Training - valid expense?

[oxtailsoup]

I've signed up for Prince2 training (foundation and practioner). Cost was £995 + VAT. I have a UK limited company that is vat registered.

1. Can I claim the vat back?
2. Is the £995 a valid business expense?

My role has altered over the last 12 months from being an SAP Technical Lead to an SAP Technical Project Manager.

[thunderlizard]

Yes to both. Of course it's a business expense: you're doing the training wholly in the interests of your business. (If you were learning cookery or falconry it might be a different story.)

[kirk]

IINAA but Yes and Yes

[oxtailsoup]

Great, thanks guys.

[Jason D]

Training

Not as clear cut as that.

For owner managed companies, if the skills learned are allowing you to obtain a new form of work (rather than updating existing knowledge) then the costs are disallowed.

Allowable though for employees.

[TheFaQQer]

Not as clear cut as that.

For owner managed companies, if the skills learned are allowing you to obtain a new form of work (rather than updating existing knowledge) then the costs are disallowed.

Allowable though for employees.

It would be interesting to argue one way or the other. For example, I did some DBA training this year, and expensed it. I'm not a DBA, and never have been, BUT I did some DBA training many years back with Oracle. So, did I do training that allowed me to obtain a new form of work, or was I just updating existing knowledge?

[Euro-commuter]

Not as clear cut as that.

For owner managed companies, if the skills learned are allowing you to obtain a new form of work (rather than updating existing knowledge) then the costs are disallowed.

Allowable though for employees.

So if you are within IR35, your client should pay for your training?

[oxtailsoup]

I've been doing the PM role for about a year now and my current contract takes me past Xmas so I presume its not new work as such.

But I've never had any formal PM training, just picked it up as I've gone from being a developer to team lead developer through to PM (a long journey). I think the Prince2 methodology will be a big help especially as most of the other PM's already have it (not coming from a development background).

[Jog On]

This year I intend to put myself through CCNP, ITIL, Prince 2 foundation and if I have a bit of time left over maybe some MCP's

If that ain't tax deductable then maybe I'll start a new company in a different field.

I go from desktop support to 3rd line Cisco to project manegement..

It's all IT - I'd like to see some numpty from HMRC try and pick holes over whether a Prince 2 course is relevant to my network support role.

Bring it on.

[Epiphone]

This year I intend to put myself through CCNP, ITIL, Prince 2 foundation and if I have a bit of time left over maybe some MCP's

Do you just absorb info like some sort of robot?