Marine Accounts was launched in response to a gap in the market providing yacht crew tax advice income tax return preparation and mortgage products to seafarers working on super yachts.

Yacht tax uk. We pride ourselves in helping offshore yacht crew have the same onshore capabilities to those that are land. Concurrently the EU code provides for relief from VAT liability for up to 18 months Article 562 e as referenced above when the boat is owned by non-EU residents and where the boat will. Specialist advice for seafarers UK yacht crew income tax return filing accounting mortgage lending.

Contact the navigation authority of the waterway you want to use. VAT on yachts can add a hefty amount to. VAT when buying a used boat.

However if your boat remains in Greece through 31 December 2020 it will be deemed to be EU VAT paid. A chargeable event occurs where the yacht is imported into the UK or is sold by a business in the course of its business. In either case if the tax authorities usually the Guardia Civil or Vigilancia Aduanera custom patrols detect the use of a foreign registered yacht by Spanish residents or business the power is theres to immediately immobilise the yacht until such time as the situation is resolved in other words until the tax demand is paid or guaranteed.

If you are buying a new yacht from a VAT registered seller in the UK then VAT is payable on the purchase price. There is a final deadline in place of 31 st December 2021 for yachts to return if they departed more than three years ago. It would seem in this scenario that you retain both EU and UK tax.

In general terms any EU resident who buys a new build or secondhand yacht that is not VAT-paid will be required to pay VAT on the hull at the VAT rate applicable at the place of delivery unless the yacht is acquired for commercial purposes or through a leasing scheme. There are two types of floating tax havens namely residential ships Section 2 and private yachts Section 3. The Association of Brokers and Yacht Agents recommends that its members should obtain the relevant paperwork from the vendor before listing a yacht as being VAT paid.

You usually need to register your boat to use it on inland waterways such as rivers and canals. Although this is not conclusive proof VAT has been paid it indicates that the tax status is the responsibility of UK authorities. For tax purposes the territory of the UK includes waters within 12 nautical miles of the coastline.