Tax Moves Hurt UK Seafarers

Friday, May 02, 2003
Accountant Moore Stephens says changes to National Insurance rules for UK companies employing British seafarers announced last week may threaten British jobs. Shipping tax partner, Philip Parr, says, "From October 6, 2003, shipping companies using British resident seafarers and which operate mainly in UK waters face a payroll cost increase of 13 per cent, and increased costs of administration." On April 23, 2003 the Paymaster General announced that with effect from October 6, 2003 shipping companies that use offshore manning companies to provide UK resident mariners for their ships operating mainly within UK waters will have to pay employers' National Insurance Contributions. Until now, such mariners had been specifically excluded, giving a boost to both the employment of UK seafarers and the use of offshore companies to employ them. "These changes add very significantly to the costs of UK shipping," warns Parr. "They also increase the administrative burden of employment, and so may tempt owners to seek alternatives."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

 
 
Maritime Contracts Maritime Standards Naval Architecture Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0991 sec (10 req/sec)