Ltd Company Status
I have a number of questions about the limited company status that cadet pilots hold when working for Ryanair:
1. In a hypothetical scenario where a serious incident or accident was found to be directly the result of an act of negligence on the part of the pilot, who is held liable? Are you effectively acting on behalf of Ryanair when you fly or would your ltd company carry the risk? Is personal liability insurance mandatory? (can't even imagine the size of the premium!!).
2. National Insurance/Social Security payments in the UK are effectively a contribution towards your goverment pension which you receive when you are of a pensionable age. In the UK there is the option to 'opt out' of NI payments if you are self employed - is this the case if you are based overseas?
3. Relating to Q2, if you are a UK/Irish citizen working for Ryanair in a foreign base what is the purpose of paying national insurance to a foreign government? You won't receive a foreign pension. Secondly you risk losing your UK/Irish gov pension if you stop paying your national insurance at home - how have you current Ryanair guys/gals overcome this?
4. A previous post stated (or maybe I read it on PPJN) that 2% of gross earnings are deducted by Storm as a management fee. Surely this counts as a direct company expense and be claimed against tax, no?
I am speaking from experience of owning a Ltd company in the UK but have little understanding of the situation overseas.
Last edited by talktomegoose; 19th Nov 2013 at 13:15.