22/05/2007

Local fishermen offered help by Taxman

Share fishermen in Ardglass and Kilkeel are being encouraged to join a scheme tailor-made to help ensure they will not be caught short when their tax is due.

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

But research from HM Revenue & Customs (HMRC) has revealed that share fishermen often don’t save for tax and national insurance, and this can cause difficulty when the tax bill finally arrives.

The Share Fisherman Scheme, set up by HMRC, helps its members set aside money aside each month from every catch, helping them to pay tax and national insurance on time and automatically at the end of the tax year.

Ron McGruther, HM Revenue & Customs, 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.”

An information pack is available from HMRC about how to join the scheme. Call 0845 0789 789, or 01779 483 314.

(JM/SP)

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