Choose the right procedure
Modelo 714 is the Wealth Tax return, separate from the income-tax return and foreign-asset information returns. Check tax residence, the scope of assets covered and the applicable regional or foral rules. A tax credit or regional relief does not automatically remove every filing obligation. Special inbound-tax-regime taxpayers must check their own Wealth Tax scope.
What to prepare
Gather ownership percentages, 31 December values under each asset’s valuation rule, property details, accounts, investments, insurance, business interests and qualifying debts. Separate exempt assets from deductible debts rather than using one net bank balance. Keep evidence for any main-home or business exemption and for the regional rules applied.
Spanish fields explained
Ejercicio is the asset year, not necessarily the filing year. The general filing tests include a payable liability after deductions/reliefs, or assets and rights above €2 million even without tax due. For the latter test, exempt assets count and debts are not deducted. The taxable base and regional tax-free allowance are a different calculation; use the relevant year’s manual.
How to submit
Use the official Wealth Tax web filing service for the correct year and competent administration. AEAT filing is electronic. Review personal data, regional treatment, valuations, exemptions, deductions and the result, then follow the payment option and complete signature/submission. Check the annual filing calendar; a direct-debit deadline may be earlier than the final filing date.
After submission
Download the filed return and official receipt and keep the valuation evidence. Check Modelo 718 separately: its calculation interacts with Wealth Tax but it is a separate tax and return. A no-payment result does not itself show that 718 is irrelevant. For errors use the correction procedure applicable to the year and return type, not an edited copy of the receipt.