Ryanair Tax Question
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Join Date: Sep 2013
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Ryanair Tax Question
Wondering if anyone can answer this question.
I know that you can write off the course of the type rating over the course of a number of years. Which is great.
My question is if you had a bond with another airline and you left to go to Ryanair, could you write off paying that bond back as training as well as the TR. How dose the tax man see it?
Thanks
I know that you can write off the course of the type rating over the course of a number of years. Which is great.
My question is if you had a bond with another airline and you left to go to Ryanair, could you write off paying that bond back as training as well as the TR. How dose the tax man see it?
Thanks
Join Date: Mar 2012
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Don't think you can since all the expenses you can claim are directly involved with your job as flying the AC for RYR under your limited company contract. Claiming the bond from another job that has nothing to do with your RYR job means is not directly related so I don't think you can, however I can't tell you 100% what is correct or not
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Get an accountant to answer this for you, that way you have some back up if there are any issues.
SkyDreamer1, you can offset the cost against your income so if you paid out £30000 for example in 1 year, you would be seen to have spent £30000 on a business outgoing so your taxable earnings would be less therefore you would save on your tax, how much will depend on your income.
Example:
Earnings PAYE £350000
Type rating £30000
--------------------------
Taxable earnings £5000 so that would be under the £10000ish tax free allowance, so no tax due that year.
Lets say you didn't offset the type rating, so you would be taxed on £35000 which would mean 20% tax on everything above the £10000ish allowance.
If you earned above that then you get into the 40%/50% tax bracket, so offsetting the training cost becomes very worthwhile.
I'm going on my knowledge from running a limited company here so the info above should not be trusted or considered as advice, as I say, go to your accountant for reliable information you can be comfortable with.
SkyDreamer1, you can offset the cost against your income so if you paid out £30000 for example in 1 year, you would be seen to have spent £30000 on a business outgoing so your taxable earnings would be less therefore you would save on your tax, how much will depend on your income.
Example:
Earnings PAYE £350000
Type rating £30000
--------------------------
Taxable earnings £5000 so that would be under the £10000ish tax free allowance, so no tax due that year.
Lets say you didn't offset the type rating, so you would be taxed on £35000 which would mean 20% tax on everything above the £10000ish allowance.
If you earned above that then you get into the 40%/50% tax bracket, so offsetting the training cost becomes very worthwhile.
I'm going on my knowledge from running a limited company here so the info above should not be trusted or considered as advice, as I say, go to your accountant for reliable information you can be comfortable with.
