PPRuNe Forums - View Single Post - Claiming back Vat on training costs.
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Old 8th May 2003 | 00:32
  #8 (permalink)  
topcat450
Suave yet Shallow
 
Joined: Feb 2003
Posts: 343
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From: half way between the gutter and the stars.
Many thanks to one of the chopper guys for this...but as he said...dont take it as gospel..get proper advice! ....

"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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