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Old 13th Jun 2001, 12:15
  #14 (permalink)  
Whirlybird
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Navigator,

I'm doing just that. I'll be filling in all my expenses for the last tax year, and asking that they be offset against future profits. My accountant says that should be OK, but advised against offsetting them against current profits from my other business (I'm self-employed anyway at present). The reason is that if I either don't get work or am not self-employed as a pilot in the future, the IR may claim back their due with interest!

I've also VAT registered so I can claim back the VAT paid for training. Most helicopter students seem to do this and I even phoned the VAT helpline who said it was fine.

The snag is that none of this may work if you're not likely to become self-employed and earn something eventually. Most helicopter instructors are classed as self employed - but I'm not sure this is the case in the f/w world. Worth looking into though.

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Whirly

To fly is human, to hover, divine.