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Old 30th April 2007, 14:00   #1 (permalink)
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Tax on Rental Income

Good afternoon, my first post as a new member, so be gentle.

Myself and partner have a new villa in Kalamar Bay which we are planning to rent out from time to time when we or our family are not in Kalkan.

We want to play everything by the book and would like advise on paying tax on our rental income.

We spoke with our villa builder about this but all we got was a confused look and a reply that amounted to 'dont worry'...!!!!

2 of our friends that also own in Kalkan have said that they are paying an accountant in Kalkan YTL 920 per year.( Ali Tunc is his name ) and his office is between the Kartin supermarket and Breeze restaurant. This takes care of all rental tax implications.

Does anyone have any further information on this before we visit Kalkan on 4th May as we would like to set everything up legally & correctly when we are there, we only have 4 days in Kalkan on this visit.
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Old 30th April 2007, 14:26   #2 (permalink)
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Re: Tax on Rental Income

To me 920ytl sounds very reasonable per yr. because as a company we have to pay 2,400ytl accountancy fees. You are very wise in doing everything properly, as the tax dodgers will eventually get found out and also suffer a massive shock with no clemency!
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Old 30th April 2007, 14:57   #3 (permalink)
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Re: Tax on Rental Income

We also use Ali in Kalkan - unfortunately his english is non-existent and so its wise to take a translator - but our charges seem similar to yours: 950 for accountants fees. There's also some other charges each year - will be asking the forum for a translation - and he will organise insurance for you if required.
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Old 30th April 2007, 15:03   #4 (permalink)
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Re: Tax on Rental Income

You will also find some information here: http://www.gib.gov.tr/index.php?id=1013
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Old 30th April 2007, 15:21   #5 (permalink)
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Re: Tax on Rental Income

Check out the Black Lion site (2blacklions). Click on Property Investment at the bottom and check out the "Income Tax on Rented Property" section. It should tell you all you need to know. Some friends of ours were quoted £80 p.a for accountants fees for their 1 bed apartment in Kalkan.
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Old 30th April 2007, 15:34   #6 (permalink)
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Re: Tax on Rental Income

Hi and congratulations on your new villa.

There's lots of information for renters if you click on the following link...

http://kalkander.org/taxes.htm

Regards,

Jenny
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Old 30th April 2007, 20:26   #7 (permalink)
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Re: Tax on Rental Income

Hi again, I posted a reply on the Trip adviser telling you to try here but you already have!! I told you they would be able to help you here. A very knowledgeable and friendly lot of people.
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Old 30th April 2007, 20:59   #8 (permalink)
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Re: Tax on Rental Income

I pay tax on my rental income.
If you go to the tax office with a Turk you can do it yourself easily enough.You need the piece of paper from the Council giving the official value for your property.Then take that to the Tax Office, fill out the form and pay your money.

The first 2200ytl is tax-free,then they deduct 25% of the remainder for your maintenance costs and you pay tax on what's left.

You'll need someone with you that can speak the language but that's all.

If you don't have a company or any other taxable interests here that an accountant needs to look at you only need a friend to help.You don't need to pay anyone to do it for you.

The amount they want to charge you is three times what I pay in tax !!!!!
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Old 1st May 2007, 07:15   #9 (permalink)
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Re: Tax on Rental Income

Quote:
Originally Posted by Kalamar Bay
Good afternoon, my first post as a new member, so be gentle.

Myself and partner have a new villa in Kalamar Bay which we are planning to rent out from time to time when we or our family are not in Kalkan.

We want to play everything by the book and would like advise on paying tax on our rental income.

.
If you are a UK resident any income regardless whether you have paid tax on it in Turkey has to be declared in the UK.There was a thread a couple of weeks ago covering this.

http://www.turkishliving.com/forums/...ad.php?t=11365
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Last edited by jcrian; 1st May 2007 at 07:29..
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Old 1st May 2007, 17:47   #10 (permalink)
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Re: Tax on Rental Income

Does anybody know if we still have to register the villa as a business if your income is below the 2200ytl threshold? We're new to this and have only one week let this year so will be lucky to break even after advertising fees, commissions etc.
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