Paying Taxes In TRNC

Milou


Joined: 15/10/2007
Posts: 425

Message Posted:
17/01/2008 15:06

Can anyone help!



I have managed to find out that you pay 20 percent of income that you bring into the country. As we're going to use the hole in the machine (Nationwide in UK) for most of our income, do I keep our receipts? Is there an allowance before tax? Do we fill a tax form annually? Where do we register for tax?



I have posted this on another site but think a new post is more appropriate. Any help will, again, be much apprecaited.

Regards

ian-mary


Joined: 11/06/2007
Posts: 39

Message Posted:
17/01/2008 16:14

Hi Milou

Im sorry i dont have an answer for u but i do have a tax question

Does the TRNC have the 180 day rule for people working abroad to be tax free.

The uk has reduced it to 90 days and people from the uk are moving abroad now. So the goverment looses out by not getting tax but also by people not spending in the uk.



cheers ian

Milou


Joined: 15/10/2007
Posts: 425

Message Posted:
17/01/2008 16:25

UK Turk



Thanks for the post on the other forum - we have our government pension and a small private pension.



Thanks



Ian-mary - sorry I can't answer you as I don't know.

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
17/01/2008 21:32

Hi Milou,



Can you tell me where you got the information from, concerning the 20% tax

If this is correct we would be paying tax twice on our hard earned money. Once in the UK and once in the TRNC. Also would this not put people off retiring

to TRNC. They just keep on thinking of things that will stop foreigners from buying and retiring there.



Concerned

Avril

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
17/01/2008 23:21

cant believe this 20% !!!!! come on UKturk put us straight.

Graham


Joined: 20/10/2007
Posts: 397

Message Posted:
17/01/2008 23:27

Probably getting mixed up with the 20% tax on rental income.



Graham

pilgrim



Joined: 11/05/2007
Posts: 1404

Message Posted:
17/01/2008 23:34

Thought rental income was 10% apologies graham not trying to correct you, but thought I read that figure on a previous post.

Graham


Joined: 20/10/2007
Posts: 397

Message Posted:
17/01/2008 23:38

My mistake pilgrim you are right.



Graham

Milou


Joined: 15/10/2007
Posts: 425

Message Posted:
18/01/2008 10:40

Hi Graham



I read this on one of estate agents' list called "living in NC" but I can't remember which one!

UKTurk in another forum has said that he will speak to his accountant and let us know.



Regards

Milou


Joined: 15/10/2007
Posts: 425

Message Posted:
18/01/2008 10:48

Hi Gang



I've just found this on the internet regarding taxes in North Cyprus.



http://www.fma-ltd.com/taxadvice.html

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
18/01/2008 10:55

Cheers Milou .



Still cannot find anything about this 20% re message 1 , as anyone else managed to clarify this ?

Milou


Joined: 15/10/2007
Posts: 425

Message Posted:
18/01/2008 11:02

Hi gang - I found this site is well and as you can see it's quite confusing! I think I'll wait for UKTurk to give me the answer



http://www.shelteroffshore.com/index.php/living/more/retire_in_north_cyprus/



Regards

Barrovian1



Joined: 16/11/2007
Posts: 95

Message Posted:
18/01/2008 15:42

Hi Ian-Mary

The UK has had the 90 day rule in place for a number of years. Starting from April this year, they are also changing that the flying out/in will be classed as days in the UK.

There is an interesting one about a UK air line pilot, who bought a place in Cyprus, you can find it on google, punch in Shepherd v HMRC, and open up the Macfarlanes web page.



Cheers

Bob.