to 20% of the result economic to get more costs, the attorney being a part (they will not be more than € 100).
4. The cases cannot be lost as there is no sentence on costs.

04/09/2024

We are looking for Business to buy for investors !!!
We provide with the Due Diligence process until the completation of the operation with our professional team.

Call us + 34 600 73 94 44 💰

04/09/2024

We are looking for business to buy !!!!
We provide with all the Diligence process until completion of the operation.

16/05/2024

Deduction for Installation of Solar Panels

The Spanish government offers several incentives to promote the use of renewable energy, including solar power. One of these incentives is a tax deduction for those who install solar panels in their homes. The tax deduction is 20% of the installation cost, with a maximum limit of €5,000 per year.

All people who have installed photovoltaic solar panels in their home before December 31, 2023 will be eligible for this deduction. To be eligible for the tax deduction, you must meet certain criteria:

They must be installed at your primary residence.
The panels must be installed by a certified installer and the installation must comply with all regulations set forth by the government.
You should keep all invoices and receipts related to the installation, as they will be needed to claim the deduction on your tax return.
Accredit through an Energy Efficiency Certificate that the demand for heating and cooling in the home has been reduced by at least 7%.

Example:

Installation cost 10,000.-€
Deduction 2,000.-€

The unused deduction can be applied in 15 years, so you can save up to a maximum of €45,000.- in that period of time.

16/05/2024

Rental income tax in Spain for Non-Residents

Home rental in Spain is a very lucrative business, and for the same reason, it is highly persecuted by the Spanish Tax Agency, when income is not declared.

In this brief article we are going to focus on the rental of homes by Non-Residents, and the tax implications that this entails.

Declaration model and Tax rate

Non-residents in Spain must declare the rental of housing through model 210, at a fixed rate of 19% if they reside in the EU or EAA countries. If they are not from the EU or EAA countries, the flat tax rate is 24%.

This model must be presented individually by each owner, so in the case of timeshare, each owner must pay taxes in a different model, for the corresponding proportional part of income and expenses.

Deductibles from rental income tax

The tax base for calculation is made up of the difference between the income received and the expenses that tax regulations allow to deduct, and although there is a tendency to think that the final amount to be paid may be high, in reality for European and Schengen citizens area, it is allowed to deduct a large amount of expenses that in some cases greatly reduce the tax to be paid.

Among the numerous expenses that can be deducted, the following can be mentioned as an example:

• Real estate agent fees or key holder fees
• Water, electricity, laundry, cleaning, and utility costs
• Security services: e.g. gated communities
• Mortgage interest and unpaid rents: Note that rental income is the amount of rent receivable (not received). You can deduct due rents until six months have passed from the first debt collection action or if the tenant is legally insolvent.
• Depreciation of the property at 3%: You can deduct the depreciation of 3% of buildings or the cadastral value.
• Interest on loans taken out to finance acquisition, improvements, and property maintenance.
• Non-state taxes and surcharges related to the property: This category covers costs like IBI and charges for the trash, and it includes any purposes.

Unfortunately, the same does not happen for the rest of Non-residents. Income is taxed without the possibility of reducing any expenses.

When to declare rental income
The declaration has to be submitted every three months based on a set calendar, as follows:
• April 20th: Declaration for income obtained in January, February, and March.
• July 20th: Declaration for income obtained in April, May, and June.
• October 20th: Declaration for income obtained in July, August, and September.
• January 20th: Declaration for income obtained in October, November, and December.

At Cove Advisers we have been helping Non-Residents to file their taxes on time for many years, so we will be happy to prepare yours, even if you had to regularize any undeclared taxes in the past.

13/02/2024

TAX BENEFITS FOR NEWLY CREATED LIMITED COMPANIES

Undoubtedly one of the most important elements in a company's profit and loss account is taxation.

Although, in recent years, the Spanish Government has eliminated most of the existing deductions, a great help for companies still remains in force.

As is well known, the gross profits of a company in Spain are taxed at 21%, but for newly created companies the tax rate is reduced to 15% during the first two years of the company's life, provided that the following conditions are met:

That the economic activity of the SL has not previously been carried out by other persons or related entities (*), and is transferred, by any legal title, to the newly created entity. In this sense, the following are considered to be related parties.

The economic activity must not have been carried out, during the year prior to the incorporation of the entity, by a natural person who holds a direct or indirect shareholding of more than 50% in the capital or equity of the newly created entity.

(*) Just to mention the most usual and common ones, are related entities:
a) A company and its members or participants
b) A company and its directors or administrators.
c) An entity and the spouses or persons related by blood or marriage up to the third degree of consanguinity or affinity of the partners or participants, directors or administrators.

28/09/2023

23/09/2023

New deductions in the Spanish Personal Income Tax 2023

The Generalitat Valenciana has announced the following six new deductions in the Personal Income Tax that will take effect for the 2023 declaration:

A.- Deductions of up to 150 euros for 30% of the amounts paid for expenses related to oral health.

B.- Deductions of up to 100 euros for 30% of expenses allocated to the acquisition of prescription glasses, contact lenses and eye cleaning solutions.

C.- Deductions of up to 150 euros for 30% of the expenses generated by members of the family unit who need help to suffer from any pathology assimilated to mental health problems.

D.- Deduction of up to 100 euros for expenses associated with highly complex chronic diseases or those called rare, as well as with a diagnosis of acquired brain damage or Alzheimer's. The limit of this deduction is raised to 150 euros if the family unit is large or single-parent.

E.- Deductions of up to 150 euros for 30% of the expenses associated with sports practice, which include those of the federation, gym or private instructors for rehabilitation.

We remind you that it is always an essential requirement for the deduction of expenses to possess the invoice that proves it.

17/09/2023

An unexpected source of income. The Reverse Mortgage.

The reverse mortgage a very interesting way to obtain a lot of liquidity for people between 65 and 70 years old

The reverse mortgage is a way to obtain an income to supplement your income when you retire by taking advantage of your home.

In a very summary way, it is money that the bank will give you for the house during your life while you can continue using it.

Upon death and depending on the modality, your heirs will be able to choose between returning the money to the bank and recovering the home or collecting what remains of the loan (if anything remains).

During the term of the mortgage, the owner receives an income that has been previously agreed upon with the bank, and that represents a perfect complement to the retirement he is receiving, which allows him to significantly increase his level of income.

Obviously it is a perfect financial operation for those people who do not have descendants or heirs of any kind.