Posted: 23rd August 2017 | Written by: Bruce Maltwood
For a yacht to be in free circulation within the EU it has to have been supplied in the EU, imported into the EU or grandfathered in by way of VAT exemption on age. If your yacht was supplied in the EU as a domestic supply with VAT applied then the chances are that yacht is in free circulation and no importation is required. If a yacht is operated privately under temporary admission...
Posted: 20th August 2017 | Written by: Patrick Maflin
It's Groundhog Day... you save and you spend. You save and you spend. The cycle never stops. You're a hamster on a treadmill - spinning away, yet standing still. Don't get me wrong, yachting is a lot of fun, and there are far worse treadmills to be on, but surely there must be more? So what if instead of working for the boss you start thinking like the boss?
Posted: 25th June 2017 | Written by: Patrick Maflin
Eventually the time comes for all yacht crew to address their tax situation and to accept that this is inevitability, not a choice. There are still so few UK/EU resident crew who are aware of the existence of SED, or that taking advantage of this unique tax position affords significant benefits. There are many reasons for this, but here's what you need to know.
Posted: 1st June 2017 | Written by: John Cook
Following news of changes to the French Social Security system, for many yacht crew the implications remain clear as mud. Having scrutinized every point, John Cook cuts through the confusion to summarize exactly what you need to know.
Posted: 18th May 2017 | Written by: Patrick Maflin
In the words of David Crosby ‘You got to speak out against the madness, you got to speak your mind if you dare’. The yachting community definitely spoke its mind yesterday evening in response to the French Decree (Décret no.2017-307) announced on 9 March regarding changes to French Social Security payments for yacht crew.
Posted: 28th April 2017 | Written by: Patrick Maflin
Following the announcement on 9 March regarding upcoming changes to French Social Security Laws, Marine Accounts has received numerous questions from concerned seafarers about how these changes will affect them. Here's a quick reference guide based on 12 of the most frequently asked questions.
Posted: 1st April 2017 | Written by: Patrick Maflin
While the USA and Canada hold bilateral social security treaties with France, Australia and New Zealand do not. So what are the implications for AUS and NZ yacht crew when new French social security laws come into force on 1 July 2017?
Posted: 24th March 2017 | Written by: Jonas Ball
Does your hull insurance cover towing and salvage costs? In the event, a salvor may be a professional salvage company or the captain of a commercial yacht and, if successful, they are entitled to charge a fee. What many people don't realise is that this can equate to as much as 100% of the value of the vessel. Pantaenius explains how a salvage should be handled to avoid nasty suprises later.
Posted: 18th March 2017 | Written by: Patrick Maflin
Many UK yacht crew are aware that they can file tax returns under the Seafarers Earnings Deduction (SED) and claim 100% tax relief on their income from yachting. What many crew may not know is that once you become a UK tax resident, you are also eligible to invest your earnings in ISAs (Individual Savings Accounts) providing tax advantages on savings and investments.
Posted: 18th March 2017 | Written by: John Cook
France has now brought its social security laws in line with the mandatory requirements of MLC 2006 with Decree no 2017-307 which comes into force on 1 July 2017. Together
with a major law firm, Lesia Group has studied the Decree to provide clarification on the implications of this new legislation for yacht owners and yacht crew.