Leap into Action in 2012 -
Sam Orgill of www.proactpartnership.com looks forward to the leap year that is 2012, international year of the unknown future
Phenomenal New Year
Happy new year everyone! 12/12/12 is the date to look forward to, it could be End of Days according to some. The phenomena that may surround 2012 might already have happened if the Euro has collapsed, possible at the time of writing. But our friends the Maya Columbians see 2012 as the end of a 125 year cycle with astronomical alignments and numerological formulae coming together. So much so 2012 has been designated Alan Turning Year being the 100th year of his birth. The great mathematician was a computer pioneer, when you here the term algorithm think Turning. Mind you the UN has also designated this the year of sustainable energy, necessary if we can’t afford the electric bills.
Either way there is a lot going for 2012 and as I see it you have two choices. Firstly decide the world will end before Christmas 12/12/12, or secondly the numbers will be crunched and we have taxes to pay on time or penalties will added up to even more.
Savings Tax Up
Review your circumstance to ensure you are paying the right amount of tax. Cyprus has increased saving tax on bank interest and dividend tax to 17%. You may well already see these higher tax bills on bank statements. You can hold investments free of these taxes as a Cyprus tax resident. If you believe the banks are a safer place than alternatives then review the safest bank. ProACT have advisers to help. Do nothing and pay more tax in 2012.
Tax Deadlines
January 2012:
- Year end Savings Tax is due by month end. Cyprus tax residents should now be paying tax on gross bank interest, property rental income and dividend income. ProACT can assist making these payments and returns.
- If you need a 2011 UK return its due online by month end. A £100 penalty awaits late returns. ProACT can complete this for you. Need help - Ask ProACT
- Self Employed 4th Quarter 2011 Social Insurance payments due. Then rates go up for 2012 big time. If your earnings are below your attributed ‘minimum earnings’ then you must apply now for a concession to pay a lower rate for the whole of 2012. You can save allot of expense but need to make the tax and income return.
- Full year Cyprus tax returns are due from 1/1/12. Only online returns can be made to Cyprus in an effort to improve the time and speed of assessment. These should confirm earnings for business and those with taxable income from abroad. Make sure you get your returns done on time with minimum tax to avoid the new €100 penalty for late returns.
- Catch up Accounting. We come across many businesses that have not kept tax returns up to date. With the tax man looking for revenue an amnesty has been offered to the end of March for all old returns to be brought up to date without penalty. The new annual levy verifies active companies and hence those that should make returns. If you don’t pay the levy your business may be deregistered by the registrar. Now is the time to put your house in order.
Make a Will
If the world does end, have you left instructions for your family to retain control of property and investments, securing their financial future. If you leave it to chance then the family will lose out on your life’s work.
Making a Will in Cyprus saves you time and money but also gives you peace of mind your family benefits in the way you want. Without a Will, the legal and travel bills mount up.
Title Deeds
Don’t wait anymore. There is new legalisation in Cyprus that allows for a speedy resolution of title deed issues. Our UK lawyers can help resolve issues with mortgages or developers in a professional and speedy manner. With money too tight to mention, banks on the edge, protect yourself and get the title deeds in your name now.
ProACT Expatriate Advice
ProACT Expatriate Advice Services are for professionals, business and the retired living and working abroad or relocating overseas include tax & business services, making a Will, inheritance tax and property. ProACT provides cost effective solutions focused around the family business for clients in Cyprus time and money. ProACT offer free reviews for all matters relating to this article.
Sam Orgill
Web: www.proactpartnership.com
Tel: +357 26 819 424 Mail: info@proactpartnership.com
