If you are new to the seafarer trade, or you are just getting back into it after many years off, there is a lot to know and even more to learn. For starters, being a seafarer is unlike any other job that you have ever had and it can be difficult physically, mentally and emotionally. You will spend weeks, even months at sea, living and working in a foreign land. The work can be grueling at times and neither the weather nor the sea will always cooperate. It takes a special person to become a seafarer and work in this industry, but, for those who, the seafaring life can be very rewarding.
Having said that, there is another side to the seafaring trade that you should know about and that is the tax and payroll side of things. For many seafarers, this aspect of the job can cause more anxiety than working on deck during the biggest storm of the season.
Seafarers Earnings Deductions
Trying to understand offshore tax regulations, tax assessments and Seafarers Earnings Deductions can be challenging unless you work with an experienced tax specialist such as Binks Overseas. Typically, most self-employed seafarers don’t qualify for the HMRC Seafarers Earnings Deductions, but the experienced tax specialists at Binks Overseas have a solution that ensures you qualify and that receive more of your tax back as a rebate.
Seafarers Tax Self-Assessment
If you are not confident that you can assess your own tax affairs, or you aren’t quite sure that you have got your tax self-assessment exactly right, hiring a professional tax specialist from Binks Overseas can help. There are penalties for filing your seafarers tax self-assessment late or inaccurately and an experienced tax expert can help you avoid additional taxes and penalties from HMRC. Dealing with a seafarers tax self-assessment whilst you are away at sea can also create a wide range of issues that could lead to even more penalties.
It Is Important To Work With A Binks Overseas Tax Specialist
As you can see, there is a lot to learn and understand when it comes to seafarers taxes. This is why it is so important to work with a Binks Overseas tax specialist. Your taxes will be assessed and filed accurately and on time ensuring that you get to keep more of your money.
Contact Binks Overseas
To learn more about International Payroll Services from Binks, contact Binks Overseas today and speak with a payroll specialist who can answer any questions you might have about your company’s payroll needs.
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