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Welcome to TaxTeam Consulting, a service company whose team has over 10 years of experience in assisting individuals with their taxes and fiscal matters in Portugal. Based in the Algarve, TaxTeam Consulting focuses on helping Self-employers, Digital Nomads, Freelancers and individuals establish themselves in Portugal.
Perhaps you are a digital nomad who wishes to offer freelance services while enjoying the riches of Portugal or someone who wishes to maximize the investment made in a property through local lodging - Alojamento Local - or long-term letting. At TaxTeam Consulting, we are well aware that it is very easy to get lost in the bureaucracy, so we will be by your side to guide you.
If you wish to become a Freelancer or a Self-employed Independent worker in Portugal, the first step is to register your business activity with the Portuguese Tax authorities. As long as your income is below €200,000 per year, you may benefit from the Simplified Regime which is the simplest and cost-effective, with an assessment based on a fixed percentage, depending on the activity and income received.
Prior to making your Self-Employment Business Registration, both your expected income level and VAT regime under which you will operate have to be considered. Although the VAT exemption regime means that you will not charge VAT on your invoices and, therefore, you will not have to deal with periodic declaratory obligations and eventual VAT deliveries to the State, on the other hand, you will not be able to deduct VAT expenses with your activity.
Once your registration has been confirmed, mandatory invoices must be issued within the deadline using a licensed invoicing software or through the online green receipts. In Portugal, monthly contributions to Social Security are mandatory for all self-employed, except for Local Lodging activities, to guarantee stability and continuity over the course of the contribution career and assure future pension entitlements, as well as other social benefits associated with occurrences of unemployment or illness. Newly established self-employed are entitled to 12 months exemption of monthly Social Security contributions.
The Portuguese Non-Habitual Residency program have been attracting foreigners, especially pensioners, due to the 10-year tax-free exemption, and freelancers, digital nomads or self-employed whom work on a scientific, artistic or technical profession activities (professions that usually require an advanced degree of qualification) with a 20% flat rate. Until the 31st of March 2020, pensioners benefitting from the NHR status enjoyed a 10-year tax-free exemption, however, as of the 1st of April 2020, new NHR applicants are taxable at 10% on foreign pensions which is relatively low when compared to usual Portuguese income tax rates that range from 14,5% till 48%.
While there are several conditions and rules to be met in order to apply for the NHR status registration, at TaxTeam Consulting you will find all the help you need to obtain residence in Portugal and then apply for NHR with the Portuguese tax authorities. Already a Resident in Portugal? Contact us to find out if you may still benefit from the NHR program.
In 2014 Portugal published a specific legislation for those that wish to rent their properties to tourists. A business activity must be registered with the Tax Authorities and a License with the Tourism of Portugal and Local Council must be requested.
To be compliant with the Portuguese Authorities, TaxTeam Consulting offers you a comprehensive service to help you with the necessary fiscal requirements such as: Reporting income to the Tax Authorities, Bookkeeping, Fiscal Representation, VAT returns, advisement, as well as tourist reporting to the Immigration and Borders Service (SEF), while benefiting of the lowest taxation rate so you may focus on what really matters to you.
The fiscal year in Portugal corresponds to the calendar year (January-December) which means the Personal Annual Income Tax Return submission period is on the following year between the months of April and June.
If you are a tax resident in Portugal, your worldwide income, irrespective of the location in which it is obtained, must be declared in Portugal together with any other income you might have received during the year. If you are a Non-resident that has earned income in Portugal, you are also required to file an IRS tax return.
The Portuguese law sets specific deductions and allowances for each category as to take into consideration each specific taxpayer individual situation. The tax rates for Residents in Portugal are progressive and vary from 14,5% to 48%. Contact us and we will be happy to assist you with your IRS in Portugal.
We could say anything we want about ourselves, but we think it means a whole lot more coming from clients we’ve been fortunate to work with.
Here is what our clients have to say about working with us.
A high degree of knowledge, affordable pricing, rapid response to any question on tax and A.L. and last but not least friendly and always correct. So, highly recommended !
I am very happy with TaxTeam Consulting guidance etc, Re moving to Portugal and my Taxes
There is a stigma that starting your own business is risky and scary, however with TaxTeam’s precious help everything became easier. Undoubtedly an invaluable ally to achieve success.
We are very satisfied with the service! We are very happy to find Tax team consulting, they have a lot of knowledge and experience, and for us very important; they are pro-active. We don't know all the tax rules, so we really need to have a good accountant! A good accountant is a must for running an economic activity!
We have worked with Paula for years and immediately followed her to TaxTeam. The team offers rapid service & response, extremely knowledgeable in all matters, always helpful and patient in explanations, charming and friendly. Highly recommend.
Thank you for your patience and all the additional explanations and details whenever I have needed them. The Portuguese regulations are very different to those in the uk but you make it much more simpler for me to understand with your supporting. Thank you
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