Scottish Fisherman

Scottish Fisherman

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Has anyone heard of a scheme operated by Captains of Scottish fishing boats where 20% tax is deducted from each crew members share of the catch. Does anyone know what the reporting requirements are?

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By sjn01
24th Aug 2011 11:04

scottish fishermen

We have one client who is registered as a self-employed share fisherman under this scheme. He was not a client when he first started, so I can't help on the set up details, I'm afraid.

The deduction is allocated from his wages by the boat operator into a specified bank account to which HMRC are linked and have direct debit access. The tax/NI payments on account are taken from this account, but the catch is that the January payment takes the full balance in the account (at a date in mid Jan), not just the amount due. It's then up to you to reclaim any excess, or make sure your client knows to pay the balance in time if he is due to pay more than is avaialable in the account. The client files a standard tax return declaring his full earnings from the share fisherman scheme (including the amount paid into the separate account) and any relevant expenses along with any other income.

There is a specialist HMRC offfice which seems to deal with this - I think they are in Peterhead - their number is 01224 401223 - they might be able to give you some further information.  

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Replying to coolmanwithbeard:
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By pat27
27th Aug 2011 10:30

Thanks for your help

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