Starting a new group
Hi
I am looking at starting up a group with 2 other pilot friends. I have some AOPA guidelines and they are advising a Ltd Co.
We are planning a monthly fee to cover fixed costs with a wet hourly rate, also an engine fund.
My problem is if we pitch the monthly & hourly rates slightly higher than we need and we end up making a profit, then we will have to pay Corporation Tax (we pay too much to the Chancellor as it is); but if we pay too little then there will not be enough to cover the costs!!
How do other Groups cope with this?
Prunie