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  #21 (permalink)  
Old 27th June 2019, 08:55 AM
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Originally Posted by mikensue26 View Post
Am I correct in saying tax forms are completed in July for the current year starting Jan 1st to Dec 31st.
Many of my friends here usually complete two returns as you have suggested - one in Jul for the period 1 Jan - 30 Jun using an interim exchange rate, and one in Jan for the period 1 Jul - 31 Dec using the official average exchange rate as promulgated in the Tax Office at the end of each year. When done this way, the official exchange rate is applied for the whole period and may result in an adjustment of the amount owed overall against the amount paid on account in July.

My returns are done through my tax consultant, and like Nigel, they are only required once a year for the period 1 Jan - 31 Dec. Returns are done now online (due before the end of April and payment is also done online via JCC, due before the end of June). Iím not sure if the new requirement to file all Cyprus tax returns online with effect from 2019 means that those who submit 2 x 6 monthly returns must now submit an annual return.

I have 2 x service pensions (one is for 25 years Royal Marines service and the other for 17 years Army service). Proof of pension income is provided by the annual P60s which I receive from Equniti every year. As I am taxed in Cyprus, my P60s indicate a NT UK Tax Code (ie No Tax).
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Old 7th August 2019, 12:25 PM
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Originally Posted by David_&_Letitia View Post
Many of my friends here usually complete two returns as you have suggested - one in Jul for the period 1 Jan - 30 Jun using an interim exchange rate, and one in Jan for the period 1 Jul - 31 Dec using the official average exchange rate as promulgated in the Tax Office at the end of each year. When done this way, the official exchange rate is applied for the whole period and may result in an adjustment of the amount owed overall against the amount paid on account in July.

My returns are done through my tax consultant, and like Nigel, they are only required once a year for the period 1 Jan - 31 Dec. Returns are done now online (due before the end of April and payment is also done online via JCC, due before the end of June). I’m not sure if the new requirement to file all Cyprus tax returns online with effect from 2019 means that those who submit 2 x 6 monthly returns must now submit an annual return.

I have 2 x service pensions (one is for 25 years Royal Marines service and the other for 17 years Army service). Proof of pension income is provided by the annual P60s which I receive from Equniti every year. As I am taxed in Cyprus, my P60s indicate a NT UK Tax Code (ie No Tax).
Hello David & Letitia
I have not completed any tax forms as yet.
This' official average exchange rate as promulgated in the Tax Office' Is this figure available on the web site during January?


Last edited by mikensue26; 7th August 2019 at 12:27 PM.
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Old 9th August 2019, 06:18 PM
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Originally Posted by mikensue26 View Post
Hello David & Letitia
I have not completed any tax forms as yet.
This' official average exchange rate as promulgated in the Tax Office' Is this figure available on the web site during January?
Iím 90% certain that it is not promulgated anywhere except in the Tax Office. However, as my tax consultant does all my returns online for me, I canít be 100% certain. Many of my friends, though, describe a delay before the official average rate is actually displayed. Some friends I know actually ignore the promulgated rate and instead, work out their own exchange as accurately as they can over the year based on when they actually exchanged currency £ to Ä. No one has ever, to my knowledge, been questioned or Ďpulledí by the Tax Office for doing this, even when it works to their advantage.
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Old 9th August 2019, 07:44 PM
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As far as I am aware, there is no official Sterling/Euro exchange rate. I asked at the Tax Office in Limassol what rate I should use and they advised me to speak with my accountant.

Also, on another bulletin board someone asked what exchange rate they should use I advised them to use the average ECB rate I referred to earlier. Several replies followed and number of weeks later smeone gave the 'official' figure, which was the same as the one I used.

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Old 10th August 2019, 08:01 AM
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Originally Posted by mikensue26 View Post
Hello David & Letitia
This' official average exchange rate as promulgated in the Tax Office' Is this figure available on the web site during January?
Having just checked the Cyprus Tax Department Website, the information is there, but whether the site is updated on 1 January each year, I don’t know. Tax doesn’t have to be paid until May/Jun, so I’m sure that the information would be provided in reasonable time! Here is the link to the Relevant page of the Cyprus Tax Department.

https://www.mof.gov.cy/mof/tax/taxde...7?OpenDocument

By clicking on the link for average annual exchange rates, it takes you to pages controlled by the ECB to gather the information. Here is the link to every annual average exchange rate from 2000-2018 which is quite interesting. Clearly it gives the € to £ rather than the other way around. (Scroll down).

https://sdw.ecb.europa.eu/quickview....GBP.EUR.SP00.A
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Last edited by David_&_Letitia; 10th August 2019 at 08:04 AM.
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Old 10th August 2019, 08:18 AM
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Hi David & Letitia

The links to the exchange rates you've given are the daily rates. To get the average over the year visit https://www.ecb.europa.eu/stats/poli...ph-gbp.en.html

Select GDP vs EUR to get the conversion from Sterling to Euro.

Complete 'From' and 'to' for the period and select.

For 2018 you will get this:

Change from 1 January 2018 to 31 December 2018
Minimum (28 August 2018): 1.1028 - Maximum (17 April 2018): 1.1590 - Average: 1.1304

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Old 12th August 2019, 11:46 AM
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Thanks Nigel.
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