Taxation Advice re:Brookefield
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Taxation Advice re:Brookefield
Hi guys and girls,
Hoping that some Ryanair pilots on Brookefield might be able to offer me some advice and recommendations. Basically I am starting a type rating shortly and will have to set up a company or register as self employed.
Firstly, is somebody able to give a bit of advice having had some experience regarding the pros and cons they have encountered of either setting up a ltd company or registering as a sole trader.
Also, if anybody has someone who they have used and are very happy with could you pass me their details. If you would rather PM me that would be great.
Appreciate any help you might be able to offer. Hope your year is starting well.
Regards
Cycles
Hoping that some Ryanair pilots on Brookefield might be able to offer me some advice and recommendations. Basically I am starting a type rating shortly and will have to set up a company or register as self employed.
Firstly, is somebody able to give a bit of advice having had some experience regarding the pros and cons they have encountered of either setting up a ltd company or registering as a sole trader.
Also, if anybody has someone who they have used and are very happy with could you pass me their details. If you would rather PM me that would be great.
Appreciate any help you might be able to offer. Hope your year is starting well.
Regards
Cycles
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Taxation Advice
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I'd be curious to know about this idea of being self-employed but harnessed to BRK. I assume they want all their bunnies in all EU countries to be so described. In those countries I know a little about self-employed people need more than one customer. In the BRK case and working solely for RYR how do you square that one. If RYR is your only source on income how can you be self-employed? BRK might wish it, but can it happen? Secondly,how can you be self-employed if BRK (or RYR) can dictate how, when & where you work; and when you will have time off or unpaid holiday? Sounds very dodgy and far fetched. You're either independent or you're not. Which is it?
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BRK get around it by using your 'contract services' for 11 calender months, apparently that stops the inland revenue from saying that you are a full time employee.
Although I always thought you need to invoice more than one company to also show true self-employed status. Most self-employed contractors in the real world can also choose when not to work, not email screwing begging for a week off.
Case of cake and eat it.
Although I always thought you need to invoice more than one company to also show true self-employed status. Most self-employed contractors in the real world can also choose when not to work, not email screwing begging for a week off.
Case of cake and eat it.
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Thinking back to business studies....
As a sole trader you have (personal) unlimited liability to business related risks. As a ltd company, the liability is to the limit of the share capital of the company.
However, this limit goes out the window in some cases of negligence:
Structuring a Ltd company:
ix
As a sole trader you have (personal) unlimited liability to business related risks. As a ltd company, the liability is to the limit of the share capital of the company.
However, this limit goes out the window in some cases of negligence:
Structuring a Ltd company:
These indemnities commonly seek to safeguard directors against liability for negligence, breach of duty or trust or for default. However company law limits the indemnity that can be provided to cases where the director is involved in proceedings where the judgement was in his favour; or where the director was acquitted because he acted honestly and reasonably. Any other indemnity is void
ix
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Believe im right in saying most capts are FR employees and all new FO's are on Brookfield.
They started giving out the Brookfield contract sometime last year I think.
must be a fair split now.
N
They started giving out the Brookfield contract sometime last year I think.
must be a fair split now.
N
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I would very strongly advise anyone (who has the option of PAYE employment) of not going down the Brookfield/self employed route. It is not the universal panacea and is fraught with potential danger from the tax man.
It is relevant to me because I am a self employed freelance corporate pilot providing (or rather did provide!!) services to several companies.
The construction industry (where self employed contractors were the norm) were brought to heel sharply a few years ago to the great discomfort of many.
The revenue have far reaching powers and if they look at a situation that is in reality a scam and the individuals are exclusively working for one employer then they should be remunerated under schedule E. End of story.
A major review with the spot light being turned on all participants for the last few years is in my opinion overdue. That could result in substantial back tax assessments being raised.
The attractions of self employed status are over stated and often misunderstood.
Apart from the obvious attraction of getting a large gross sum, only expenses that truly are incidental to your business can be deducted.
This does not mean running your car against tax (only limited mileage is claimable between places of employment, NOT journeys from home to work....and the rates are pathetic anyway let alone the cost of buying a flash car). Forget clothing, restaurant bills and your daily living expenses. these are NOT deductable.
You have the massive hit on your bank account twice a year when you pay your tax (unless you are stupid enough to think you can get away without doing so) and you have virtualy no employment rights (the right not to be unfairly dimissed for example)
Add to the absence of job security, no pension contribution from the company or any other perks and all of a sudden it is not all rosey.
