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Your Money - your choice... please help
Posted: Friday, February 15, 2013 10:33 AM
Joined: 01/12/2008
Posts: 62

As you may know I write the 'Its Your Money' Global View article in Dockwalk every month. Since I started this in 2009 we have covered subjects from insurance to investments, financial planning to MLC implications and tax residency to banking.

I would be really interested to know if any of you have any ideas about what you would like to read in this section going forward. Coming up will be a series on Risk but if you have any burning financial or fiscal issues that you would like to read a little about I would be delighted to research and write about them.

thanks for your feedback



Posted: Wednesday, May 22, 2013 6:38 AM
Joined: 28/04/2011
Posts: 56

Perhaps it's a little narrow, but a topic revolving around UK Seafarers and the tax advantages. For instance looking at the SED and the half day rules. Also looking at how as a UK Seafarer claiming the SED, you can still pay into a personal pension and the UK government will contribute the tax rebates. Also that UK seafarers claiming SED can put investments such as stocks, shares and funds into the wrapper of an ISA to simplify the self assessment process as they will not need to declare it and protect it from capital gains tax. 
 Also that seafarers claiming SED still have the personal tax free allowance of 8105 on their domestic earnings, so if they were to rent a house out (buy to let) then any of the annual income below 8105 is tax free. Again how this is very simple on the self assessment with its own section for putting in the house rental income.

Also perhaps looking at how seafarers should work hard on keeping accurate records, such as ensuring that a sea service logbook or discharge book is properly maintained, that they keep travel records and boarding passes from flights to prove their exit and entry times from their home country for tax liabilities. Photocopies from the Official Logbook for the 'freeboard record' pages is also evidence that the Inland Revenue accept. Implications of failure to declare earnings.

There is also a process for Australians to claim tax exemption, which I believe involves a hearing, so perhaps a topic about this would be of interest to the Australian crew.



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