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. Book an appointmentThe 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.
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.
Ferryman
Ship of Drilling
A Cargo Vessel
Cruise Ship
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.
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
Other Services
Year-End Accounts
Company Registration
Accounting Solutions
Capital Gains Tax
Payroll
Tax Returns
Business Advisory
Inheritance Tax
Other Services
Happy Clients
Years of Experience
Affiliations
Recent Blogs
The government has announced additional support for Covid-affected businesses.
The government has announced additional support for Covid-affected businesses. EWSS, CRSS, and Tax Debt Warehousing have all been updated. (EWSS) Employment Wage Subsidy SchemeLast Month, it was stated that the Employment Wage Subsidy Scheme (EWSS) would...
How to Reduce Your Company’s Tax Obligation
How to Reduce Your Company's Tax Obligation Protecting your company's assets is easier when you're completely incorporated. You can, for example, reduce your tax liability and save money each year. This also has a number of tax benefits, such as fewer tax...
The 5 most important accounting tips for small business
One thing is certain. You'll have a better knowledge of your small business's strengths and shortcomings once you've mastered basic accounting and bookkeeping. You may even utilise excellent accounting and bookkeeping habits as a catapult to grow your...
How to Liquidate an Irish Company
How to Liquidate an Irish Company When a company is unable to continue trading and must shut down its operations, it is liquidated. This could be for a variety of reasons, but the most common reason is financial difficulties. In Ireland, there are three...
Requirements for Starting a Business In Ireland – set up a company in Ireland
Requirements for Starting a Business In Ireland- Set up a company in ireland If you're wanting to form a new Limited Company in Ireland, we'll customise your company to meet your specific needs and get your business off to a great start! However, we...
5 tasks to inspect before financial year-end
1. Salary/Income:When the end of the fiscal year approaches, it's a good idea to double-check your pay. If your personal circumstances have changed, such as if you have married, your tax credits will be affected. Make sure you're taking advantage of all...