Taxation: business vs rental income
In this series, we examine implementation issues surrounding the new Holiday Let Licensing legislation
Taxation: business vs rental income
Lawyers and contracts
“Simplex and property problems
Rental agent v property manager
As you have previously read (short term letting in 2008 – new legislation), how you set up your contracts defines the nature of your activity and how your income will be treated for tax purposes.
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Energy Certificate – Certificado Energética.
Some of you may have heard already that also Portugal has to comply with European legislation. One of them is new legislation related to energy and efficiency certificates.
In fact this energy certificate has been introduced already on 1st. of June 2007 which is called phase 1.
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Short term rentals. Alojamento Local.
In the past I have written several articles about the problems we have encountered in recent years with letting private properties to tourists on a daily or weekly base (short rentals).
During the past years quite a few agencies and property owners have been caught by the ASAE (the authority in charge with inspections) and agents and property owners received heavy fines as their properties did not have the correct license.
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Car tax in 2008 This tax is payable each year on each motor vehicle which you own. Starting in 2008 the tax will be paid on the anniversary of the vehicle or the Portuguese licence plate when the car is imported.
You will need both your Livrete and your Titulo de Registo de Propriedade or you “Documento Unico” for the vehicle and your fiscal number and Identification.
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Tourist rental licensing process simplified With more than 330,000 bed spaces rented out illegally in the Algarve, the government has simplified the licensing process in the hope that more owners apply for the tourist rental licence and declare rental income.
In the meantime, ASAE will step up inspections of illegally rented properties.
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One of the tasks of an estate agent should be his ability to carry out valuations on properties. To do this properly one obviously need to have good knowledge of the local market, for that reason it is advisable to appoint somebody who is familiar with the area the property is situated in.
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ALL DRIVERS of passenger vehicles and motorcycles who are 50 in 2008 must renew their driving licence this year.
The age limit for renewing driving licences was previously 65. The change aims to better control the “physical and psychological skills” of drivers in Portugal.
Drivers over 50 will also need to renew their driving licences but only when they reach 60 years of age.
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New road tax rules start on 1-1-2008 OWNERS OF vehicles with Portuguese plates must take note of the first registration date of their car as that is when they will need to purchase their Imposto Único de Circulação (IUC), the national road tax, formerly known as Imposto Municipal Sobre Veículos, following new rules introduced this month.
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With 2007 drawing quickly to a close, it is time to think about tidying up your tax affairs before the year ends. The following is a checklist of things to consider before we enter into a new tax year.
Medical expenses Remember to write your health insurance provider to get an annual statement about the bills that were not covered by the insurance.
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