Offsetting VAT/Tax against training
Dear Rotorheads,
Nothing has come through searching threads so appreciate being pointed in the right direction or some help hints or PM's if required.
I'm doing my AS355 type rating/IR soon an wonder if there is anyway of offsetting the tax/vat on the course.
Thoughts at the moment are setting up my own limited company. That way when (or if !!) I get employment, whoever employs me will effectively employ my company.
This allows me to offset my training costs against future tax.....has anyone delt with this before ? , and would companies in the industry be willing to do this ?
2nd option is finding a heli company (not necessarily saying they will give me a job )to finance the course having already recieved a 20k cash bond from myself. As I go through training the company pays for the training through its accounts and then draws off the cash bond I supplied. At the end of the training the heli company can claim back the VAT (around the £3500) mark, take a £500 admin fee and pays me back the remaining balance of my cash bond + the VAT. This deals with VAT. My current belief is that this is not illegal at all.
If then the heli company decideds to employ me then my tax on my earnings can be offset by training cost (less the VAT now).
Hope that lot didnt sound too confusing !!!
It seems to be to a win win situation for a heli company. If they do not decided to employ me they still take a £500 fee for effectively a paperwork exercise.
Any thoughts please ?