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| Confused 2008 Tax. https://paphospeople.com/ppforum/viewtopic.php?f=47&t=9038 |
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| Author: | Doctor Keo [ Sun Jul 26, 2009 10:11 am ] |
| Post subject: | Confused 2008 Tax. |
Is the 2008 tax due by the 31st July? Payment of any tax due from the 2008 tax return, do you have to calculate this yourself and pay the amount you think is due? Or wait until you receive a tax demand? Thanks, Doctor Keo. |
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| Author: | stormy [ Mon Jul 27, 2009 7:41 am ] |
| Post subject: | Re: Confused 2008 Tax. |
Income tax is paid in advance , you calculate what you estimate you are going to earn and pay in 3 instalments starting in August. You will be fined for late payment. Also you need to ensure that you pay the 10% on any interest and dividends . This you pay in the same month as receipt or pay a penalty. If you need further advice go and see Mrs Anestasia at the tax office. |
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| Author: | turn4094 [ Mon Jul 27, 2009 9:17 am ] |
| Post subject: | Re: Confused 2008 Tax. |
[quote="stormy"]Income tax is paid in advance , you calculate what you estimate you are going to earn and pay in 3 instalments starting in August. You will be fined for late payment. Also you need to ensure that you pay the 10% on any interest and dividends . This you pay in the same month as receipt or pay a penalty. If you need further advice go and see Mrs Anestasia at the tax office.[/quote I took my 2008 tax form to the entrance desk and gave it to the receptionist she stamped it and took it from me. She told me I had to pay tax in 2010. I told her I always pay up front but she wouldnt give me the form back. Good job I copied it. How do I know when in 2210 to pay? |
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| Author: | Doctor Keo [ Mon Jul 27, 2009 9:35 pm ] |
| Post subject: | Re: Confused 2008 Tax. |
Thanks for your help – Sorry I appear to have confused Stormy – If I’m not confused enough myself! I was inquiring when the tax and defence levy declared on the annual tax return is payable. Today I took the bull by the horns and took a copy of the 2008 tax return and a copy of the defence levy already paid, along with my calculation of what I thought was due. The payment office seemed happy enough with these copies, and when asked if I should have completed any other forms, the lady said “No.”. This said, upon having the forms, a great amount of discussions went on, and my cheques were returned asking me to return tomorrow with more money. They attached a little note with the extra amount to pay, which amounts to an extra 18% . Which I can only assume that they have added an extra 9% for 6 months on the whole amount even though I paid the defence levy due in July last year. This amount could include a fine although they said it was interest. If anyone can enlighten me what actions I should be taking I would be grateful. |
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| Author: | Paphian4761 [ Wed Jun 23, 2010 9:55 pm ] |
| Post subject: | Re: Confused 2008 Tax. |
Hi to All Income tax is paid in advance in Cyprus and the tax year runs from Jan to Dec, unlike the Uk. Defence Levy Tax ( savings Tax) is dealt with separately. Here is the Tax Calendar for any given year to avoid penalties. By Jun 30 in the current year 1st half - Defence levy assesment must be completed to include worldwide bank interest , Dividends, rental. levy is paid then on the Jan to Jun element. Jun To Dec will be assessed in by Dec 31st By end of July of the current year a self assessment must be completed to include Pensions, employment Rents Etc. NOT BANK INTEREST OR DIVIDENDS If Income Tax is needed to be paid ( your self Assesment calculations will indicate this) You need to decide which Tax method is best for you, 19500 alowance and 20% going up in tiers ( which is how employed people are taxed) or if you have only pensions you can choose 3417 and then a flat rate of 5%. I always calculate both ways for my clients , so they can see clearly. If Income Tax is due then you can pay in 3 installments, July Sep and Dec By Dec 31 you must pay your Defence Levy for the JUN to DEC In the following April you will need to do a Full Return for the Previous year to mop up any diffences. ( If your tax agent has been correct = nothing) Hope this clarifies things |
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