PCG worth it?

[Andy2]

can I pay for pcg subscription through my company bank account ?

[malvolio]

can I pay for pcg subscription through my company bank account ?

Yes, most do. The rationale is that it is an expense you wouldn't need if the company didn't exist, therefore it meets the "wholly and neccessarily" rule.

Although we just learned that YourCo can't offset it agasint CT, which is £40 a year down the tubes...

[salazie]

I already have investigation insurance (through QDOS), is there an option to just join the PCG without this as part of the deal? If it was £30 or something without the insurance I'd join right now...

[malvolio]

I already have investigation insurance (through QDOS), is there an option to just join the PCG without this as part of the deal? If it was £30 or something without the insurance I'd join right now...

The insurance is free, and can't be unbundled. If it's the money that 's the issue, what QDOS don't provide is Jury Service Cover, failed agency cover, free tax and legal helplines, draft contracts, discounts on a host of
commercial services and direct representation at the highest levels in HMG's policy-setting consultations... I personally think that's worth £210 a year.

Drop the Jury Service and agency protection cover and it goes down to £120. Still an insignificant expense.

And BTW, 15,000 people seem to agree with me...

[salazie]

Hmmmm, failed agency cover eh? That could have helped me save near on £25k a few years ago... While I know it's not a huge amount of money in the big scheme of things it does seem a little wasteful to be double-covered; I'll have a think about it and maybe join up over the weekend.

[vhadiant]

Yes, most do. The rationale is that it is an expense you wouldn't need if the company didn't exist, therefore it meets the "wholly and neccessarily" rule.

Although we just learned that YourCo can't offset it agasint CT, which is £40 a year down the tubes...

Malvolio, why can't you offset it against CT? Can I pay using my own money and expense it as business expense? This expense is wholly & neccessarily for the business and only the business. Can you please explain?

[malvolio]

Malvolio, why can't you offset it against CT? Can I pay using my own money and expense it as business expense? This expense is wholly & neccessarily for the business and only the business. Can you please explain?

I wish - there's been a long argument about this on the PCG boards as well.

As best as I understand it, PCG is not on the list of HMRC approved companies that would then permit the subscription to be offset against CT. The case history goes back to 1913 but in essence it can't be argued with.

To get on that list, PCG would need to provide the names, addresses and trading details of all it members (15,000 of them). The management quite rightly thought we might object to that.

End result is you can still pay for it through the company, that bit isn't a problem, but you should not include it as an expense to be offset against CT at year end. So for a PCGPlus member like me, you effetively get stuck with an extra £42 a year CT. I'd rather pay that than let Hector have all my details.

[vhadiant]

I wish - there's been a long argument about this on the PCG boards as well.

As best as I understand it, PCG is not on the list of HMRC approved companies that would then permit the subscription to be offset against CT. The case history goes back to 1913 but in essence it can't be argued with.

I thought PCG provides several business insurance thus it is a business expenses. Can you
please let us know why this is not allowed as business expenses?

[malvolio]

I thought PCG provides several business insurance thus it is a business expenses. Can you
please let us know why this is not allowed as business expenses?

I thought I just did.

If you're a PCG member, go on to their fora and the full explanation can be found on the Member Services board, under "PCG Subs and tax", posted by neilg (who's our FD).

[zathras]

can I pay for pcg subscription through my company bank account ?

Yes, but you cannot offset that cost against CT.