Understanding your tax affairs and liabilities is hard enough even if you have a ‘proper job’ on land, let alone if you work in the superyacht industry. Simple questions as to your actual country of residency and your personal tax liabilities can be complicated. This is why Horizons has teamed up with Marine Accounts, a team of experts in the tax affairs of seafarers and those working in the superyacht industry. With over 10 years experience in this specialist area, they have the knowledge and expertise to answer all your questions and make sure that your tax affairs are handled correctly.
Gone are the days of leaving money offshore
until the day you decide to move ashore.
The tax tools explained
Resident or non-resident
Residency is at the centre of any tax based argument; are you resident or non-resident? In any tax case your tax authority must first prove that you are resident before they can establish the amount of tax you owe.
We are proud to be launching an online residency test for super yacht crew in collaboration with Marine Accounts. The test is to be used as a guide for individuals wishing to learn more about their residency status (UK, SPAIN, AUS & NZ).
|UK, SPAIN, AUS & NZ||£4,95|
|UK, US, AUS & NZ||£99|
Clarify your tax position
The Tax Check is Marine Accounts most successful product to date. It provides a breakdown on your domestic and international tax position. In turn they recognise that liabilities do not just occur at home but can arise from a yacht spending to much time in foreign ports or when clients acquiring residences in new countries. Marine Accounts comprises of four offices in the UK, US, AUS & NZ it is this combined pool of knowledge that enables us to give clients such a unique insight into their tax position.
If you are concerned with your current tax position Marine Accounts is here to help. The Tax Health Check will provide you with the answers you have been looking for.
Do you qualify for reduction in your income subject to UK tax?
If you are a UK tax resident and are employed aboard a ship operating outside UK waters you may qualify for reduction in your income subject to UK tax, know as the Seafarer’s Earnings Deduction (SED).
There are three steps to deciding if you have a claim, and these are explained below. Any claims must be made in a Self-Assessment Tax Return.
1. A valid claim period – This will be a period of at least 365 days beginning and ending with a period outside the UK. A period outside the UK can be a period of employment, a period of unemployment or a holiday abroad. Once a 365-day period has been attained it is carried on until there is a failure. A failure occurs if at any time during the claim period you:
- Spend 183 or more continuous days in the UK or
- Break the half-day rule.
The half-day rule is applied at each return to the UK. All days since the start of the claim are added and divided by 2 (A). Then all days spent in the UK since the start of the claim are added (B). The two figures are compared and where B exceeds A there will be a failure in the claim period. The claim period ends on the previous return date. A new claim period must then commence from the earliest possible date of leaving the UK.
2. A valid foreign port for each employment in each tax year – Each employment in each tax year must include at least one voyage or part voyage that begins or ends at a foreign port. A voyage or part voyage that begins or ends at an oil or gas installation (including a rig in drilling mode) located outside the UK and outside the designated areas of the UK continental shelf can be regarded as beginning or ending at a foreign port for this purpose.
3. The employment must be on board ships – A seafarer is someone that works on a ship. There is no definition of a ship in tax law but “offshore installations” are specifically not regarded as ships.
|Seafarer’s Earnings Deduction (SED)|
|NZ & US||£599|
If a residency ruling is required to support your tax return fees will be increased to £599
File your Tax Return
Marine Accounts has ten years experience filing tax returns for individuals working overseas. Their team of highly trained professionals can deliver specialist advice at the push of button, so why wait file a return today.
You will be redirected to the Marine Accounts website and your Tax Return will be completely handled by the experts of Marine Accounts.