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weetabix
Member
Joined: Nov 17, 2012
Posts: 3
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 Posted: 08:23 Sat 17 Nov 12 |
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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
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Bristar
Member
Joined: Sep 08, 2008
Posts: 40
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| Posted: 00:04 Sun 18 Nov 12 |
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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.
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rayshields
ROVworld Webteam
Joined: Dec 26, 2003
Posts: 2074
Location: Scotland
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| Posted: 03:44 Sun 18 Nov 12 |
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| 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?
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GainellDesirae
Member
Joined: Feb 16, 2013
Posts: 3
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| Posted: 02:53 Fri 01 Mar 13 |
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In my opinion ltd company will be the best option for you.
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YourTaxOffice
Member
Joined: Nov 27, 2007
Posts: 75
Location: Hertfordshire
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| Posted: 20:21 Tue 05 Mar 13 |
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We provide the same as the Guernsey company but from Hong Kong at a fixed monthly fee and including the SED claim - no percentages !
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Kind Regards
Steve White
Your Tax Office Ltd
+44 (0) 1438 940 944
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Cabledog
Member
Joined: Mar 04, 2007
Posts: 194
Location: South Pacific
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| Posted: 15:44 Mon 27 May 13 |
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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 
Be good
Dog
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What you get by achieving your goals is not as important as what you become by achieving your goals
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norfolknchance2
Member
Joined: Mar 23, 2007
Posts: 111
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| Posted: 07:54 Tue 28 May 13 |
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As a Ltd company, you will still be liable for corporation tax at 20%. The SED is a personal tax issue.
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Cabledog
Member
Joined: Mar 04, 2007
Posts: 194
Location: South Pacific
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| Posted: 16:24 Tue 28 May 13 |
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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
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What you get by achieving your goals is not as important as what you become by achieving your goals
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