When Greek and Cypriot individuals and businesses venture into the UK for work, investment or relocation, they’re often faced with a range of financial and tax-related challenges. The UK’s accounting and tax systems are detailed, and understanding them is crucial for compliance and success.

At Nicholas Peters, we specialise in accounting for Greeks and Cypriots, offering services tailored to their unique needs. Our bilingual team combines expertise in UK tax regulations with a deep understanding of the Greek and Cypriot cultures. Whether you’re managing cross-border income, setting up a business or ensuring tax compliance, we’ll guide you every step of the way.

Why cultural understanding is important

Tax rules and financial regulations may appear universal, but cultural considerations can influence how services are delivered. Greek and Cypriot clients often have specific priorities, such as the importance of family financial planning or preserving assets across generations. These values influence decisions around inheritance tax, property investments and more.

Additionally, Greece and Cyprus have long-standing tax treaties with the UK. These agreements prevent double taxation, ensure fair treatment and often provide reliefs that can significantly benefit individuals and businesses. Knowing how these treaties work – and how they can be applied to your circumstances – can make a real difference.

For example, the UK-Cyprus treaty allows reduced tax rates on UK-source dividends, while the UK-Greece treaty provides guidance on pensions and cross-border income. Having an accountant who understands the cultural and legal backdrop ensures that every opportunity is maximised, and no detail is overlooked.

Tailored services for individuals

Tax residency and domicile advice

Your tax residency status affects how much UK tax you’ll pay on income and assets. For clients splitting their time between the UK and Greece or Cyprus, or relocating permanently, it’s essential to determine your status using the statutory residence test.

We provide clarity on the implications of becoming a UK tax resident and, where applicable, offer advice on non-domicile status, which can allow certain foreign income to remain outside the scope of UK taxation.

Cross-border income management

If you earn income from properties, pensions or investments abroad, it must be reported correctly under UK tax laws. This is where tax treaties come into play. For instance, the treaty with Cyprus ensures that pensions paid from Cyprus are taxed only in Cyprus. We’ll ensure that your income is reported in the most efficient way, avoiding unnecessary tax liabilities.

Capital gains tax planning

Selling a property or other assets in the UK or abroad can trigger capital gains tax (CGT). However, there are often exemptions or reliefs available depending on the asset and your residency status. We’ll help you navigate the rules and reduce your CGT liability wherever possible.

Inheritance tax

Greek and Cypriot families often have assets spread across multiple countries. Ensuring these are protected for future generations requires careful inheritance tax (IHT) planning. We’ll help you navigate the UK’s IHT system, which applies at a rate of 40% above the tax-free threshold of £325,000.

We also consider any exemptions available under tax treaties, ensuring a smooth and compliant transition of wealth.

Bespoke solutions for businesses

UK company formation

The UK is an attractive destination for Greek and Cypriot entrepreneurs looking to expand. Setting up a company here offers access to a broad market, a straightforward business environment and favourable tax treaties.

We simplify the company formation process by helping you choose the right business structure, register with Companies House and set up banking facilities. We’ll also ensure your company complies with ongoing legal obligations, such as filing annual accounts and corporation tax returns.

VAT registration and compliance

Greek and Cypriot businesses operating in the UK may need to register for VAT, particularly if their annual taxable turnover exceeds £90,000. We’ll handle VAT registration, provide advice on schemes like the flat rate scheme, and ensure that VAT returns are accurate and filed on time.

For businesses trading across borders, we’ll help you manage import VAT, apply for postponed accounting and navigate the VAT implications of selling to EU and non-EU countries.

Payroll for cross-border teams

Employing staff across multiple countries can complicate payroll. UK employers must comply with PAYE (Pay As You Earn) rules, which include income tax and national insurance contributions.

We offer end-to-end payroll solutions, ensuring employees are paid accurately and on time while your business meets its legal obligations. For cross-border teams, we’ll advise on employment tax treaties and avoid any double taxation issues.

Understanding double taxation treaties

One of the most valuable tools for Greek and Cypriot clients is the double taxation treaties between their home countries and the UK. These agreements are designed to:

• prevent the same income from being taxed twice
• clarify where taxes should be paid on cross-border income
• allow reduced tax rates or exemptions for certain income types, such as dividends, pensions and royalties.

For instance, a Greek resident receiving UK rental income can use the UK-Greece treaty to avoid paying UK income tax above the agreed rate. Similarly, Cypriot businesses operating in the UK can benefit from reduced withholding taxes on dividends or royalties.

Applying these treaties correctly requires detailed knowledge of their provisions and an understanding of how they interact with UK tax law. That’s where we come in.

Why work with Nicholas Peters?

At Nicholas Peters, we combine big-firm expertise with a personalised approach. We know how important it is for our Greek and Cypriot clients to feel supported, understood and confident in their financial decisions.

Here’s what sets us apart.

• Bilingual expertise: We offer advice in Greek, ensuring nothing is lost in translation.
• Tailored support: Every client is unique, and so are our solutions. We don’t believe in a one-size-fits-all approach.
• Tax treaty expertise: We ensure you get the maximum benefit from international agreements.
• Proactive advice: Whether it’s tax planning or business growth strategies, we’re always thinking one step ahead.

Taking the next step

Managing your UK tax and financial obligations doesn’t need to be stressful. Whether you’re an individual with cross-border income or a business looking to expand into the UK, we’re here to simplify the process.

Our expertise in accounting for Greeks and Cypriots means we understand your priorities and the challenges you face. Let us help you achieve financial clarity and peace of mind.

Get in touch today to discuss how we can support you.