Fishermen haul tax help

Share fishermen across Britain and Northern Ireland are being offered the chance to join a tailor-made scheme to help them with self-assessment.

After a survey from HM Revenue & Customs (HMRC) showed that share fishermen rarely save for tax and national insurance, the Share Fisherman Scheme was set up. The initiative enables members to set aside 20 per cent of their monthly profit to go towards tax and national insurance at the end of the tax year.

Share fishermen, who are classified self-employed, receive a share of the profits or gross earnings of a fishing boat.

Ron McGruther, HMRC's share fishermen tax manager, said: "We don't want to have to issue share fishermen with penalties for late and incorrect tax returns. This is why we have set up this tailor-made scheme.

"Besides this, the scheme will make it easier for share fishermen to access other benefits, including: tax credits, if they are on a low income; and other financial services, such as, loans and mortgages."

As part of the scheme, share fishermen will also get tax relief on seakit expenses, which should save them £700 a year.

Share fishermen who are unsure of their eligibility should visit their solicitors, as those who earn more than £18,000 a year may be liable for a tax in excess of 20 per cent.

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