A lot of you may be thinking about panicking right now. But, take a minute, breathe and read this. Then call us!
UK tax returns MUST be submitted by the end of January each year. If you don’t do this it is likely you will be fined by HMRC!
A LOT of British Crew are panicking at the moment!
Once again, don’t panic. You still have time to make things right, but HURRY UP. So, here is our step by step guide.
It tells you if you need to file a tax return.
Are you Superyacht crew?
Are you British?
Does the yacht you work on operate outside of UK waters? (i.e. in the Mediterranean for example)
If the answer to all of the above is yes, it is very likely you should be doing a tax return each year. Get in touch and we will help you.
Why should I?
A lot of crew ask us this. The sensible answer is in two short parts;
- There is no reason not to. It is unlikely, due to your job that you will have to pay tax. And, better still. Being a UK tax resident means you can invest your money. Mortgages, pensions, ISA’s, stocks and shares. You can’t do any of these if you are not a tax payer.
- It is law. You are required by law to declare any offshore income. Your salary is offshore income as it is not earned in the UK.
My friends don’t do their tax!
This has never been a good excuse for anything! But we agree. Lots of crew do not do their tax. Non UK crew will have their reasons such as actually having to pay tax. But, any UK crew who don’t are probably just not sure what they are supposed to do. OR, like you they don’t understand the huge benefits!
Can I get away with not declaring?
The answer to this in most cases is NO. But also, why would you try to get away with not doing it? Again don’t panic. We can fix it!
How does all this affect my life?
ALL of the above will affect your life as Superyacht Crew if you do not do the right thing. There are fewer and fewer countries in the world where you are not required to declare your income and pay whatever tax is due. Our advice to you is the following;
Find out your position. Are you supposed to be doing something? The answer is more than likely YES.
If you are supposed to be doing something. DO IT
Don’t put it off!
Make sure that, no matter what you are on the right and legal side of the tax authority.
Once you are in the right position make sure you know what you have to do to stay in that position.
DO NOT, and I really mean this DO NOT DO NOTHING. This will not solve a problem or make it any easier to deal with.
Finally. DON’T PANIC. If you know you need to do something then get in touch. We can always help and it is never as bad as it seems. Pick up the phone or send us an email. We are waiting to help