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Cyprus Eastern Forum Index » Legal Questions & Issues » Tax and Pensions
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Tax and Pensions 
Post: #1   PostPosted: Wed Jun 03, 2015 4:50 pm Reply with quote
SilkmaninCyprus
Joined: 15 Oct 2013
Posts: 336
Pictures: 0
Location: Agia Thekla

 
Hello
I am moving to Agia Thekla at the end of this September.
Can anyone tell me what to do about my tax in the UK and can/how I claim any tax back on leaving the UK?
Also, I have a Teachers Pension. What's your advice on having it paid into Barclays in Cyprus or leaving it paid in the UK?
Thanks
Dave

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Post: #2   PostPosted: Wed Jun 03, 2015 6:56 pm Reply with quote
Steve - SJD
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Joined: 16 Jul 2005
Posts: 24941
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Hi Dave,

Good luck with the move!

Re the deposit of your pension - most it seems have their money paid in to
a UK bank account and then transfer whatever monies they need to cover
monthly bills & expenses.

To transfer the money a lot seem to use Currency companies as they find
that they get a better rate than they do at a bank. A regular transfer can
be set up so that it is not a hassle every month. Various different companies
but one that gets recommended quite a bit is Currency Fair who are also Sponsors.
There are other companies offering a similar service.

HTH

Cheers

Steve
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Post: #3   PostPosted: Wed Jun 03, 2015 7:47 pm Reply with quote
Kwacka
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Joined: 24 Sep 2005
Posts: 15488
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Location: Republic of Cyprus

 
Hi Dave,

We've got NHS/OA pensions which we get paid directly into Cyprus bank (Hellenic) account as we don't have property, etc., in the UK.

Supposedly the paymasters can get a better rate because they're exchanging a larger sum for all the UK ex-pats living in the E.U., each month we get are more/less than the preceding month but it doesn't seem worth the pratting about over a few euros. Also makes it easier to fill in the tax returns.

Just nip along to the Tax Office in Dherynia (on the road going down to the hospital) and they'll be able to sort it all out for you; you'll send a form off to UK which is posted back to them, and eventually you'll get a cheque from the UK inland revenue. Don't forget the tax year here runs from January to December.

Here you'll have a choice of the rate of tax you pay; 19,500 allowances and rate is 20% on anything over or 5% on all income.

All the people I've spoken with in various offices here have been very helpful, although some have complaints about the staff.

HTH

HTH

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Tax and Pensions 
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