Liabilities and lost money

I don’t know if it’s the weather or the doom and gloom of the markets but it seems that everyone is thinking about tax liabilities and are they going to lose valuable income?  Trying to get a one word answer from friends or picking up information from newspapers only muddies the waters and creates confusion.  The best way forward is to speak to a financial advisor.
Hard as it may seem it is always worthwhile seeking professional help and paying them for it.  In the long run it will offset any excess tax payments and also avoid falling foul of fines and interest penalties.  An assoria will advise on Spanish tax levels and whether or not you need to make a Spanish tax return.
If you feel competent the Spanish authorities will sell you a CD ROM that you can use to complete and present your return.  But remember; there may be other areas within the return that you may not recognise as being relevant to your circumstances. There is also the question of whether you need to submit a return or not. Again it may be wise to seek professional expertise.  They will also guide you through relevant personal allowances and their levels.
There are a number of areas where it is not necessary to make a return even if you are a Spanish tax resident, for example if your UK pension is below the threshold and is your only source of income.  Remember that your individual allowance is not doubled if you elect to make a joint return.
On a lighter note; have you ever thought of how much interest you have missed when you forgot about an old savings account or other fund?  Many people forget childhood savings accounts or if they have remarried forget accounts that were left behind.  The UK government is in the process of dealing with any funds that have been left untouched for 15 years of more.
 
It appears that despite opposition by the House of Lord the scheme will come into force in 2009 and the Dormant Accounts Bill will aim to transfer cash from these unused accounts into a general pot from which proceeds will be donated to charities that are aimed at young people and their how they can manage their finances for life and avoid the pain of debt.
There is at present over one billion pounds sitting in dormant accounts; it is to be hoped that the young will really benefit from any projects that arise.  To this end central government should note the debacle currently taking place within the London Development Agency from dubious schemes being set up and suddenly closing once grants have been awarded.
If you think you have an old account but cannot remember who it is with then a web site has been set up by a consortium of banks, building societies and national savings and investment.  The site is www.mylostaccount.org.uk it has been set up to provide a free search service.  It is being supported by over one hundred banks and building societies so there is a good chance that you will be successful.  You don’t even need to remember what sort of account it was.  If you don’t have access to the internet there are three contact points; the British Bankers’ Association 020 7437 8909, the Building Societies Association  020 7437 0655 and finally the National Savings & Investments 0845 964 5000.
For those of who may remember an old insurance policy, pension or shares there is no such free service at present.   However, in the meantime you could try the Unclaimed Assets Register, it is operated by Experian who also provide credit profiling to the major finance houses in the UK.  They charge a fee of £18.00 for the search, but if you think you may have paid into a pension in a company you worked for many years ago then it may be worth the fee.
For assistance with tax, mortgages, currency transfers and financial information support contact Ann on 661003324, email This email address is being protected from spambots. You need JavaScript enabled to view it..

Additional information