TAX FREE SUPER YACHT CREW SALARY | How To Claim The Seafarers' Earnings Deduction (For UK Crew Only)

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Күн бұрын

If you're a UK resident then you can claim a form of tax relief on your super yacht crew salary called Seafarers' Earnings Deduction.
For a full explanation of the Seafarers' Earnings Deduction, please use the following link:
www.gov.uk/guidance/seafarers...
And for the HS205 working sheet and instructions, please click here:
www.gov.uk/government/publica...
To find out more about CrewFo, use this link:
www.crewfo.com/
And if you'd like to get 10% off your first membership fee, send me an email at: workonasuperyacht@gmail.com
I will then refer you to CrewFo, and they will contact you to apply your discount.
To see what a self assessment tax return looks like and for instructions on how to fill one out, go to:
www.gov.uk/government/publica...
For the National Insurance questionnaire, click here:
www.gov.uk/government/publica...
And for more videos about what it's like working on a yacht, and how to become a yacht crew member, please do check out the rest of the channel.
If you like this then please hit that thumbs up, click the subscribe button, and press the bell icon to get notifications when future videos are released. Any questions, please just leave them down in the comments section below.
Thank you for watching, and remember:
Work on a superyacht, move up through the ranks, and maximise YOUR potential!
DISCLAIMER
I am not a certified financial advisor, accountant or lawyer. The content of this video is for informational purposes only and does not constitute financial, accounting or legal advice. The information I present is of a general nature and should only be used as a point from which to start your own research; and, conduct your own due diligence. By watching this video, you agree not to hold me liable for any of the consequences that may occur, financial or otherwise, as a result of acting on the information that I present. You should seek professional investment or financial advice before making any decisions.

Пікірлер: 42

@WorkonaSuperyacht 3 жыл бұрын

Have you been completing your tax returns every year? I look forward to hearing your thoughts...

@lusoyachting36 3 жыл бұрын

Hi Matt, yes sadly I have been submitting self assessment forms for around 24 years. LOL. Average cost of accountant around £350. How is your yacht's season shaping up thus far

@WorkonaSuperyacht 3 жыл бұрын

@Luso Yachting Hello Amanda! It's good to hear from you. This season remains uncertain, but we hope for some news soon! I'm pleased to see that Portugal is on the green list, which should make things easier for you.

@raynold3351 3 жыл бұрын

Great video as usual. How you remember all those details is impressive. Thank for taking the time to compile all this information and passing it on to others.

@WorkonaSuperyacht 3 жыл бұрын

Thank you, Raynold. I am fortunate to have a pretty good memory, which will really helps when it comes to learning the rules of the road for my exams!

@thegoony 3 жыл бұрын

I was a UK seafarer, working for major shipping companies, I used to pay UK income tax, at the end of tax year, as long as I could prove I was out of the country for 6 months or more, I qualified for Seafarer earnings deduction, and got back all the tax I paid for that tax year. Was a nice little bonus every April :) Was easy to do the self assessment tax return every year.

@markupton3297 2 жыл бұрын

Excellent video and advice. Also extremely accurate. I set up and own CREWFO and am very grateful for your kind recommendation. 👍🏻

@frankv4271 3 жыл бұрын

As usual Matthew, interesting and informative. It's sure nice for the UK Seafarer to have such a tax relief program. Good for UK seafarers.

@WorkonaSuperyacht 3 жыл бұрын

Hello Frank. I'm pleased to hear you enjoyed this one. We sure are fortunate to have this scheme in the UK. I'm interested to know if any other countries do something similar. Thank you for commenting!

@woolyimage 3 жыл бұрын

I used to use Sea Tax Ltd (not sure if they are still around) when working in the commercial sector. For NI i would pay voluntary contributions. There was also a situation where if you claimed for 3 consecutive years you became classed as a tax non resident which had some other implications. The advice given here is good, get hold of a good accountant who knows the business and is best placed to advise you. Another good and helpful video.

