Finances
This page gives you access to the following services:
Links to online banking services available in the UK.
Information on the criteria which must be met in order to qualify for Seafarer Earnings Deduction, and provides links to tax accountants who offer seafarer tax services.
A link to HouseWeb, the online private property service who help you sell your home without an estate agent.
Online Banking Links
Click on the links below to visit the online banking services
Seafarers Earnings Deduction
You may qualify for Seafarer's Earnings Deduction (SED) if you meet certain criteria. There are three steps to deciding if you have a claim, and these are explained below. Any claims must be made in a Self-Assessment Tax Return. The Self-Assessment help sheet IR205 contains the conditions and a grid to calculate the days in and out of the UK in the claim period.
1. A valid claim period
This will be a period of at least 365 days beginning and ending with a period outside the UK. A period outside the UK can be a period of employment, a period of unemployment or a holiday abroad. Once a 365-day period has been attained it is carried on until there is a failure. A failure occurs if at any time during the claim period you:
a) Spend 183 or more continuous days in the UK or
b) Break the half-day rule.
The half-day rule is applied at each return to the UK. All days since the start of the claim are added and divided by 2 (A). Then all days spent in the UK since the start of the claim are added (B). The two figures are compared and where B exceeds A there will be a failure in the claim period. The claim period ends on the previous return date. A new claim period must then commence from the earliest possible date of leaving the UK.
2. A valid foreign port for each employment in each tax year
Each employment in each tax year must include at least one voyage or part voyage that begins or ends at a foreign port. A voyage or part voyage that begins or ends at an oil or gas installation (including a rig in drilling mode) located outside the UK and outside the designated areas of the UK continental shelf can be regarded as beginning or ending at a foreign port for this purpose.
3. The employment must be on board ships
A seafarer is someone that works on a ship. There is no definition of a ship in tax law but "offshore installations" are specifically not regarded as ships. Leaflet IR205 gives examples of "offshore installations". Grey areas may need to be considered by The Marine Section, South Wales Area, Ty Glas Road, Llanishen, Cardiff, CF14 5FP
Once you have decided that you have a valid claim it will be necessary to submit the Self-Assessment Tax Return. The claim to SED is made at box 1.37 on the employment page that is part of the Self-Assessment Tax Return. You need to ensure that:
a separate employment page will need to be completed for each employment. If you have no foreign port then SED should not be claimed.
the amount to be claimed as SED is the salary not the tax
the amount to be claimed should be apportioned (on a time basis) to exclude periods prior to the start of the claim or after the failure of the claim and for periods of employment on "offshore installations".
For more information visit the HMRC website by clicking here
Tax Accountants
Click the links below to visit accountancy websites offering seafarer tax services
Property
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