West Nautical’s fiduciary team specialises in yacht accounting, delivering a complete financial administration package tailored to your superyacht’s needs.
Our clients benefit from West Nautical’s experience of managing superyachts, saving considerable costs and effort, with full transparency and access available.
Encompassing financial control; onboard administration and cash accounting; and a full suite of financial reporting, our dedicated team is meticulous and switched-on when it comes to understanding the nuances of superyacht budgets and accounting.
Consider West Nautical as a part of your family office or land-based fiscal advisers. We provide regular accounting reports and maintain routine communication with all relevant parties about changes to the yacht’s budget if and when they arise.
By assisting your Captain with good forward planning and monitoring expenditure, we can improve consistency and predictability with the financial operations of your superyacht.
Sample budgets and accounts are available on request.
- Preparation of a five-year ‘life cycle’ budget for review,
- Preparation of annual budgets for review,
- Set-up and management of financial software, monitoring all areas of expenditure and income,
- Tailored budgetary control for your superyacht,
- Establish and maintain yacht bank accounts and handling of operating funds from owning company,
- Supplier payments and invoice processing co-ordinated with the Captain,
- Monitoring charter accounts and income, and managing APA (Advanced Provisioning Allowance) requirements for commercially registered yachts.
Onboard administration and cash accounting
- Onboard accounting package,
- Yacht’s cash provision and transfer,
- Establish and manage credit and debit cards in a range of currencies, for both operational and charter use.
- Comprehensive accounting reports to owning company comparing actual costs to budget,
- Seasonal/annual budget reporting highlighting significant savings and costs,
- Identifying future requirements for cash injection and expenditure in good time, allowing the owner to plan ahead.
- West Nautical recommends the purchase of bespoke financial software for yachts, Latitude 365
- Latitude365 is a cloud based accounting system that West Nautical operate across our fleet, and that the yacht, owners and their advisers can access 24/7
- West Nautical would be the managing user for the software, providing guidance and training to the Captain and owners team as required
VAT and Tax Info
Taxation relating to luxury yachts can be highly complex. West Nautical are well versed in advising our clients on the best possible arrangements for their specific circumstances.
Whether purchasing a new or used yacht, the tax status will be an important consideration.
Where your yacht is to kept is likely to dictate the tax you will pay on the purchase price. Boats belonging to EU Citizens, or those that are EU flagged, must pay VAT. If your vessel is non-European flagged and you would like to keep it in EU waters, VAT may still apply, this is largely dictated by the length of time spent in European waters.
There are various VAT deferral schemes and leasing structures that are available in these ever changing environment, and so up-to-date guidance should always be sought when considering a purchase.
It is fundamental that a yacht’s Captain can always present proof of the vessel’s VAT status if requested by local custom authorities.
Many owners wish to charter their yachts to offset the costs of ownership, among other benefits. If this is the case, it may be preferable to register the yacht in the Isle of Man or Malta, establishing a company for this purpose and gaining a VAT number which can be used to reclaim VAT paid on certain stores and services.
Whatever your individual circumstances may be, West Nautical are on hand to offer sound impartial advice on tax arrangements for your luxury yacht.