Author Topic: Our experience of new rental registration process  (Read 4316 times)

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Offline maclarke1

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Our experience of new rental registration process
« on: June 22, 2017, 22:34:53 PM »
We have now been over to Turkey to register our apartment. Options looked at were Yell Alli & Rainbow Property Services (essentially you lease your home to them and they manage everything), and using Mustafa (aka "The Inspector" ;) at Golden Moon estates in Calis (setting up using your own accountant)

Yell Alli
500tlr set up fee (paid annually)
20% commission on any rental income
8% KDV (VAT) on any rental income
Stopaj tax (withholding tax) 160 tlr per month (during months you rent out)
You notify yell Alli of guests arrival / departure and they notify the police.
Seemed straight forward, very helpful in the office.

Rainbow property
One off charge £50
You need to have there "rental package" at a cost of £250, although if you are with them then chances are that you are already paying that.
Rental management package £350 per annum
20% tax payable on declared rental income.
They will advise police of who your guests are & when guests arrive/depart.
Monica was very friendly and helpful, we didn't choose this option as we like to be in full control of who pays what bills etc, we also have our own cleaner/key holder who we didn't want to change.

Mustafa at Golden Moon
This option essentially entails setting up your own company & employing an accountant.
Costs
300tlr tax registration
50tlr translator fee tax office
110tlr passport translation and notarisation
30tlr translator fees at notarisation process
Total 425tlr
You used to have to buy the software & installation for police ID system, but this is now free.

The above 425 tlr is an annual fee to set up company every year.

Ongoing fees
Accountant fee 234 tlr per month (inc 8% VAT), but this is only payable the months you rent your apartment/villa out.
20% tax on declared income
8% VAT

I believe you would need to register with the tax office in person with this method, so not sure it can be done from the UK

This is what we opted for as we felt it gave us a bit more control. The process was quite straightforward, as follows;

Wednesday 11:00am -  met Mustafa at Golden Moon estates. He explained everything to us & costs involved, arranged a meeting with the accountant next day at 9:00am.

Thursday 9:00am - met Tolga the accountant (there was also another renter who was following the same process). He took us to get passport notarised and then to his office to complete some paperwork. After that he took us to the tax office. An appointment was made for tax inspector to visit our apartment that afternoon at 1:30 to inspect our apartment. We left the accountants at 10:30am.

Thursday 1:30pm - tax inspector & accountant visited our property (visit is to make sure you are who you say you are to stop fraud). After about 20minutes of form filling we were given the ok by the Tax Inspector. Accountant then took us to the police station, were there for 10minutes and all sorted.

That was it. We will email copies of passports & renters start/departures dates and the accountant will notify police, he will also complete a tax return at the end of the year for payment by us.

We will need to get copies of any receipts to the accountant so that he can offset any expenses against income. The accountant will close the company down at the end of our rental period, we will then set up again next year.

It all seemed to be straightforward and fairly quick, but this being Turkey, we'll hold off on passing judgement on the whole process until the end of tax year, just in case there are some one off costs that we have not yet found out about!





Offline JohnF

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Re: Our experience of new rental registration process
« Reply #1 on: June 22, 2017, 22:42:01 PM »
That'll be one nil, or one nil nil to Mustafa then...

So much for YellAli's "600tl all in" package then.  I've got an email from them that stated there'd be no more than that to pay all year.  Thought it was a bit dubious at the time, now confirmed.

JF

Offline maclarke1

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Re: Our experience of new rental registration process
« Reply #2 on: June 22, 2017, 23:01:34 PM »
Yell Alli do offer a package for 600tlr if you don't want to rent your apartment out, they will charge 600tlr to register your family. Although not sure how this will work as because we are now essentially a "commercial" operation, we have to charge a nominal fee to family who want to stay.

Offline JohnF

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Re: Our experience of new rental registration process
« Reply #3 on: June 22, 2017, 23:36:57 PM »
So the YA 600tl package is simply for registering relatives?  The same thing Ron (Legless) on here did for zero cost and a couple of hours time...

JF

Offline maclarke1

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Re: Our experience of new rental registration process
« Reply #4 on: June 23, 2017, 18:50:51 PM »
Looks like it, suspect the costs will come down next year as more agents get involved - but the rules could change by next year????

Offline JohnF

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Re: Our experience of new rental registration process
« Reply #5 on: June 23, 2017, 19:32:28 PM »
but the rules could change by next year????

That long?  They could change next week!

 :)

JF

Offline Scunner

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Re: Our experience of new rental registration process
« Reply #6 on: June 23, 2017, 23:12:44 PM »
So the YA 600tl package is simply for registering relatives?  The same thing Ron (Legless) on here did for zero cost and a couple of hours time...

JF

In fairness Ron's place is in Jandarma territory so his requirement is different




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