Ahead of the deadline on 31st January, CrewFO is here for British Crew when it comes to your finance with their step-by-step guide on your tax return. UK tax returns MUST be sent in by the end of January every year. There is still time so do it ASAP – or HMRC will likely fine you!
Do I Need To File A Tax Return?
Here’s the criteria:
- Are you Superyacht crew?
- Are you British?
- Does the yacht you work on operate outside of UK waters? (In the Mediterranean, for example)
If the answer to all of the above is yes, it is very likely you should be submitting a tax return every year.
Why Should I Submit My Tax Return?
A lot of crew ask us this exact question. Our answer:
- There is no reason not to. Due to your job, you probably won’t have to pay taxes. Being a UK tax resident allows you to invest in things like mortgages, pensions, ISAs, and stocks – which isn’t possible if you’re not a taxpayer.
- It is law. The law requires you to declare offshore income. As it happens, your salary counts as offshore income as it isn’t earned in the UK.
But My Friends Don’t Do It!
Can I Get Away With Not Submitting?
The answer in most, if not all cases, is NO. And why try and get away with it?
How Does All Of This Affect Me?
- Find out your position
- Are you supposed to be doing something?
The answer is probably YES, so get on it.
Ensure you are on the right side of the tax authorities so ensure you know what to do to stay there.
The main takeaway: DO NOT DO NOTHING and DON’T PANIC.
Stressing out won’t help anything – so be proactive and get in touch. CrewFO can always help. Pick up the phone or send us an email.
Read this article and aren’t sure what to do next?
To keep up to date with the latest Superyacht Content News, click here.
Sign up to our Newsletter below: