ROVworld Subsea Information
Deep Trekker Micro ROV Remotely Operated Vehicle
 
 
•  Home  •  Downloads  •  Your Account  •  Forums  •
 
 
Search ROVworld

Enter Search Term Below

Custom Search
Site Navigation
 
Site Info
Last SeenLast Seen
Server TrafficServer Traffic
  • Total: 79,205,647
  • Today: 16,965
Server InfoServer Info
  • Dec 20, 2014
  • 12:11 pm GMT
 
Books & Video's



ROVworld Subsea Information: Forums

ROVworld :: View topic - ltd company or sole trader. whats best for seamans deduction
 Forum FAQ  •  Search  •  Memberlist  •  Usergroups   •  Register  •  Profile  •  Log in to check your private messages  •  Log in

View next topic
View previous topic
Post new topic   Reply to topic
Message Author
PostPosted: 08:23 Sat 17 Nov 12  

looking to go agency in the next few months and was wondering whats best for a uk resident looking to work in uk waters and abroad for claiming seafarers deduction and tax implications in general.

ltd company or sole trader the better option? any info would be great as im not that clued up with it all!

cheers
 

weetabix



Member

Joined: Nov 17, 2012

View user's profile Send private message Reply with quote
PostPosted: 00:04 Sun 18 Nov 12  

During my contracts I'm employed through Armada Marine http://www.armadamarine.co.uk/ they only charge me 2% + 5 per day, but seeing as they're based in Guernsey they don't need to pay UK Employers NI, and I get paid Gross.

I then have a normal accountant that prepares my tax return every year.
 

Bristar



Member

Joined: Sep 08, 2008

View user's profile Send private message Reply with quote
PostPosted: 03:44 Sun 18 Nov 12  

weetabix wrote:
looking to go agency in the next few months and was wondering whats best for a uk resident looking to work in uk waters and abroad for claiming seafarers deduction and tax implications in general.

ltd company or sole trader the better option? any info would be great as im not that clued up with it all!

cheers


My understanding is you must be an employee to be able to claim the Seafarers Foreign Earnings Deduction. So you would have to be an employee of your ltd company to claim it?
 

rayshields



ROVworld Webteam

Joined: Dec 26, 2003
Location: Scotland

View user's profile Send private message Reply with quote
PostPosted: 02:53 Fri 01 Mar 13  

In my opinion ltd company will be the best option for you.
 

GainellDesirae



Member

Joined: Feb 16, 2013

View user's profile Send private message Reply with quote
PostPosted: 20:21 Tue 05 Mar 13  

We provide the same as the Guernsey company but from Hong Kong at a fixed monthly fee and including the SED claim - no percentages !

_________________
Kind Regards
Steve White


Your Tax Office Ltd
+44 (0) 1438 940 944 

YourTaxOffice



Member

Joined: Nov 27, 2007
Location: Hertfordshire

View user's profile Send private message Send e-mail Visit poster's website Reply with quote
PostPosted: 15:44 Mon 27 May 13  

Right,

If you are set up as a LTD Co, you can still claim the S.E.D IF you are on a vessle, is that correct? BUT you cannot claim anything if you are rig/installation based?????

When you set up a LTD Co, even as the owner of the Company you are employed by the Co so that covers one issue mentioned a bit earlier in this post.

The rest I am getting a handle on it, but it is a complete minefield and a lot of the loopholes that have been used in the past are being slammed firmly shut. Personally I blame google and Starbucks, tax avoiding tossers Smile

Be good
Dog

_________________
What you get by achieving your goals is not as important as what you become by achieving your goals 

Cabledog



Member

Joined: Mar 04, 2007
Location: South Pacific

View user's profile Send private message Reply with quote
PostPosted: 07:54 Tue 28 May 13  

As a Ltd company, you will still be liable for corporation tax at 20%. The SED is a personal tax issue.
 

norfolknchance2



Member

Joined: Mar 23, 2007

View user's profile Send private message Reply with quote
PostPosted: 16:24 Tue 28 May 13  

Ahhh, ok. So, if set up as a LTD Co, you take a small salary, and the rest as dividends, which you pay personal tax on, right. Then you claim the SED back on that?

Does anyone leave money in the company account and have to pay the 20% Corp Tax. OR do you reduce that liability by paying into a pension, etc etc?

Or is Sole trader the better way to go.........

Anyway, got a sit down with my accountant tomorrow to sort all this crap out, will keep you updated.

Be good
Dog

_________________
What you get by achieving your goals is not as important as what you become by achieving your goals 

Cabledog



Member

Joined: Mar 04, 2007
Location: South Pacific

View user's profile Send private message Reply with quote
Display posts from previous:       
 
Post new topic   Reply to topic

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You can attach files in this forum
You can download files in this forum



Powered by phpBB © 2001 phpBB Group

Version 2.0.6 of PHP-Nuke Port by Tom Nitzschner © 2002 www.toms-home.com
 
 
Page Generation: 0.20 Seconds
 
 
:: fiblue3d phpbb2 style by Daz :: PHP-Nuke theme by www.nukemods.com ::