PPRuNe Forums - View Single Post - Brookfield working practices, conditions, and Contracts
Old 17th Dec 2008, 16:30
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Whitstle_Blower
 
Join Date: Dec 2008
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Tax

When you sign the contract with Brookfield, it clearly states that you must be either Self Employed, or Ltd company.
This means that Brookfield have no responsability towards you. You must deal with your own tax and accounts, and with your own national insurance.
My advice, if you are going to Ryanair, register with HMRC as Ltd company or Self employed BEFORE signing the training contract and starting the type rating. This will allow you to pay for the rating under the banner of your company. This will mean that your company is £25,000 in loss, however it also means that you might be able to claim the training costs back for the type rating against tax. IE, you must pay that £25,000 back to the company at a nominal rate, before the company is in profit and starts having to pay tax on profits.

Remember, you only pay tax on profit if you are self employed, meaning all expenses incurred will be deducted from the total amount you are paid, and you pay tax on the remainder.

If you are a limited company, things are a whole lot more difficult. There is something called IR35, which unfortunately, by the looks of things, a lot of Brookfield Pilots are operating under. This means that you are operating outside the HMRC rules of running a Ltd company. You must make sure that you are not doing this!! - I CAN'T STRESS THIS ENOUGH!!
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