Paphos People

I am self employed and moving to Paphos in late September. I shall still be Self Employed, so a tax payer. My tax year runs 1st April to 31st March, so half of my year will be in sterling, but the 2nd half whilst invoices will still paid into my UK bank is sterling, my expenditure will be in euro.

I intend becoming a Cypriot tax payer and realize my worldwide income will be taken into account (not much but it is sterling). I am sure loads of you must have encountered this problem. Is it possible to have a part year up to leaving the UK and start a new tax year from the end of September, or doesn't it matter. Will an accountant be able to sort this out?

Thanks in advance
Jo

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You never get a second chance to make a first impression

When I was thinking of moving to Cyprus I was told that the residency runs from Jan to Dec. As does the Cypriot Tax year.
So for your first year from Sept you won't have spent the required 6 months and a day in Cyprus. So pay tax in UK.

Once you have stayed more than 6 months in any one calendar year and have your residents yellow slip you pay Cypriot Tax.

Please those more informed than me correct me if I'm wrong

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Age improves with good wine

Thanks for that Nev, I didn't realized Cypriot tax year went like that. My accountant will be pleased (think not)

I will use a Cypriot accountant starting next year then.

Jo

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You never get a second chance to make a first impression

Remind me what the max you can earn/get in pension before you pay tax here. We have a pension due shortly and was just wondering what to do with it Julia

You can earn €19,500 before you start paying tax (I think, if I am wrong someone will correct me). But that is your worldwide income, pension, rental income, earnings etc. But following Nev's comment I checked & yes the Cypriot tax year runs from Jan to December, so you have to live in Cyprus for 26 weeks before you can become a Cypriot tax payer.

Jo

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You never get a second chance to make a first impression