ProACT Sam examines the Impact of Social Insurance Changes in Light of EU Brexit for Expats.
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ProACT Sam celebrates the New Tax Year Changes and Looks Forward to the new challenges for Expats Living and Working Abroad in the year leading to EU Brexit.
With the UK sticking with centuries of tradition, until 1752, the spring is deemed the start of the new year. Whereas seeds were sown and babies made in time for the autumn harvest and winter births.
So it is also time for the start of the UK New Tax Year
Cyprus has a calendar tax year but traditionally tax returns are due in April.
New Tax Year - Spring changes abound for Expat Tax Returns and Rebates.
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Business Start Up costs in Cyprus are expensive and new Expat Business starting in Cyprus should consider their approach to save money and tax in the crucial first two years as the business gets going.
Consider a contractor or sole trader starting a new Cyprus Business. A start new business could pay over Euro 900 per quarter as a fixed social insurance from the outset. While reductions can be achieved with allot of hard work a minimum social insurance tax bill would be around Euro 300 per quarter.
With good planning you could reduce the business set up costs while remaining compliant for income tax, VAT and Social Insurance
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