January 3, 2016 at 3:37 pm #224020
It looks like this year we may be paying tax in Greece on our UK income for the first time. Can anyone explain how they do the conversion from £ to euros for your income. Do they base it on a specific date for example? Just wondering to what extent the amount of tax paid is at the mercy of changing exchange rates. Thanks
January 3, 2016 at 7:03 pm #224021
Not an expert on this but I believe they will apply and “average” exchange rate calculated from the year…
January 7, 2016 at 1:50 pm #224060
Thanks for this (and sorry for the delay in replying, I didn’t get an email notification). I suppose that is the most logical and fair thing for them to do.
I’d be interested to hear from anyone who is actually paying tax in Greece on their UK income and can give us any pointers based on their experiences. Especially anyone living in or near Kalamata…
January 7, 2016 at 2:04 pm #224062
Drop a PM to “Sundodger” I’m sure he will advise you……He does not come on this site that often now, or pick him up on the Stoupa site……
January 10, 2016 at 3:43 pm #224085
I work for a law firm in England, over the internet via Citrix, from my home in Lefkada, Greece. Because the UK and Greece are part of the EU, when earning an income in the UK but actually physically working for the UK firm in Greece means that you can only pay your tax in Greece. Check with you rlocal tax office in the UK, as I have a Nil Tax Code in the UK and only pay NI there.
With regard to paying the tax here in Greece and in answer to your question, my Accountant requests that I work out the conversion from £’s to Euros before I go to her to fill out my annual tax return. The calculation is done on a monthly basis, at the conversion rates set by the Tax authorities’ approved website. It is not worked out as an average over the year. She did give me the web address of the specific website where the Tax people get their monthly conversion rates from, but I seem to have mislaid it. Your accountant should be able to tell you which website it is, but I will ask my Accountant for the name of it again (as I am going to have to do mine again shortly) and get back to you as soon as I can.
January 7, 2016 at 2:06 pm #224064
Okay, thanks. I will try this.
January 7, 2016 at 4:47 pm #224066
I suspect you already know “sundodger” but he is under another name on the Stoupa board. The avatar is the same however.
January 7, 2016 at 11:42 pm #224068
January 8, 2016 at 5:52 pm #224069
Hi Mags…I do still have a quick look in occasionally, but up to recently been busy with various projects & also supplying the local expat community with the sort of goodies you can’t do without
If you p.m. me I will try to give you as much information as possible, as far as I am aware.
January 8, 2016 at 8:25 pm #224070
Hi – Just tried to sent a message but it won’t send ! Have sent a message with email address – If it works…Damn frustrating !
January 10, 2016 at 11:27 am #224084
Brilliant, so the lucky sods get to eat your delicious goodies!
Maybe sjs can enlighten you on how to pm.
January 10, 2016 at 5:55 pm #224086
Thanks for all the replies and sorry if I seem to be ignoring them – for some reason I am not getting email notification of replies despite having ticked this option.
Sundodger – you may not have been able to pm me as I don’t have an avatar. I did try to add one but my pic is either too big or too small, the slightest change in size moving it from one to the other, and I have no idea how to rectify this. Any suggestions would be appreciated. Anyway, I will send you my email address by pm if that’s okay.
Elaine – thanks for this, good to know how it all works.
Riever – now Sundodger has posted I suspect I do know him.
January 28, 2016 at 1:12 pm #224474
Looks like this is yet another thing that varies from accountant to accountant. My husband’s vocational pension from the UK is taxed here. We get the firm which pays it to provide a letter every year giving the amount in sterling. The accountant then makes the calculation according to the tables quoted. He’s never asked us to diy.
September 4, 2016 at 3:45 pm #229881
My accountant bases the conversion of GBP to Euros on the rate it is on 31st December that year.
My husband pays tax in UK on his pension, and I believe the amount is taken off the tax we pay here (which is a lot).
September 4, 2016 at 9:09 pm #229882
If you are retired and have no income from Greece then you pay no tax. We pay in the UK and only pay on our house and the luxury car tax, which I understand has been scrapped.
September 5, 2016 at 4:34 pm #229883
We pay in the UK and only pay on our house and the luxury car tax, which I understand has been scrapped.
OK confusion reigns !!
What’s been scrapped – house tax, luxury car tax or your actual luxury car ?!?!
Also what defines a car as luxury – because our car is a luxury to us and it’s only a 6 year old Fiat Doblo !
September 5, 2016 at 6:26 pm #229884
House tax should be with your accountant now (?).
Any car with engine capacity over 1950cc is “luxury”
Still got the motor, going for its first KTEO end of next month.
September 6, 2016 at 9:21 pm #229886
Aha all becomes clear
October 2, 2016 at 10:55 am #229931
Just to reiterate what I have said before on the Tax problem, under the Dual Taxation Agreement between Greece and the UK, if you reside in Greece for more than 186 days each year, you are classed as a Greek Tax Resident, and are therefore required to pay Greek Tax on ALL your income – from all sources. You do not pay tax in both the UK and Greece, but have to apply to HMRC for exemption from paying UK tax. Been through all this over the last year, and am now having to pay approx. 3 times the tax I would be paying in the UK. Of course you can always try and keep under the radar, but with “plastic” money, computerisation and other innovations creating a “paper trail”, just be wary. Hope this helps.
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