With the end of the year fast approaching, we’ve been talking about seafarers’ tax and finance quite a lot recently.
The deadline for seafarers’ self-assessment tax returns is 31st January for the previous tax year. However, if you want to make sure you have plenty of time to complete everything, we recommend starting your tax return sooner rather than later.
In fact, in order to guarantee that your return can be submitted on time, it’s advised that you send all the details for your return by mid-December – which means you need to get cracking if you haven’t done so already!
If you’re stressed about your tax return or have questions about seafarers’ finance, don’t worry – help is at hand…
Do you pay tax when working at sea?
“Do you pay tax when working at sea?” is one of the questions we are asked the most here at Flying Fish. The answer is, no – when you work onboard a ship, you are actually exempt from paying UK income tax, as long as you meet the qualifying criteria and fill in your tax return correctly!
There’s a lot of money at stake – so it’s important that your tax return is submitted error-free and one time. Luckily, at Flying Fish, our specialist seafarers tax service will take care of everything, all from just £210 – yes really!
Sound good? Read on to find out more!
How our seafarers tax service works
Our seafarers tax service is as easy as 1, 2, 3. In fact, there are just three simple steps:
- Answer a few questions – visit our registration page to fill out your details and pay for the service
- We’ll get in touch – we’ll get back to you ASAP with a few simple forms to gather all the information we need to make a start on your return
- We’ll file your self assessment – when the time comes, we’ll complete and file your return, so you can continue to enjoy your superyacht work stress-free!
See, we told you it was simple! Keen to find out more? Discover how our tax service can take the stress out of your tax return below.
4 ways our tax service can take the headache out of your finances
1. We’ll make sure there are no mistakes
In order to complete your seafarers’ self-assessment tax return, you’ll need a combination of the following records:
- Air tickets or travel vouchers
- Copies of hotel bills and receipts
- Your passport and visas
- The freeboard logs for your ship(s)
- Your seafarers’ discharge book
And that’s before you’ve even started the time-consuming and complicated task of filling in the return!
With so much information to input, it’s easy to make mistakes when completing your tax return. But did you know that you could be hit with fines and penalties if your tax return is incorrect? That’s why it’s such a good idea to use a tax specialist, so you can be confident that your seafarers’ self-assessment is error free.
2. We’ll make sure your return is submitted on time
All seafarers must complete their tax return on time, without exception. In fact, failure to do so can result in some pretty hefty fines.
If you submit your return up to three months late, you’ll have to pay a fine of £100. After three months, there’s an additional £10 fine for each extra day that you don’t submit your return for up to 90 days. And if you still don’t submit your return, you’ll be hit with even bigger fines – so it’s really important that your return is submitted on time.
When you use our tax service, you can rest assured that we will complete your tax return in a timely fashion and ensure all of the deadlines are met, so you won’t have to pay any pricey fines. Phew!
3. We’ll make sure you claim your SED
The Seafarers’ Earning Deduction is a specialist tax deduction for people who are UK residents but work on board a ship that allows 100% of foreign earnings to be exempt from UK income tax, providing you meet the criteria. However, unfortunately many yachties fail to use their SED exemption, most likely due to a lack of education about it – which means they could be paying tax unnecessarily.
What’s more, claiming for SED can also be quite a confusing process, with a lot of hoops to jump through. We will ask you to complete our simple forms and do the hard part for you. There’s lots to think about – but rest assured with Flying Fish, our team of tax specialists will take care of your SED claim, and apply any SED deductions you are entitled to, so you can enjoy all the benefits without the stress!
4. We’ll free up your time to focus on what you do best!
It’s no secret that having a job on board a Superyacht is hectic. Whether you’re currently undertaking your Superyacht training or are a seasoned yachtie, life on board a Superyacht is exceptionally busy./
With long working hours, days at sea and often months away from home, when you work as a Deckhand or a Stewardess, you don’t have a lot of free time. And when you do have some well-deserved time off, you want to spend it having fun – not completing your tax return!
By enlisting the help of our tax specialists, we’ll take care of your seafarers’ finances for you, so you can go about your life as a crew member without the worry of your tax return lingering in the back of your mind.
Want to find out more about our seafarers’ tax service?
In conclusion, there’s no getting around the fact that HMRC don’t make it easy to complete your seafarers’ self-assessment or claim Seafarers’ Earning Deduction.
So, if you want to take the headache out of your tax return, why not enlist the help of our specialist tax team to do the hard work for you and save yourself unnecessary time, money, and stress?
Contact us today to find out how we can help or download our Ultimate Guide to Seafarers’ Earnings Deduction for more hints and tips.
