Ex JTIDS Eng
13th Feb 2012, 19:24
Hi
Has anyone formed their own company before they started their ATPL training and then effectively ran it at a loss for 18 months whist they were completing their course. This would mean the company would be in the red at the start of year 3. Assuming you could get a job "contracting" for a few years, you could claim back the VAT and offset the losses against tax. This would mean you would pay very little tax in the early years, net result being you could effectively claim back some of your training costs.
I have heard this is done by pilots who offset their type rating course fees using Irish banks but obviously they have formed their companies after they have completed their initial ATPL training and can claim back the tax as they are qualified and effectively running a business.
I need to borrow £85,000 and I am looking at ways to ease the pain.
I do not even know if this is legal. A friend who works in the IT industry says it is. He says it is legal for a contactor to claim back training fees on courses and you can claim back losses upto 3 years.
Any advice would be really appreciated
Has anyone formed their own company before they started their ATPL training and then effectively ran it at a loss for 18 months whist they were completing their course. This would mean the company would be in the red at the start of year 3. Assuming you could get a job "contracting" for a few years, you could claim back the VAT and offset the losses against tax. This would mean you would pay very little tax in the early years, net result being you could effectively claim back some of your training costs.
I have heard this is done by pilots who offset their type rating course fees using Irish banks but obviously they have formed their companies after they have completed their initial ATPL training and can claim back the tax as they are qualified and effectively running a business.
I need to borrow £85,000 and I am looking at ways to ease the pain.
I do not even know if this is legal. A friend who works in the IT industry says it is. He says it is legal for a contactor to claim back training fees on courses and you can claim back losses upto 3 years.
Any advice would be really appreciated