@WorkonaSuperyacht 3 жыл бұрын

Thank you, woolyimage. I know other crew members who use Sea Tax, but I've never used them myself. The 3 consecutive years situation isn't something I've ever heard of; I better double check it with my accountant!

@aleccooks 3 жыл бұрын

Hi Matthew! I have officially watched all your videos and came to the conclusion that yachting is a perfect opportunity and job for me to grow and gain experience in. As i (23 year old boy) have worked in different sectors (Hotel front office, housekeeping and maintenance , Airport host, gate agent and as flight attendant) for 6 years now, which helped me to understand the basics of working in a high demanding industry where safety and service/performance is very crucial and important. And in terms of skills (understanding and repairing/building/detailing cars, setting goals in terms of training and photography skills) for me to grow in. I have applied for a training and I can’t wait to get started! Not to forget that i have a small history in sailing and working on boats and knots myself as well (scouting) as It has been a dream to work on (sailing)yachts since i was a small boy!

@WorkonaSuperyacht 3 жыл бұрын

Thank you for watching all of the videos! It sounds like you've developed some great transferable skills, which will be of real benefit when starting your new career in the yachting industry. I wish you every success with your courses, and thank you again for supporting the channel.

@daniellauper8115 3 жыл бұрын

Great content. In particular, the advice that your own national regulations must be strictly observed and that professional advice is just as essential as continuously investing in your own education. No matter what I do, no matter where ... 👍🥇💛

@WorkonaSuperyacht 3 жыл бұрын

Exactly! And in this case, the cost of professional advice is a very small percentage of the money it can save you. Thank you for commenting, Daniel.

@diabeetus5052 3 жыл бұрын

Could you do a video on Visas. The different types and any observations or experience you’ve seen with other Nationalities gaining a visa for a example South Africans. Thank you.

@WorkonaSuperyacht 3 жыл бұрын

Hello Dia Beetus, and thank you for this video request. Visas are a difficult subject, but here is what I know: For Europe you'll need a Schengen visa, and to work on a yacht that visits the USA you'll need a B1/B2. Your first Schengen visa will usually only be valid for 1 year, but this could increase to 3 or 5 years when you apply for a second one. I don't have any experience obtaining a Schengen visa myself, but I know from other people that it's important to seek the help of a specialist when preparing your application. This should increase your chances of being successful. I have a B1/B2 visa, which was valid for 10 years. I got this when I was already employed on a yacht that was going to the Caribbean. This meant that I was able to present all of the yacht papers, and I didn't have any problems. Some people have been successful getting this visa without being employed, but it reduces your chances significantly.

@rudideghelt 3 жыл бұрын

A very difficult subject in a very good video. 👍👍👍👍

@WorkonaSuperyacht 3 жыл бұрын

Thank you, Rudi. It's difficult to make tax interesting, so I'm happy to hear that you enjoyed it! 👍👍

@bonniestraw3385 3 жыл бұрын

Great video thank you! I have been wondering about how this works!

@WorkonaSuperyacht 3 жыл бұрын

Thanks Bonnie! I hope this video answers all of your questions, but please let me know if there is anything else you're unsure about.

@malcolmtaylor6651 3 жыл бұрын

Pretty dry subject served with your customary relish of enthusiasm! Workplace pensions could be an interesting side-order :)

@WorkonaSuperyacht 3 жыл бұрын

Thank you, Malcolm. I love a good menu-themed comment! What would you like to drink? 😀

@mitchellbarnow1709 3 жыл бұрын

Excellent presentation, Matthew! It’s awesome that you might not have to pay income taxes, but you might have to pay health insurance and pay into a National pension? Thank you so much for sharing this interesting information, even for those that are not seafarers.

@WorkonaSuperyacht 3 жыл бұрын

Thanks Mitchell! Yes, it's good for crew members to take out additional insurance policies as necessary, and they must make National Insurance contributions to receive a state pension. Additional earnings also need to be declared. These won't be covered by this exemption and will be liable for tax.

