Start-up to Cyprus (UK Citizen) Start-up to Cyprus (UK Citizen) Kyriakos Tramountanellis x / Thursday, May 12, 2022 0 85 Article rating: No rating I am shortly moving to cyprus and I have to work. Atm my business is in uk and I am hoping to continue this by making return trips to the UK. I do also want to start up in cy as self employed. My question is who do I pay my tax to? , do I continue to pay my tax to the UK even though I won't be residing there? Or do I include my earnings with cyprus tax . Read more
Digital Nomad in Cyprus Digital Nomad in Cyprus Kyriakos Tramountanellis x / Thursday, May 12, 2022 0 68 Article rating: No rating I found a remote job at a German company that allow me to work from Cyprus. Now i'm searching and comparing consultant services to help me setup the best tax system, so that i pay the least amount of taxes on my salary. From what i already know, i can pay about 2,65% of taxes on my salary, if i stick to certain rules like being in cyprus for XXX days per year and being in other countries for XXX days per year. Read more
Funding Scheme for the introduction of an Ecological Management and Control System in Businesses. Funding Scheme for the introduction of an Ecological Management and Control System in Businesses. Kyriakos Tramountanellis x / Wednesday, May 11, 2022 0 65 Article rating: No rating Σχέδιο για Πράσινη Οικονομία για επιχειρήσεις Read more
New Funding Scheme for the installation or replacement of a solar water heater in homes New Funding Scheme for the installation or replacement of a solar water heater in homes Kyriakos Tramountanellis x / Wednesday, May 11, 2022 0 67 Article rating: No rating Σχέδιο χορηγιών για εγκατάσταση ή αντικατάσταση ηλιακού θερμοσίφωνα σε κατοικίες ύψους €600 χιλ. Read more
Πρόγραμμα Σταθερότητας Κύπρος 2022-2025 Πρόγραμμα Σταθερότητας Κύπρος 2022-2025 Kyriakos Tramountanellis x / Tuesday, May 3, 2022 0 74 Article rating: No rating Nέο Σχέδιο Σταθερότητας για τη Περίοδο 2022-2025. Read more
Are you letting your villa in Cyprus? What about VAT! Are you declaring your sales via the Cyprus VAT system? If not then this article is for you. Share Written By Kyriakos Tramountanellis Tags 19%9%airb&bairnbnbbooking.comcompany ownercyprus companiesCyprus Lettings & VATCyprus VATGiovaniholiday visitorproperty lettingvalue added taxvat 2021-09-23 All Cyprus property owners who let their villas / properties and exceed the VAT threshold of Euro 15,600 must be VAT registered and start charging VAT. The applicable VAT rate is usually 9% however this must be confirmed by your accountant or vat expert as the entire arrangement with the property management company must also be examined before determining the correct applicable VAT rates. All property owners must be VAT registered? The compulsory VAT registration for property owners (as for all physical or legal persons exercising business activities) is Euro 15,600 within 12 consecutive months. Hence, if you have been earning more than 15,600 per annum in rental income you must become VAT registered and account for VAT on your rental income at the applicable VAT rate. What happens if I have not been registered? You should voluntarily register the soonest possible. We can assist you with the entire process. What are the penalties and fines for omission to be VAT registered? 10% on the VAT amount due + interest + Euro 50 for each late VAT return submission. In other words, the penalty is significant and should be taken into consideration. If the discrepancies took place up to 7 years ago then the VAT penalties and fines could be in the region of Euro 10k – 15k + the actual VAT amount due which will be calculate on the rental income exceeding the Euro 15,600 multiplied at the applicable VAT rate. So please be careful and become VAT registered if you exceed the threshold! How will the VAT find me!!! - Very Easily! Here comes the bad news. It is so easy to be found that we urge you to become VAT registered. The Cyprus VAT or Income Tax Office can request statements from the management companies or booking software you are using such as Booking.com, Airbnb, Cyprus Lettings and so many other companies and obtain the total rents you have received per annum up tyo 7 years back. On top of those fees, you will have to pay the applicable VAT rate (9% or 19%) depending on the arrangement with the property letting company + the above penalties and fines explained. What happens if I own a property management company? Again, you will have to charge VAT however the manner and VAT rate depends on the commercial agreements with the property letting companies and the property owners. Feel free to contact us to explain you the logistics and different vat treatments that apply in your case. T:+357 99 428 543 E:kt@cyprusaccountants.com.cy I hope you found this article useful, looking forward for your comments!