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In Ireland, how do you claim the Fisher Tax Credit and the Seafarers' Allowance?

Many seafarers are eligible for the Fisher Tax Credit or the Seafarers' Allowance, although they rarely use it.
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The main cause for this is most likely a lack of knowledge about potential tax reliefs. They believe that getting their tax benefits will be too difficult and ‘not worth it.

When you think that you may save thousands of euros by claiming these tax reliefs, it’s a no-brainer. Many workers in Ireland’s fishing industry are eligible for the Fisher Tax Credit. 

Meanwhile, if you work at sea but are not employed in the fishing industry in Ireland, you may be eligible for the Seafarers’ Allowance. Ferry and cargo ship workers, for example, frequently claim this allowance.

Factors to Consider When Calculating Seafarers Allowance
What is the value of the Seafarers’ Allowance?

If you are eligible for Seafarers’ Allowance, you will be able to deduct €6,350 from your Seafarer income at your highest tax rate (20% or 40%). The allowance cannot be applied to any other source of income.If you are eligible for Seafarers’ Allowance, you will be able to deduct €6,350 from your Seafarer income at your highest tax rate (20% or 40%). The allowance cannot be applied to any other source of income.

Financial year-end

How can I find out if I’m eligible for the Seafarers’ Allowance?

If you work in the maritime industry, such as on a ship, you may be eligible for the Seafarers’ Allowance.

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Ferryman

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Ship of Drilling

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A Cargo Vessel

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Cruise Ship

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A Rig for Oil

  • You must be at sea for at least 161 days during the year to be eligible for this stipend.
  • You must do your work onboard a seagoing ship while on an international cruise.
  • The ship must be registered in an EU member state’s shipping register.
  • You must be employed by the government and have never claimed split-year treatment for any of your earnings.
  • A port outside of Ireland must also be used to start or terminate the journey.
seafarer

Everything You Need To Know About The Fisher Tax Credit
What is the value of the Fisher Tax Credit?

If you qualify for the Fisher Tax Credit, you will be required to pay €1,270 per year. Before you may claim, you must meet a number of qualifying conditions, like with all tax credits.

In short, you can earn up to €22,850 before paying income tax if you qualify for this benefit.

To be eligible, you must have spent at least 80 days fishing at sea. Within a 24-hour period, a day is defined as a minimum of 8 hours at sea. In a 24-hour period, these 8 hours can be accumulated throughout a number of fishing trips.

Any type of fish found in the sea is eligible for the tax credit. Salmon, freshwater eels, and aquaculture animals are not included. You also won’t qualify if you’re fishing solely for scientific, research, or training purposes.

Do you need assistance claiming your tax benefits?

Our tax experts at TAS Consulting Limited will make sure you get every tax break you’re entitled to and get the biggest tax refund possible.

In fact, the average tax refund in Ireland is €1,076 per person, so it’s definitely worth claiming what you’re owed!

Furthermore, if you have previously failed to claim your entitlements, we can reclaim your tax from the previous four years!

Our Chartered Accountants will assist you in determining what information they will require to complete your company’s accounts.

Call us at 01 442 8230 or fill the form below

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