It is currently a tough time for those working in the offshore oil and gas construction market. With Covid-19 causing delays to projects and lower oil prices meaning some projects are being cancelled.
On the other hand, the offshore renewables construction market is getting busier so hopefully this will create opportunity for those oil & gas workers that have recently lost their jobs.
One thing all those Irish tax resident offshore workers should bear in mind is that they could be entitled to the Seafares’ Allowance. This allowance of €6,350 is available at the higher rate of tax and could lead to a saving in tax to be paid of up to €2540.
To qualify for the Seafarers’ Allowance you must:
- be at sea for at least 161 days in the course of a year
- carry out your work wholly on board a sea-going ship while on an international voyage
- not be a Public Sector employee
- not have claimed split year treatment in respect of the income earned
- be on a voyage that begins or ends in a port outside Ireland.
More detail on this allowance is available on revenue.ie or you can discuss it with us via email at info@harnettaccounting.ie
