Working in the
Something that is important to remember is this: Tax is hardly ever deducted from your salary when you are paid, but it is your responsibility to pay any tax you may owe. Just because your salary has not had tax deducted does not mean that you do not owe tax. It is your responsibility to declare your income and pay tax if you owe any.
There are lots of factors that affect whether or not you owe tax but it generally comes down to a couple of key points:
Residency: The country you are resident of is the country you are expected to declare your income and pay tax (if you owe any)
The tax regulations of that country. As a seafarer (that’s you) certain countries make allowances for the fact that you work offshore and spend a relatively small amount of time at home.
A lot of you who bank offshore will have been contacted by your bank for confirmation of your personal tax status.
It is now a legal requirement for most offshore banks to disclose their client information to the relevant tax authorities and so, if you do bank offshore you can be pretty certain that the tax man at home knows how much you earn. Have a look here to find out more.
Because the way you keep your tax free earnings “tax free” has changed it is important you know where you stand with regard to residency, tax status and, more importantly than ever disclosure of earnings.
We have years of personal experience in the Superyacht industry, and our team of accountants are perfectly placed to answer your questions, offer advice specific to your personal situation, and ultimately ensure your tax, residential status, liabilities and tax returns are taken care of in a smooth and seamless way.
On this page you will find some specialist tools to help you get the ball rolling and understand your position. Our team of specialist will receive all the information you input which will then allow us to give you informed advice on the next steps.
It is now a legal requirement for most offshore banks to disclose their client information to the relevant tax authorities and so, if you do bank offshore you can be pretty certain that the tax man at home knows how much you earn. Have a look here to find out more.
Because the way you keep your tax free earnings “tax free” has changed it is important you know where you stand with regard to residency, tax status and, more importantly than ever disclosure of earnings.
We have years of personal experience in the Superyacht industry, and our team of accountants are perfectly placed to answer your questions, offer advice specific to your personal situation, and ultimately ensure your tax, residential status, liabilities and tax returns are taken care of in a smooth and seamless way.
On this page you will find some specialist tools to help you get the ball rolling and understand your position. Our team of specialist will receive all the information you input which will then allow us to give you informed advice on the next steps.