If you work on a Superyacht, you are classed as a seafarer.
… and as a seafarer, you are required by law to complete an annual self-assessment seafarer’s tax return!
While you can choose to do this yourself (as many of your seafaring contemporaries will), many Superyacht Deckhands, Stewardesses and other Superyacht crew members opt to have a seafarer’s tax specialist complete it for them.
But why is this – and why should you consider doing the same? Read on to discover our tax advice!
3 reasons to employ a seafarer’s tax specialist to manage your tax return
1. Save yourself time and stress
Whether you’re still undergoing your Superyacht training or you’re already a seasoned seafarer, one thing is certain: Life working aboard a Superyacht is exceptionally busy!
Between serving guests and arranging their rooms as a Stewardess or washing down the decks and cleaning yacht toys as a Deckhand, you’ll probably have just enough time to take a breath and get hydrated before you’re on the go again.
And that’s all before you take off to explore the incredible places you’ll be travelling to, and socialising with your fellow crew members in your free time!
In short, you won’t be left with a lot of time to focus on completing your tax return properly and may end up feeling stressed and making mistakes (more on that below).
By asking a seafarer’s tax specialist to do it for you, however, you can go about your days and nights as a Superyacht crew member and truly enjoy the experience without the worry of your tax return niggling at the back of your mind!
2. Avoid unpleasant penalties
There are two scenarios in which you could find yourself facing a tax penalty as a seafarer; by making significant mistakes on your return form (due to being tired after a long day’s work or not understanding the form), or by not doing it on time/altogether (it’s easy to forget)!
Unfortunately, you can face significant penalties and financial repercussions if you don’t complete your form correctly or on time – even if your tax bill will amount to nothing.
Getting a seafarer’s tax specialist to complete it for you means you can avoid this possibility; the right specialist will know the system inside-out, and – provided you give them all the information they ask you for – the process will be quick and hurdle-free.
3. The price of the service is a drop in the ocean
Understandably, you might be worried about how much getting a specialist to manage your seafarer’s tax return will cost.
However, chances are, it’s nowhere near as much as you think. At Flying Fish, for example, the cost of our tax service for seafarers is just £210 a year – a drop in the ocean when you consider how much you could earn working on a Superyacht, and even more so compared to the price you’ll have to pay if you miss the deadline or get it wrong!
Are you thinking about employing a seafarer’s tax specialist?
If so, our team at Flying Fish would love to help!
For just £210 a year, we’ll save you tons of time and money, and take the uncomfortable weight of making mistakes or forgetting to do your forms on time completely off your shoulders.
Many of our Superyacht Deckhand and Stewardess graduates have made the most of this service over the years thanks to our team’s expertise. If you’d like to do the same, fill out the quick form on our registration page (product) and we’ll be in touch!