I asked mther person who notmally does my tax returns to do my modelo 720 but he says a colleague does them. However, weirdly, instead of giving me his contact details, he says he will speak to him in February, as they are busy right now, and see if he can do it! Which implies I might end up having to find someone new.
Anyway, while waiting, I’ve completed it myself, without actually sending it, just to see what’s involved.
I only have 4 bank accounts to declare, an HSBC UK current account, HSBC UK fixed rate account, and 2 wise accounts, one in pounds, the other in euros. And I take it these all fall under Cuentas abiertas en entidades que se dediquen al tráfico bancario o crediticio y se encuentren situadas en el extranjero.
I understand that I don’t need to report an old Halifax account I closed last year as this is my first 720. Neither do I need to report a very small pension of under 3,000 pounds, as in any case it’s another category and well under the 50,000 euros.
I have statements covering the last 3 months of the year from oct 1 to December 31. I calculated the balances in euros using the European Central Bank for 31 December 24. To get the average I added together all the balances over the 3 months and divided the total by the number of balances.
Assuming I’m right so far, first impression is that it’s quite easy to complete. There is relatively little to enter and oddly many fields are not compulsory anyway. I validated each record, and it comes out as correct though prompting me to enter the foreign country NIF if it exists.
For an expert who fully understands it, this would be about 15 minutes work. And to be honest it didn’t take me much longer once I’d prepared the documents and data. But I don’t feel confident about sending it myself. I know I’m not hiding anything and that it’s all l accurate, but how can I know for sure that I haven’t chosen the wrong code somewhere, or entered information in a format that is not pleasing to hacienda?!
And I’m left with a couple of specific doubts:
My HSBC fixed rate account statement or acknowledgement letter only has an account number, no BIC or IBAN, so I don’t know whether to leave that field blank or just put the same BIC as my current account.
For the two Wise accounts, the EUR account address is Belgium, so I’ve used that country code, but the UK account has both the same Belgium address and a London address, so atm I’ve used the London address and GB country code.
Anyone have any insights?
As I say, I will get a gestor to do this, who perhaps would only need to check/edit what I’ve done, but just trying to get ahead of the game.
Anyway, while waiting, I’ve completed it myself, without actually sending it, just to see what’s involved.
I only have 4 bank accounts to declare, an HSBC UK current account, HSBC UK fixed rate account, and 2 wise accounts, one in pounds, the other in euros. And I take it these all fall under Cuentas abiertas en entidades que se dediquen al tráfico bancario o crediticio y se encuentren situadas en el extranjero.
I understand that I don’t need to report an old Halifax account I closed last year as this is my first 720. Neither do I need to report a very small pension of under 3,000 pounds, as in any case it’s another category and well under the 50,000 euros.
I have statements covering the last 3 months of the year from oct 1 to December 31. I calculated the balances in euros using the European Central Bank for 31 December 24. To get the average I added together all the balances over the 3 months and divided the total by the number of balances.
Assuming I’m right so far, first impression is that it’s quite easy to complete. There is relatively little to enter and oddly many fields are not compulsory anyway. I validated each record, and it comes out as correct though prompting me to enter the foreign country NIF if it exists.
For an expert who fully understands it, this would be about 15 minutes work. And to be honest it didn’t take me much longer once I’d prepared the documents and data. But I don’t feel confident about sending it myself. I know I’m not hiding anything and that it’s all l accurate, but how can I know for sure that I haven’t chosen the wrong code somewhere, or entered information in a format that is not pleasing to hacienda?!
And I’m left with a couple of specific doubts:
My HSBC fixed rate account statement or acknowledgement letter only has an account number, no BIC or IBAN, so I don’t know whether to leave that field blank or just put the same BIC as my current account.
For the two Wise accounts, the EUR account address is Belgium, so I’ve used that country code, but the UK account has both the same Belgium address and a London address, so atm I’ve used the London address and GB country code.
Anyone have any insights?
As I say, I will get a gestor to do this, who perhaps would only need to check/edit what I’ve done, but just trying to get ahead of the game.
