declaring interest in the uk

daver


Joined: 28/08/2007
Posts: 36

Message Posted:
02/04/2008 13:00

Hi all just a quick question do you have to declare your interest earned on your savings in your bank account in Kyrenia , we live in the uk and holiday 3-4 times a year in Kyrenia using interest earned to basically pay for everything while we are out there or do we just keep quiet about it

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
02/04/2008 13:08

hi daver

that is a question you should really be asking yourself becuase that is tottaly down to your own discreation, the monies you earn are already taxed in cyprus and if you want to to tell the tax office in the u.k it is down to you even thou it is probabley classed as a second income

regards

ukturk

daver


Joined: 28/08/2007
Posts: 36

Message Posted:
02/04/2008 13:56

Thanks for that info , think i will be keeping quiet then .

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
02/04/2008 15:48

daver



Strictly speaking you should declare the interest to HMRC failure to do so may cause a problem.

wackyjim



Joined: 04/06/2007
Posts: 760

Message Posted:
02/04/2008 15:59

Daver



You say you will just keep quiet



Why then broadcast it on a public forum???? You just never know who looks at these BB's I know for sure that some of the spanish villa owner sites get monitored.



Mu advice is if you elect to show an e-mail address then never disclose too many personal secrets.



Jim.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
02/04/2008 16:15

wackyjim



First class advice

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
02/04/2008 16:17

Here's a question for you. How can you declare it to the tax office? they would have to recognise the TRNC as a Country.

steelman550


Joined: 06/01/2008
Posts: 41

Message Posted:
02/04/2008 16:26

Hi kazzie,



Good point, No scruples when it comes to collecting money.

Same as don't buy in the North but it's safe to buy in the South.

I'am sure there are loads of land in the South belonging to T Cypriots.

That doesn't seem to matter.

ukturk



Joined: 01/09/2007
Posts: 1974

Message Posted:
02/04/2008 16:27

hi kaz

it has got nothing to do with kktc being reconised, it has to do with the person who is a british citizen and all british citizens are eligable to pay taxes on any income recevied either it be a primary income or a secondary income, the only way to avoid paying it is leaving the money earned in the bank account in cyprus or just spend it while you are on holiday, and its like wackyjim has said you should keep it on the down low just in case these forums do get screened

regards

ukturk

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
02/04/2008 17:12

orangekazzie



The long arm of HMRC stretches far and wide, take the case of prostitution in the UK it is illegal, yet the prostitutes have to pay tax on their earnings.



The taxation system in the UK relies on people declaring extra income, interest, capital gains etc etc, if you don't and HMRC find out you will have a major problem,(fines etc etc)

brian24001


Joined: 23/03/2008
Posts: 606

Message Posted:
02/04/2008 18:03

Uk tax rules:

You are, whether you are a UK citizen or not, legally obliged to declare (even if not asked) you 'worldwide' income/interest/earnings, if you spend more than 183 'nights' in any one tax year, or, on a 4 year rolling average more than 91 nights per year in the UK.

Your citizenship has nothing to do with it, it is a 'residence' tax.

There are a few loopholes, but you will be lucky if you qualify.



Also, on the subject raised by LC on the lenght of the arms, the UK HMRC is currently looking at UK citizens with PO boxes in the ROC.

This was posted by a chap (on trncvillaowners) who qualified the news by stating he knew personally one of the officers of HMRC who were privy to the infomation as that person refered to him as 'dad'

Tatlisu4me


Joined: 26/01/2008
Posts: 436

Message Posted:
02/04/2008 18:41

Also UK banks have to disclose to the UK I.R all monies transfered abroad.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
02/04/2008 23:21

Many many British people think that because they live abroad they are outside the reach of HMRC, the majority will even be clobbered with inheritance tax, then there is capital gains tax.



Gordon and his mob have neatly closed the vast majority of loopholes.

brian24001


Joined: 23/03/2008
Posts: 606

Message Posted:
03/04/2008 08:24

You can avoid inheritance tax by being non-resident for 5 years, plus you must sever all finanancial ties with the UK, i.e. no UK bank account, premium bonds, etc, etc, pensions can be held but must be frozen, the list is easy to fall foul of.

But there are easier way to avoid it, just need the right advice.