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Old 7th May 2003, 23:14
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whirlycopter
 
Join Date: Oct 2002
Location: Bristol UK
Posts: 47
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Try this but don't come after me if it goes wrong, you need to be very careful about this and best really to get someone who knows what theyre doing to set it all up;



Set up a limited company and register for VAT,

Write a business plan including details of how you are going to generate taxable income, ie who your clients will be, ideally this should be a number of different flying schools, you will need this to justify your registration.

Find someone who provides services through a limited company (IR35 compliant), I find my wife useful for this amonst other things.

Get them to bill through your company thus generating output VAT while you are training.

Claim back the input VAT on your training.

You can also ofset your training cost against the revenue earned by the other person thus reducing income tax liabilities.

By insurance to cover the fees of the resulting investigation by Customs and inland revenue.

Whilst your at it might as well pay scale charge and fuel benefit tax and put all your road fuel through the company too.
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