When I was at the Fly! show in London, I spoke to an FTO and we discussed the option of me taking out a loan to buy a low-hour R22 (from them
), then renting it back to them for 2 years for an amount that would cover the running costs and the loan repayments, with a little left over. The idea was that I could use this extra to pay for some flying time of my own.
My accountant said that this would count as a benefit-in-kind, and I'd get taxed on the full purchase price of the helicopter (not even the reducing value through airframe time). He also said that the value would depreciate normally, and not in relation to how it is used (again, reduction in time until a complete rebuild). Even if I left the extra in the company, and just paid for my flying time at 'cost' he said I'd still get done by Mr Taxman.
Can anyone recommend a UK tax expert in this specific area that I could talk to, as I am investigating various ways of building time, and if I can offset those costs it would be great?
Many thanks,
The Hustler