Area Updates
Turkish Tax News
Dear fellow renters / property owners,
I don’t know if you are aware but there seems to be a blitz by the Turkish taxman on “foreign” owned properties in Turkey that are being used for rental. We have several properties and two of them have had visits by these gentlemen. Luckily only one client was subject to the " inquisition" the other was empty however this was not a pleasant experience for our clients. We have seen a number of newspaper articles stating we are "clandestine hotels" and losing the Turkish economy income.
In Kalkan they were knocking on doors at 1am in the morning if they saw lights on and posting letters through doors telling people to report to Kalkan town hall to speak to tax people from Ankara.
I know fellow renters in Kalkan that managed to find an accountant to assist them but he spoke no English, they had to have their own interpreter and he charged £100 for minimal help.
Oakwood Abroad owns 8 properties in Turkey and runs its own rentals service.
The parent company is Oakwood Finance an award winning registered investment / mortgage company based in Coventry, West Midlands regulated by the F.S.A. Its overseas investment / property company Oakwood Abroad www.oakwoodabroad.co.uk was formed in 2002 to manage its rentals and investments overseas and to offer its clients an overseas property portfolio.
Oakwood has an associated similar company in Turkey www.barisconsultancy.com that handles its legal / tax / insurance business based in Fethiye. Wishing to provide a full service we are now expanding our Rental Service company and also offering the below tax service.
In association with Baris Consultancy we will for properties anywhere in Turkey:
- Provide a translation into English of the Turkish tax form similar to our own self assessment tax forms.
- Provide a translation back into Turkish from the details given on the tax form.
- Submit the relevant forms to the tax authorities after calculating all allowances available under Turkish tax law and confirming those figures with yourselves.
- Provide a laminated “ plaque” in Turkish that you can affix to your property informing any tax investigators that you are registered for tax with Baris Consultancy and that if there are any problems to contact his firm and he will resolve them for you, there will be no extra charge for this
Baris Consultancy is presently in talks with the tax authorities so that once registered hopefully there will no need for visits to your property (s)
Simply provide us with the amount of rental income you say you have made and we will provide you with the tax figure you have to pay after your allowances. If this is agreeable we will submit the tax forms and the relevant monies and of course provide all documentation to yourselves.
The Cost. The annual cost for the above will be £100 inclusive of all costs. A registration fee of £25 will be required to provide you with a “plaque” and to place your details on a data base. In February 2008 you will be contacted and asked for the rental figure you wish to disclose and we will tell you the amount of tax due after allowances, if this is acceptable this figure will be paid along with the remainder of the annual cost £75. These monies can be paid in Turkey or in the UK to Oakwood. Full receipts issued.
If you need to make any tax submissions for the season 2005 / 2006
please contact us urgently.
Turkish tax law has severe penalties & sanctions and punitive interest will accrue on unpaid taxes. Should you have any concerns or just wish to have a chat please feel free to call, there will be no obligation.
Contact us about our other rental services in the Fethiye area.
