IPSE or Qdos or Big Group or keep the money in the bank

[MPwannadecentincome]

£245 quid (tax deducible)

Is it fully tax deductible? I thought this insurance was a personal insurance rather than a business one... also the IPSE Plus membership which covers tax investigation costs I was told is not deductible from Corporation Tax due to the fact that the membership is not recognised by HMRC as IPSE will not release their membership lists to them.

[northernladuk]

I wouldn't buy it if I didn't have a business so wholly and exclusive for me. IPSE could be questioned as it's membership but I believe it's allowable due to other benefits so wouldnt take it if you didn't have the business it's deductible as well.. I think that's right.

[SueEllen]

Is it fully tax deductible? I thought this insurance was a personal insurance rather than a business one... also the IPSE Plus membership which covers tax investigation costs I was told is not deductible from Corporation Tax due to the fact that the membership is not recognised by HMRC as IPSE will not release their membership lists to them.

Would you buy it if you didn't have a business?

[ASB]

Is it fully tax deductible? I thought this insurance was a personal insurance rather than a business one... also the IPSE Plus membership which covers tax investigation costs I was told is not deductible from Corporation Tax due to the fact that the membership is not recognised by HMRC as IPSE will not release their membership lists to them.

You were told correctly membership is not claimable because they are not on the approved list. Anything that they sell separately may be.

[TheFaQQer]

You were told correctly membership is not claimable because they are not on the approved list. Anything then they sell separately may be.

It's a regular argument.

AIUI, HMRC maintain a list of "professional organisation" whereby you can claim the tax relief. But to be on that list, you have to hand over the membership list to HMRC so they can check who can claim it. So that's not going to happen.

Some people I know class it as insurance, though, even though IPSE don't sell insurance.

[ASB]

It's a regular argument.

AIUI, HMRC maintain a list of "professional organisation" whereby you can claim the tax relief. But to be on that list, you have to hand over the membership list to HMRC so they can check who can claim it. So that's not going to happen.

Some people I know class it as insurance, though, even though IPSE don't sell insurance.

People can claim it as insurance if they want. They'd be lying, but that is their problem.

From the horses mouth:-

"Can my company pay my membership fees?

Yes. Your company can pay the membership fees, but they will not be a deductible expense from your profits and therefore won't affect your corporation tax bill."

Link: https://www.ipse.co.uk/membership-faqs

I would find it quite amusing (in an ironic sort of way) if one of the investigations they defend included HMIT objecting to the fees being claimed against CT.