@mitchellbarnow1709 3 жыл бұрын

@@WorkonaSuperyacht Thank you so much, Matthew! You are an incredible source for so many things, I hope that everyone comes to you for advice.

@brookegraham8400 3 жыл бұрын

Hello, I am somewhat of a new subscriber with some questions for you about the industry! They don’t exactly pertain to the topic of this video, so I do apologize for that. In regards to getting started in the industry, do you think that being a US Navy veteran would enhance your resume at all? From what I’ve seen in your videos thus far, a lot of the tactical and social skills you mention are things that I have learned and implemented during my time in service. In addition to that, have you noticed or heard of any prejudice towards Americans looking for work in Europe? Thank you for all of the amazing content, definitely the best channel I have found and trust for information!

@WorkonaSuperyacht 3 жыл бұрын

Hello Brooke, and welcome to the channel. The experience and skills gained whilst serving in the US Navy will undoubtedly make you more employable as a member of yacht crew. However, it shouldn't be assumed that an employer will immediately understand quite how valuable you are. Your CV profile, and the description of your role in the Navy will therefore need to highlight all of the skills that make you the perfect candidate for a job. I've never been aware of any prejudice against Americans looking for yachting jobs in Europe. I've worked with a few Americans on yachts, and they were always well-liked by the rest of the crew. Thank you for commenting, and for supporting the channel.

@SailorYuki 3 жыл бұрын

I'm not sure how this works for my country but I do know we have plenty of deductions for seafarers and benefits. Don't think it's tax free though.

@WorkonaSuperyacht 3 жыл бұрын

Hello SailorYuki, and thank you for sharing this. From what I've heard, the UK has one of the best tax relief schemes for seafarers.

@ronniesandoval3883 3 жыл бұрын

I would like to study in the Newzealand and take the deckhand course, but my father disagreed and said. "It will be hard to look for yachts to get on board here in new zealand." Is it really hard? Btw it's in Auckland. Can you confirm if it will be hard? I really like superyachts and I don't want to change course just because of that. (I can't go to Spain or France because my of family's budget)

@WorkonaSuperyacht 3 жыл бұрын

Hello Ronnie. Without previous experience, finding a job through agencies whilst in New Zealand could be difficult. Newcomers to the industry often have most success by basing themselves in either the Mediterranean or East Coast of the USA. This allows them to network with crew agents and yacht crew, build their experience and skills through day work, and eventually find a permanent position. Yachts based in these destinations can quickly and easily find new crew close by, and this makes it very difficult to justify flying somebody in from further afield. It's different for experienced crew or those with specialist skills, but it doesn't really make sense for junior crew. Having said this, there are some yachts that cruise all over the world. You could be lucky and find one that happens to be in your area when a deckhand position becomes available. It is therefore possible to find a job whilst in New Zealand, but you're certainly limiting your options.

@ronniesandoval3883 3 жыл бұрын

@@WorkonaSuperyacht i would like to go to mediterranian or east coast but my family can't budget it. So maybe i should change my coursw after all?

@WorkonaSuperyacht 3 жыл бұрын

@ronnie sandoval Many people start by working in their home country to save up some money. Then they do the courses and fly over to the Mediterranean or USA. I cannot advise on whether to cancel your courses, and as I said before you might get lucky and find a job whilst still living in Auckland. However, it's important to understand that basing yourself in a major yachting destination will give you the best chance of success. It might take some time to save up enough money, but it's definitely worth considering.

@ronniesandoval3883 3 жыл бұрын

@@WorkonaSuperyacht Thankyou for your reply, i will continue following you and i would keep my course as it is. I will save some money and go to the major ports.

@WorkonaSuperyacht 3 жыл бұрын

@ronnie sandoval Thank you, Ronnie. Good luck with the courses, and all your future plans.

@frankv4271 3 жыл бұрын

First to view, like and comment.

@diabeetus5052 3 жыл бұрын

Tax free respecktos

@Tony-InLosAngeles 3 жыл бұрын

What...do you want a party 🎉

@WorkonaSuperyacht 3 жыл бұрын

Thanks Frank!