About Sabrina L. Williams

Although I was born in the UK, I moved to the Canary Islands, Spain at a young age and I haven't looked back. The Canaries is a fantastic place to live, I mean you can do all types of outdoor activities practically all year round because of the great weather. Horses are my poison but the islands are also a superb spot for water sports so they do attract a lot of attention from people around the world. Anyway, enough about that. Back in 2011, I made one of the biggest, scariest yet best decisions I'd ever made and set-up my own business in the middle of a recession. I love what I do as no two days are the same, plus Spanish law keeps me on my toes as it is constantly changing (often without warning!) so there is always something new to learn. As I've branched out in the world of Administrative Consultancy, I decided to create a blog to discuss topics of interest to others in my industry and my clients, share tips and experiences, to see what new ideas people have for improving their businesses and the like so I hope you'll find the time to join me on this venture...


We’re less than two hours away from ringing in 2019 in the Canary Islands but work is far from over. There are some important changes regarding the General I.G.I.C. (Impuesto General Indirecto Canario) Rate, the rate that affects the majority of businesses. Earlier today, the Canarian Government published Ley 7/2018, 28th December, General Canary Islands’ Budget 2019, which states the General I.G.I.C. Rate will be reduced from 7% to 6,5% for all delivery of goods or services that are not subject to other I.G.I.C. Rates from 1st January 2019.

This means that from the 1st January 2019, the I.G.I.C. (value added tax) for any sales or services provided must be calculated at 6,5%. All invoices or estimates provided to customers must factor this change, even if a quote was initially accepted in 2018.

This marks the second change in six years as the General Rate was last modified in July 2012 where it  was increased from 5% to 7%.

 


This week has seen unprecedented Supreme Court action that has unleashed all kinds of mayhem on an internal level, not to mention the consequences this has had on the financial sector. Over the past few years we have seen thousands of court cases revolving around the financial sector and their methods when it comes to granting mortgages. The primary issue was in relation to the infamous Floor Clause inserted in mortgage agreements (in many cases without advising the mortgage holder!) but a Supreme Court ruling in favour of mortgage holders obligated banks to reimburse any benefits obtained which could be a few thousand euros per case. The secondary issue and the one this article referrs to has to do with reclaiming the Stamp Duty paid on the Mortgage Deed.


Following on from my April post on the same subject, it has been confirmed that sole-traders, professionals and business owners must pay four euros more than they have been paying since the last increase in July 2017. This is due to approval of the General State Budget which raises the minimum base rate from 919  euros to 932 euros, meaning that those who pay the minimum contribution will pay 279 euros per month from now on.

It isn’t all bad news… 520 million euros have been allocated from the State Budget to improve sole-trader conditions to include additional help for start-ups, better rates to hire employees and support for those who have children and/or dependents. This is turn will also include better pensions (we hope!).

 

 


Following on from when new Data Protection Laws were first reported, this is a reminder that the deadline for these laws to come into force is now extremely close. After four years of debate, new regulations were approved which means that in line with European Directives, come the 25th May 2018, we say goodbye to the old system and say hello to the General Data Protection Regulation (GDPR). In Spain, this means the Ley Orgánica de Protección de Datos (LOPD) is being replaced by the Reglamento General de Protección de Datos (RGPD).


We are now into the fourth month of the year and the changes keep coming! This time it has to do with the monthly contributions, sole-traders must make to Social Security but as was the case last year, the contribution was not altered in January, instead it was left until July and it looks as though the same is going to happen this July as well. The General State Budget for 2018 was approved on the 27th March of this year and in it a 1,4% increase on these monthly contributions was approved which equates to approximately 3,88 euros. I can imagine that some will breathe a sigh of relief because last year, the increase was almost double but at the end of the day, it is still less money in our pockets at the end of the month.

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