Kalkan Turkey Forum - EnjoyKalkan.com
The Owners Lounge => General Discussion => Topic started by: Wendy on February 18, 2015, 06:20:37 PM
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We are working out our 2015 Tax return for Ali Tunc.
We have our Gross Income.
Our personal allowance is 3300 tl each
Now the maximum expenses you can claim is 25% of the gross but is that the gross before the personal allowance is taken out or after the personal allowance is taken out? It makes a heck of a difference to the amount to be taxed.
Can anyone throw any light onto this matter? ???
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Your personal tax is deducted then 25% of what's left is deducted and you are taxed on the rest.
http://2blacklions.com/kalkan-property-services/property-investment-turkey/turkish-income-tax-rented-property.htm
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Wendy the latest from the Turkish government site regarding tax on rental properties. the allowance etc change each year but the methodology remains..
http://www.gib.gov.tr/fileadmin/beyannamerehberi/nonresident_taxpayers2010.pdf (http://www.gib.gov.tr/fileadmin/beyannamerehberi/nonresident_taxpayers2010.pdf)
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What also appears to be a fairly well-kept secret is that you don't have to use the standard 25% expenses allowance. You can submit accounts showing actual expenditure rather than an assumed 25%, much the same as for UK tax, which may or may not be to your advantage of course. It is perfectly legitimate - our accounts are done by Ali Tunc on this basis. However you can't pick and choose each year...once you have selected one method, you have to stick with it.
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Just worked our tax out on the personal allowance and 25% expenses rule.
Total tax payable 22ytl. 11ytl for myself and 11ytl for OH
As per our accountant total tax payable is 120ytl, 60ytl each.
The accountant's total charge for doing both our tax returns is 450 ytl.
Is this in line with other people's accountancy charges? Seems rather a lot?
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You can do the return yourself, Lynda, as you have found out the calculation is easy and you can either pay it at the Kas tax office if you are around in March or you can pay at the Ziraat Bank in Moorgate London in March. Needs a bit of research initially to get the translation of the tax form etc but once that is done it is pretty easy and saves you 450 TL per year.
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Me and OH will be submitting tax returns from this year forward for first time , so will be next March when first assessment payment is due , and I suspect it will cost more for account fees than the actual amount in tax that will need to be paid. If I can use a good accountant in Kalian I do not mind paying in the region of 400ytl as puts mind at rest that everything is legal and above board and that is the way it should be. I am out in April so if anyone is willing to PM me contact details of a Kalkan accountant who speak reasonable English that would be great, >> as I do not speak any Turkish at all( something I really want to rectify).
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Thanks for the advice Anne.
I would love to be able to file the tax returns myself, this was my job before I retired.
However, although we are in Kalkan at the moment we're not usually here in March and London would also not be possible. We live in Wales.
Looks like we'll have to stick with the accountant. Always very quick and efficient, just thought it seemed rather a lot for the work involved.
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Lynda
the tax is for the period jan1st-dec31st 2014 and 1st installment should be paid by a deadline near the end of March 2015, but importantly can be paid any time between Jan1st and the deadline, so you can pay the full amount in Feb..
there is a piece on rental tax on KTLN posted today http://kalkan.turkishlocalnews.com/portal/kalkan-news/418803-fifty-shades-of-the-grey-economy-the-taxing-question-of-rental-income (http://kalkan.turkishlocalnews.com/portal/kalkan-news/418803-fifty-shades-of-the-grey-economy-the-taxing-question-of-rental-income)
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Thank you all very much. This has been most enlightening x