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Whatever role you undertake on board a Superyacht – whether that’s a Deckhand, Stewardess, Purser or even Captain – you will be classed as a seafarer. As a seafarer, if you also work outside the UK for a minimum of one year (365 days) and are a UK resident, you will be eligible for a special tax deduction.
This is otherwise known as the Seafarer’s Earnings Deduction, which allows 100% of foreign earnings to be exempt from UK income tax!
However, in order to make the most of this (as well as abiding by HMRC), you will need to complete your self-assessment tax return. This is a form asking questions about you and your personal tax circumstances.
You can learn more about this in our Ultimate Guide to Seafarers Earnings Deduction.
Having a job on a Superyacht is hectic . From working insane hours to then socialising with crew members, it’s a work hard, play hard culture. This busy life means that boring admin tasks, such as completing your tax return, often gets completely forgotten about. It can also be a pretty daunting process, too!
Despite the nature of Superyacht jobs, all seafarers must complete their tax return. Penalties for incorrectly completing the tax return, or not doing it at all, can be costly – which is where our registered tax agents at Flying Fish can help!