Cyprus & UK Full Year Tax Returns Due Now - With Assessment
Tax Return Time in Cyprus & UK for Expats Living and Working Abroad
This year sees a change in the way Cyprus Full Year Tax returns are completed and due dates.
Full Year paper returns now due also include a self assessment of income tax due. If a balancing payment is due then that is payable by 30/6/15.
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Balancing Payments
A balancing payment may arise because of under estimation of tax paid in temporary returns, or a change in the exchange rate used for expat pensions.
As the Euro plunged on currency exchange markets last year many expats with overseas income may find a balancing payment now due.
ACTion on Returns
ProACT Tax Return Service is in full flow completing the returns for clients to ensue everything is in order and on time. We are asking clients to forward by email copies of income documents for verification to allow returns to be submitted and advice on any balancing payment made.
Submit on Time
The first deadline for paper returns was 30th April. As is the way this has been extended for a week to Friday 8/5/15. So last chance for paper returns in the next few days.
There is an online option to 31/7/15. Bizarrely the Balancing payment is still due by 30/6/15 - a month earlier. There is method in this paradox; because in practice the balancing payment is not overdue until the end of July.
Our view is get it done and be on time. ProACT can complete online returns for client. Again we need income confirmation emailed to us to allow us to prepare documents.
OK UK Online Tax Returns
By this time we are well on the way with UK returns for this year, required for any UK income from property or investments. Many changes are being introduced for Expats tax overseas by the UK for those living and working abroad.
The changes in rates and allowances means some people may be better to reconsider their tax residency. ProACT offer a Free Online Review of your tax residency to make the most of your tax savings.
The UK tax returns still need to be completed online and ProACT can complete this for you.
Tax Savings
We will review and advise you how best to organise your income and expenses to make the most of tax savings. But still there is tax to pay.
July bring half year tax payments for Cyprus and UK to be followed by the second year end payment in December. READ MORE
Cyprus also have Immovable Property Tax (IMPT) payable to the income tax office from July.
We have addressed the potential increase in IMPT in a separate article - ask for more details.
Free Review – Spring Clean Tax Saving
ProACT offer a Spring Clean free review for tax saving of client’s income and capital to find ways to save tax after April 2015. Act now to make the most of tax savings.
It has been a tough year for everyone - Review your will, pension, savings, investment, pension and property income to ensure you pay the minimum or no tax, avoid currency and investment losses.
Review your Wills to avoid inheritance tax and to make sure you are not tied into fixed Cyprus probate fees and can settle assets outside Cyprus at low cost with the family in control.
ProACT Partnership offer FREE ONLINE REVIEW for Expats living and working abroad and can help save and prosper in the tax saving year ahead.
Sam Orgill
ProACT Partnership - Tax Saving Expert
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