If you have just been offered a contract with McGinley/Ryanair and you wish to avail of our services, you will just need to fill in the questionnaire in the attached Information Pack and email it back to us - along with a copy of your passport and your pilot's license.
Completed information packs can be emailed to firstname.lastname@example.org.
Below you will find answers to some of our most commonly asked questions:
- Incorporation of the limited company – You do not need to set up a new limited company as we already have some in place in order to make the process as quick and easy and possible. Once you have returned the information pack to us along with all your documents, we can assign you to a limited company and forward you your company details.
- Income Tax (PAYE) – this will be deducted on a monthly basis. There will be no liabilities or assets within the company and you will be repaid your salary and expenses as tax efficiently as possible. You will be obligated to pay social insurance but we will do our best to ensure that such charges are minimized as much as possible in accordance with regulations.
- Social Insurance – under the new EU regulations, you will pay social insurance in the country of your home base/line training base. The rate varies across Europe but we can provide you with further details when you have confirmation of your base.
- Salary Transfer – Your net pay will be transferred on a monthly basis to the personal bank account of your choice. Payments are generally processed by the 16th of each month, providing the funds have been received from your agency.
- Our Fees – our standard management fee is €125 per month. Higher management fees may apply depending on the country of your base, however, as some countries insist upon more complex and costly registration procedures. You can find more information regarding our fee structure on our website: https://oconnorandassociates.freshdesk.com/support/solutions/articles/25000002740-country-management-fees-and-description. Please note that the management fee will not be charged until you have commenced earning an income of over €1000 per month, and there will be no fee charged during your month off.
- Expenses –any expenditure you have in relation to your contract can be claimed against your salary. These expenses are repaid to you over a period of time up to the value of your income. We will manage the repayment of your expenses in the most tax efficient manner possible in order to maximize your take home pay. Upon signing up you will receive a login to our Online Account Manager (OAM) where you can upload your expenses and access our expenses and tax knowledge base.
- Irish Taxation/Tax Returns - we look after both your Irish personal taxation and the company taxation and all administration services. As a director of an Irish company, you will generally only be liable for income tax (PAYE) in Ireland. As double taxation agreements exist between most European countries, you should not ever be taxed twice. We will complete an Irish tax return (self-assessment) for you for each year in accordance with Irish law. We also recommend that you declare your income in the country of your residency.
- VAT – once you have been assigned to a limited company, you will be given the VAT registration number of the company. You should send this number on to your type rating course provider so they can deduct the cost of the VAT at source.
If you would like to discuss any of the above further or if you have any specific queries, please do not hesitate to contact us.
We look forward to hearing from you!