Now with offices in Cyprus
JT Accountants now have offices situated in Cyprus.
Cyprus – Taxation
On becoming a permanent resident of Cyprus, you should notify the local income tax authorities to enrol as a Cypriot taxpayer.
Any individual that resides in Cyprus for more than 183 days during the financial year is required to pay tax on any income generated within Cyprus or from overseas. Currently there are two tax schemes in operation, one for the employed and the other for the retired.
Retired persons benefit from favourable tax rates, with a ceiling of 5% on any income of €3,419 or above. In order to comply for this, retired people are unable to undertake any paid employment. Tax band rates for working taxpayers are more
Cyprus and Double Taxation Agreements with many Countries, Including the UK
No income tax is payable in Cyprus on other sources of income, including bank interest and dividends from shares, although they do incur a Cyprus Defence Levy tax of between 10% and 15% depending on the type of income more
Capital Gains Tax of 20% is payable on the sale of immovable property in Cyprus. No capital gains tax is payable on gains from investments subject to certain criteria.
Inheritance tax is currently abolished in Cyprus.
Cross border transactions are a very complex area within the Vat legislation. It is crucial that your business is fully understands the appropriate rulings in order to be fully compliant.
Selling on Ebay or Amazon or other internet sites to none vat registered buyers are where the rules differ ie. once the seller has breached the vat threshold of the relevant EU country the seller must register for vat in that country.
The thresholds are triggered from €35k – €100k on an annual basis.
ie. in Germany the Vat forms must be completed in the German language.
Each EU country have their own complex rules which must be adhered to under the EU legislation.
The services we perform are:
* Register for Vat in the relevant EU Country;
* Assess each invoice for Vat compliance in the relevant EU Country;
* Prepare and submit the payment or claim;
We are pleased to tell you that we have recently formed the Phil Bardsley Foundation and has now been entered in the Register of Charities with effect from the date of this correspondence. The following link directs you to the Charity Commission
We are located a stone’s throw away from Manchester United’s ‘Theatre of Dreams’ Old Trafford the biggest football club the world has ever seen.