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.
Posted: 15th February 2017 | Written by: Patrick Maflin
Many of you will have come across Facebook posts concerning crew who have received bad financial advice. Sadly, in all too many cases, they have lost some or all of the funds they invested. When you consider the time and hard work involved in earning these funds, everyone owes it to themselves to ensure they get sound financial advice and understand the risks associated with each type of investment.
Posted: 13th January 2017 | Written by: Jonas Ball
Dayworkers are always a contentious point with regards to insurance. All too often, no employment contracts are signed and in the event of a claim, the process becomes complicated in trying to prove whether the owner is liable for the dayworker’s injuries or death. So what status does a dayworker have and what are the employer's liabilities?
Posted: 28th December 2016 | Written by: Patrick Maflin
The New Zealand Inland Revenue Department is trying to remove any grey areas from their residency laws to produce a working model that is clear and easy to understand. However, to comply with the 183 and 325 day rules there are some important factors to consider so Marine Accounts has developed a free online residency test for anyone seeking clarity on their tax status.
Posted: 16th December 2016 | Written by: Patrick Maflin
If you are working on a yacht and banking offshore, the likelihood is that you have received, or will receive, a letter entitled CRS/ FATCA concerning your tax residency. It's important that you respond to avoid risk of your accounts being frozen or closed so Patrick Maflin of Marine Accounts has produced a short video explaining how to complete the form.
Posted: 19th November 2016 | Written by: Patrick Maflin
When it comes to understanding tax liabilities, many yacht crew still believe that they don't need to declare their income. Even if you bank offshore, are non-resident, are not resident anywhere, spend less than 183 days anywhere or live on a foreign flagged vessel - there are rules to follow and often positive financial benefits in filing a return.
Posted: 19th November 2016 | Written by: Bruce Maltwood
Withholding tax of up to 33% is being applied to charters in some EU countries and yacht owners may need to consider restructuring arrangements to avoid being caught out. Yacht ownership established in territories such as Cayman, BVI, Isle of Man, Guernsey and Jersey could be liable and the list of countries currently applying this tax includes France and Spain, with more countries likely to come online shortly.
Posted: 4th November 2016 | Written by: Bruce Maltwood
Choosing a yacht ownership structure has never been a simple matter but, with recent changes in legislation, a minefield of tax laws and fierce competition, along comes Brexit to really shake things up. According to Bruce Maltwood, Director of Sarnia Yachts, these changes present a wave of opportunity, putting Malta firmly in the spotlight as a preferred jurisdiction.
Posted: 7th October 2016 | Written by: Jodie Clarke
Yachting has always been viewed as a grey area when it comes to taxation and most crew have only declared their income if their native land recognizes them as exempt. Sadly
with new banking transparency and reporting regulations this is no longer an option, but certain tax breaks can soften the blow.