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Happysoul
Joined: 29/07/2011
Posts: 1
Message Posted:
01/08/2011 11:58 | | Join or Login to Reply | Message 1 of 8 in Discussion |
| I have a house near Belapais which I am currently renting. I pay tax to the Turkish Govt, does anyone know if I also have to pay tax to the British Govt and if so what percentage please? Thanks |
Deniz1
Joined: 28/07/2009
Posts: 3829
Message Posted:
01/08/2011 14:01 | | Join or Login to Reply | Message 2 of 8 in Discussion |
| Why would you have to? Its taxed at source here not in the uk. Dont tell anyone !! |
martinD41
Joined: 06/09/2010
Posts: 3001
Message Posted:
01/08/2011 14:17 | | Join or Login to Reply | Message 3 of 8 in Discussion |
| Why when your house is in belapais do you pay tax to the TURKISH government???? |
the butler
Joined: 22/06/2007
Posts: 1958
Message Posted:
01/08/2011 14:21 | | Join or Login to Reply | Message 4 of 8 in Discussion |
| Happysoul,
The answer is yes, you are required by law to declare any overseas earnings on your tax return. You can however, claim all the usual expenses including the 10% TRNC tax you pay on your rental income in the TRNC. In reality you will end up paying very little tax in the UK but it does keep you on the right side of the law. We did this for 5 years before we retired here in January of this year.
The butlers wife |
Enchanted
Joined: 20/07/2008
Posts: 159
Message Posted:
01/08/2011 17:53 | | Join or Login to Reply | Message 5 of 8 in Discussion |
| Butler
I'm not sure your correct about claiming back the TRNC tax against the British tax?. There is not a reciprical agreement between the UK and Cyprus, so its a double whammy and that means you pay twice.This was why we decided not to rent our villa anymore! |
fosterscan
Joined: 27/02/2010
Posts: 541
Message Posted:
02/08/2011 01:08 | | Join or Login to Reply | Message 6 of 8 in Discussion |
| If the trnc is not reconised you income is not reconised so dont tell them  soul |
the butler
Joined: 22/06/2007
Posts: 1958
Message Posted:
02/08/2011 16:13 | | Join or Login to Reply | Message 7 of 8 in Discussion |
| Enchanted,
Our accountant does our tax returns for us and we gave him the rental tax receipts from TRNC with all other bills, water, electric, cleaning etc. These were then used to offset any tax liability we had in the UK. As stated previously
we paid very little tax if any, however, we are retired with a higher tax allowance.
The butlers wife |
Enchanted
Joined: 20/07/2008
Posts: 159
Message Posted:
02/08/2011 19:08 | | Join or Login to Reply | Message 8 of 8 in Discussion |
| Butler
Our accountant took a big sigh and told us that southern Cyprus was ok because EU. TRNC was classed as Turkey.
It would be nice to hear from somebody who has more experience about this subject....only if you are a retired member of the Inland revenue! |
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