Google

VAT and CY Income Tax on UK Commission

All things financial, help and guidance, investments, insurance, etc

Moderator: MarkN

VAT and CY Income Tax on UK Commission

Postby ScattyAnnie » 12 Apr 2015 12:25

I am paid a commission, earnt here in Cyprus, by a UK company to my Alpha bank account.

As it takes me over both the VAT and income tax threshold here in CY, my CY accountant says I have to pay both VAT and CY Income Tax on it.

Is anyone else in the same position? Seems like I'm being taxed twice for the same thing. Didn't realise you have to pay VAT on what is basically an income.

Any advice would be appreciated.

Many thanks.
ScattyAnnie
 
Posts: 452
Joined: 11 Aug 2011 18:11

VAT and CY Income Tax on UK Commission

Sponsor

Sponsor
 

Re: VAT and CY Income Tax on UK Commission

Postby Bazzra » 13 Apr 2015 06:39

I take it you accept there is income tax to be paid as it is earned and remitted to Cyprus (Alpha Bank).
So if you sell something, ie goods or a service, then Vat is normally payable. All business of a certain size are or need to be registered for Vat.
Are you registered for Vat? If you are, then whatever you are registered for needs to be paid for. If you are not registered for Vat, why is he saying this now when he should of advised you about being registered. He should of at least informed you of the why's and wherfore's of his reasoning. Not a lot in your post about your particular situation, but I would caution you about being scammed. You are doing right to asking for advice, but I suggest you see the profesionals in Inland Revenue or the Vat office for their leaflets, or even the dear old internet for Cyprus.Gov.
Bazzra
 
Posts: 606
Joined: 17 Jul 2008 09:44





Return to Mark Nowell's Financial Section


Who is online

Users browsing this forum: No registered users and 1 guest