Posts tagged tax saving experts
Precious Assets - Protect Them Will

Sam Orgill of ProACT Expatriate Advice discusses one of life's certainties and the Benefits of Making a Will

Inheritance tax is the last tax return you need to make and can be expensive. With planning taxes of 40% or more can be saved for the family. How do you do that?

What is included? Inheritance tax is charged on all the assets you own or have a share of. This can include; property in Cyprus, UK or worldwide; business value; savings and investment; pensions values; vehicles; and anything else of value in your legal possession at your death.

Your world wide assets are included. That is what you own in Cyprus and elsewhere. Crucially you are assessed for inheritance tax in each country you have assets in, plus the country... Read more. 

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Reclaiming Immovable Property Cyprus Tax Savings

Reclaiming Immovable Property Tax

Sam Orgill www.proactpartnership.com 

How to reclaim immovable property tax on Cyprus Property

Big changes in Immovable Property Tax (IMPT) on Cyprus Property mean that tax savings are available for Expats owning Cyprus Property. Big changes mean IMPT tax savings and rebates are now available for Cyprus Property Owners.

If you own a property with only a contract of sale , since 2014 you are responsible for immovable property tax and should be registered.  This tax is paid through the income tax office.  If not you could pay a higher rate of tax to the developer.  Register as the IMPT payer to save expensive bills from a developer.

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Adding Up Immovable Property Tax Savings

Sam Orgill ProACT Partnership Expatriate Advice does the sums on the new IMPT regime for Overseas Property Owners in Cyprus

Immovable Property Tax (IMPT) in Cyprus is abolished in 2017. But it gets better if you do the math.  In a dramatic modernisation of the Cyprus Property Tax regime, expats owning overseas property in cyprus will have no taxes to pay for 2016 either.

Retrospectively 2015 IMPT is reduced giving a 25% tax saving.  Receipts are being issued with a 25% credit reduction against the 2015 IMPT tax paid. If anyone has not yet paid 2015, not only will there be no penalty for late payment, the 2015 IMPT tax can now be paid until 31/10/2015. After this time penalties will apply for 2015 rising to 25% from 1/1/2017.

That leaves 2016 where a 75% tax saving is introduced retrospectively from the start of 2016. (100% - 75% tax saving = 25% payable). Despite plans to use new, higher, 2013 rateable values, this has been abandoned to stick with the 1980 rateable values, as used in 2015. Meaning the new 2016 IMPT tax due is equal to the discount being credited to the 2015 IMPT already paid.

This can be paid in a number of different ways.

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Paying IMPT Tax 2015 - 2016

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UK Tax Free Savings Secured for Expats

Sam Orgill of ProACT Partnership discusses how Expats can get UK Tax Free Savings in a secured financial environment

Interest from Banks and Bonds

From April 2016 a £5000 tax saving income allowance exists in the UK. This saves £1000 tax. Yes you can earn £5000 in interest tax free.

Also the UK no longer charge tax on bank interest at source, from 2016 you will have to declare and pay tax on saving in a UK tax return or your country of tax residence.

Tax Saving Tip: Build up savings for UK interest free of UK at source and Cyprus Tax

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Expat Tax Saving Checklist

Sam Orgill of ProACT Partnership with Tax Saving Tips for Expats Living and Working Abroad in Cyprus UK

Expat Savers can make more tax savings following changes in the UK Budget and with Cyprus Taxes. 

Tax Savings can extend to inheritance following changes to Wills and Inheritance tax rates in the UK. They also include Pension Freedom to pay 5% pension income tax or lower.

With Property Tax Savings are always available for the shrewd investor in overseas property.

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Savings Taxes Removed in Cyprus for Expats

Tax Saving as Defence Tax Removed for Non Dom Expat in Cyprus

Happy New Year - Defence Savings Taxes are reduced from 30% to 0% for Expats Living and Working Abroad in Cyprus who qualify for the new 'non-dom' tax status for Expats.

Defence levy Savings taxes are now 0% for all non-domiciled Expat Cyprus investors and tax residents for savings, dividends, investments, property rental income and investments.

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Free Review – Inheritance & Saving Taxes

ProACT offer a Free Review of your family situation.  Expats must make written changes of your Will if you want to use the succession rules of your home country.  But consider the impact on inheritance tax at 40% in the UK or other countries. Consider who you want to benefit in your Will, is this possible with your arrangements?

How do you need to change your savings and investments to save tax on defence levy for bank interest, dividends, property rental?

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Origins – Where you are From

Origins – Where you are From

The key driver to the change was the introduction into Cyprus law of a statutory definition of where you are from – domicile.  If you are born in a country with parents from that country then your origin is that country – your domicile. You may be born in Ireland you’re your parents come to UK to bring you up but your origin is the home country Ireland.

If you live in Cyprus for 20 years (and a tax resident for at least 17 of those years) then your Domicile becomes your country of residence

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Migration, Families, Inheritance, Make Wills, Tax Savings Today and Tomorrow

What a 6 months.  Cyprus under scrutiny from the Troika came up with game changing tax changes that reposition Cyprus as a Tax Friendly location for Expats living, working, investing and retired abroad.

These changes impact on the laws of succession affecting Wills, Trusts, and in turn Property, Business and Investments.  The EU inspired legal changes allow new ways to save inheritance tax, a tax residence with no saving or investment taxes, maintain a pension tax environment of 5% income tax, discounts in property taxes on purchase and capital gains exemptions on overseas Cyprus property sales.

How does this affect your Family planning for inheritance, business and overseas property investment? 

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UK Dividend Tax Saving Boost for Expats

UK Dividend Tax Saving Boost for Expats U.K. Dividend taxes change radically under proposals planned to start for 2016-17. Currently UK company dividends are taxed at a flat 10% tax credit at source. This is to be abolished. New taxes are to replace these along with a tax free earnings that give Tax Saving opportunities to small investors and Expats.

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Who Do You Choose to Benefit from Your Will?

Now every Expat must review their Wills to ensure that your Wishes are meet and your assets can be distributed as your wish in your Last Will & Testament. Consider Inheritance Tax, Savings Taxes and Property Title Deeds: to bring your  needs in line with the new legislation.

ProACT Expatriate Tax Saving Expat Experts – Free Review

ProACT can also assist and offer Free Review and advice to Make a Will, provide updates or revisions as required. You may want to make gifts to avoid Inheritance Tax. Gift to Family, Gift to Trust.

This may just give you piece of mind, but also ensures that when someone dies, unforeseen problems, expense and inheritance taxes are avoided.

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If you want to choose who benefits - make written changes to your Will. 

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