The issue of getting your type rating deducted is not written in tablets of stone if you go down this route either.
I have chosen to operate from a limited company for the almost exclusive reason that as a self employed freelancer I cannot get professional indemnity insurance on any reasonable basis (Balpa useless....as ever). If I bend Sheikh Farkmad's jet because I screw up, all he will get out of me is £100...otherwise my personal ruin is a distinct possibility.
I am still arguing the toss about my type rating costs on one particular aircraft after two years.
You have been warned!!
It is relevant to me because I am a self employed freelance corporate pilot providing (or rather did provide!!) services to several companies.
The construction industry (where self employed contractors were the norm) were brought to heel sharply a few years ago to the great discomfort of many.
The revenue have far reaching powers and if they look at a situation that is in reality a scam and the individuals are exclusively working for one employer then they should be remunerated under schedule E. End of story.
A major review with the spot light being turned on all participants for the last few years is in my opinion overdue. That could result in substantial back tax assessments being raised.
The attractions of self employed status are over stated and often misunderstood.
Apart from the obvious attraction of getting a large gross sum, only expenses that truly are incidental to your business can be deducted.
This does not mean running your car against tax (only limited mileage is claimable between places of employment, NOT journeys from home to work....and the rates are pathetic anyway let alone the cost of buying a flash car). Forget clothing, restaurant bills and your daily living expenses. these are NOT deductable.
You have the massive hit on your bank account twice a year when you pay your tax (unless you are stupid enough to think you can get away without doing so) and you have virtualy no employment rights (the right not to be unfairly dimissed for example)
Add to the absence of job security, no pension contribution from the company or any other perks and all of a sudden it is not all rosey.
The issue of getting your type rating deducted is not written in tablets of stone if you go down this route either.
I have chosen to operate from a limited company for the almost exclusive reason that as a self employed freelancer I cannot get professional indemnity insurance on any reasonable basis (Balpa useless....as ever). If I bend Sheikh Farkmad's jet because I screw up, all he will get out of me is £100...otherwise my personal ruin is a distinct possibility.
I am still arguing the toss about my type rating costs on one particular aircraft after two years.
You have been warned!!
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In order to be allowed onto the flight deck to perform your duties you must be wearing a FR uniform, if you don't you don't fly.
I would imagin the above to be pretty vital to the business, as with licence costs, medical, time spent away from home base and travel costs getting from home base to temporary base, expenses etc.
The way I see it is if you cannot do your job without it, then you can claim it.
Cannot start without a Typerating, would not be incurring the cost if you didn't start with the company, tax deductable.
Don't see the issue with paying tax in lump sums, after all it is sitting acruing interest in the bank until the tax man arrives!!
may be wrong
Nick
I would imagin the above to be pretty vital to the business, as with licence costs, medical, time spent away from home base and travel costs getting from home base to temporary base, expenses etc.
The way I see it is if you cannot do your job without it, then you can claim it.
Cannot start without a Typerating, would not be incurring the cost if you didn't start with the company, tax deductable.
Don't see the issue with paying tax in lump sums, after all it is sitting acruing interest in the bank until the tax man arrives!!
may be wrong
Nick
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Journeys to and from place of work are deductable up to 3 months and the place becomes your pernament place of work. If you move base every 3 months you could claim for travelling. ANR headsets can be claimed if your company doesn't supply them. Accom for reccurrents is deductable although you must have reciepts for everything. You also claim percentage of your rent/mortgage and bills if you use your house as an office. Apart from expect to pay at least 30% tax!
As for TR's being deductable, good luck!
As for TR's being deductable, good luck!
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Threads with Info
There are already a few threads with stuff like this on.
Have a look:-
http://www.pprune.org/terms-endearme...rates-pay.html
http://www.pprune.org/terms-endearme...ing-costs.html
http://www.pprune.org/terms-endearme...contracts.html
Have a read through them.
Have a look:-
http://www.pprune.org/terms-endearme...rates-pay.html
http://www.pprune.org/terms-endearme...ing-costs.html
http://www.pprune.org/terms-endearme...contracts.html
Have a read through them.
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I recommend Scanlon Associates in Dublin. The owner is a pilot homself and more importantly a former Revenue inspector. They are technically excellent and very hands on. They are approved by Brookfield
CONTACT 00353 12607610
CONTACT 00353 12607610
Last edited by Sceptic99; 16th Oct 2009 at 20:48.