Yacht ownership confers many pleasures and privileges but it also carries many responsibilities – not least in managing a vessel’s day-to-day operations and the associated tax, accounting and payroll duties. These tasks can be even more complicated when you are away from your homeport and at sea for extended periods of time.
Keeping records of any transaction is a key element in managing a yacht. The annual expenditure on the maintenance and operation of a yacht is estimated to be 10% to 12% of her value, so it is critical to maintain financial control and have complete visibility over expenditure.
There are many factors to take into consideration. Not just the vessel, its equipment, its intended use – charter, personal or a combination – primary location and flag, but also the nationality of the owner and crew members.
There are also many statutory requirements when operating commercially that must be taken into consideration. This is especially relevant for trading companies that are chartering yachts in EU waters, which must be compliant with the VAT and tax requirements.
Sovereign Marine Services has the expertise and experience to keep your yacht running smoothly, making ownership as straightforward as possible. We work closely with owners and skippers to assess the operation of each yacht and will set up appropriate systems to handle all the financial complexities of your yacht’s operation while in homeport or at sea.
In addition to our in-house capabilities, we can draw upon an extensive network of professional contacts to meet the challenges of payroll processing, foreign-earned income and international reporting. As part of the Sovereign Group, we also have access to expertise on all aspects of corporate administration and taxation worldwide, as well as efficient tax planning options for yacht owners.
Our comprehensive range of services includes:
- Bank statements and cards reconciliations.
- Monthly, quarterly and annual reporting.
- Company accounts.
- VAT registration and returns.