French Tax Return on leaseback properties

[Killoscully]

I am seeking a competent accountancy firm either Irish or French to complete French Tax returns on rental income and also to make initial Vat refund on a leaseback property.

 

[Rhino 1]

Hi Killoscully,

I have dealt with taxback.com and was very unhappy with the service i got from them - i would stay away from them.

Look for a french accountant.

 

[Paul J]

Killoscully

When buying a leaseback property, the developer usually teams up with an accountancy firm who will look after the VAT refund for all purchasers of leaseback units within the development. The charge is usually in the region of €350 + VAT. There is usually the option to keep this firm on, to look after French income tax returns in future years.

I have recently come across a website http://www.foreigntaxreturns.ie/. I have no connection with these people, have never used their service and don't know of anyone who has. There prices are definitely reasonable.

I would be interested in hearing how you get on, as I will shortly be taking possession of a leaseback property myself

 

[riviera]

The fundamental flaw of the 'leaseback' property is the reason the product was conceived in the first place: lack of tourism infrastructure in not-so-developed areas of France.

The most prosperous areas in the South are Cannes and Nice. You won't find leasebacks there.

On the other hand, I presume there are exceptions and cases where people will make a decent profit from this product. I wouldn't rely on it for the pension, though.

 

[Killoscully]

Thanks for replies.

I have been advised that there are three parts to the tax return for French leaseback - once off VAT/TVA refund application and annual income tax return and annual Vat return - all to the French taxation authority However I need to verify when these returns become due. I have received quotations for these returns including a quotation for three years returns. The property in question in currently being built and will not be completed until March 2007 or thereabouts. There will be no rental income until approx mid 2007. In this situation when should the VAT reclaim be made? When is the first Income Tax return due in France - 2006 or 2007? Are VAT returns necessary and if so when should these returns be made?