Originally posted by SueEllen
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Self employed training allowable for tax
Collapse
X
-
-
Originally posted by TheCyclingProgrammer View PostI'm not sure they could. If say, a receptionist decided they wanted to become a nurse, the cost of their training would not be a tax deductible cost because its not wholly, exclusively and necessarily for their current job.
So I know they train nurses and some other clinical staff to become hospital managers.
In regards to a receptionist becoming a nurse - they did use to encourage lower band permanent staff to do degrees and train for roles e.g. nursing, public health, social work but be based at that hospital during training. This is because the funding came from the Department for Health. Now people have to do pay for it themselves using student loans.Last edited by SueEllen; 16 February 2017, 13:17."You’re just a bad memory who doesn’t know when to go away" JRComment
-
If you were to pay for training that is allowable for tax, is it the date you pay for it, or actually go on the training that counts for what financial year you claim it in?
It's just that I'm paying for some training next week, but doing it at a later date, which is in the next financial year, so which one would it fall in?Last edited by gaff; 26 March 2017, 21:07.Comment
-
Originally posted by gaff View PostIf you were to pay for training that is allowable for tax, is it the date you pay for it, or actually go on the training that counts?
It's just that I'm paying for some training next week, but doing it at a later date, which is in the next financial year, so which one would it fall in?"You’re just a bad memory who doesn’t know when to go away" JRComment
-
Comment
-
Originally posted by gaff View PostIf you were to pay for training that is allowable for tax, is it the date you pay for it, or actually go on the training that counts for what financial year you claim it in?
It's just that I'm paying for some training next week, but doing it at a later date, which is in the next financial year, so which one would it fall in?I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).Comment
-
Originally posted by gaff View Post"Reclaiming VAT on training"
What has that got to do with what I was asking?
But to answer the original question, the training is allowable if - and only if - it is line with the principle fee-earning activity of the business. So in the OP's case I would say it is therefore claimable since the training is maintaining existing skills rather than developing new ones.Blog? What blog...?Comment
-
Hypothetically if you put courses down as an expense that in your opinion were allowable, but after HMRC investigation they decided that they weren't allowable, what would the consequence be, would you only have to pay the tax owed if you hadn't claimed or would there be a fine on top of that?Comment
-
If they believe it was a genuine mistake, it would normally be tax owed + interest from the date it was due.Down with racism. Long live miscegenation!Comment
-
But to answer the original question, the training is allowable if - and only if - it is line with the principle fee-earning activity of the business. So in the OP's case I would say it is therefore claimable since the training is maintaining existing skills rather than developing new ones.
The situation as regards tax relief for training paid for by employers is very different. By and large, any training which makes their employees better able to do their jobs (and this includes very general sorts of training which may not have an immediate impact on their ability to do the work) will be allowable.
https://www.conscious.co.uk/site/lib...eductible.html
And lets remember, we're not self-employed, but employees.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment