Czech & Tax

Hello all,

Are there any investors out there who have invested in the Czech Republic?

I purchased an off-plan a few years back which I have now managed to rent out since March this year. I have not managed to do anything regarding the tax situation and have no idea if I need to find an accountant in Cz or the UK (I'm from NI) or where to go....or maybe just leave it and hope for the best! Anyone have any advice?

Thanks.

I too purchased off plan in Czech Rep (Prague) in 07, is due for completion later this month. Did you have any trouble letting your apartment, did you use a letting agency.I dont know about tax situation in North of Ireland but it would be wiser id say to register with the revenue, or northern equivalent.

You'll need a local accountant in the Czech republic to file your returns there first. I'd imagine that you have until March 31st 2009 to do this (you should double check this date), but you should try to sort the situation out as soon as possible, as you'll probably need a local tax number, permission to rent, etc.

Following this, you'll need to hire an accountant in Northern Ireland (or self-assessment if applicable) and work out if you need to pay any further tax in your own jurisdiction, deducting the tax already paid in the Czech republic.

Both accountants should be able to advise which deductions are permissible in each jurisdiction.