We have talked about tax, disclosure of your income and also some of the pitfalls associated with both over the last month or two. Now it is time to get to the reason most of you get into yachting in the first place, SAVING money.
If you are reading this article the chances are you are probably crew on a Superyacht, if not thanks for reading anyway. Those of you who work on yachts get into the industry for two reasons, firstly because you have a love of sailing, yachting, travel or all three. Secondly, (and I know we don’t like to admit this until we have been at it for a few years) and most importantly is money. Working on a Superyacht not only pays well but due to the fact that you have no overheads or living expenses the majority of your income is disposable.
In previous articles I have covered the most important issue of the moment such as tax and disclosure of income and a great deal of you have been in touch to discuss this further. Let’s assume then that you have your tax situation under control and, if you are lucky enough to be British you should qualify for the Seafarer’s earnings deduction which will mean no income tax. As a result of this, not only do you get paid well and have no overheads, you also have no tax to pay on your yachting income. Could you think of a better situation to be in?