looking to perform some training

[NCOTBAC]

Gotta love a JFDI, ok thank you. I have already decided I will just pay for it normally just wanted to get peoples opinions, thank you. This thread can now be closed

Threads don't get closed upon request. It says open if other people want to add or ask questions or can be searched for in the future. It just drops further down the list in to obscurity.

[callum103]

They could open an investigation and go through your finances with a fine toothed comb. You'll likely have to pay the tax back and a fine up to 100% of the tax plus interest and so on. You could possibly be on the radar for further action in the future.

But is it really worth it for saving some money on a fairly cheap course when it's not related to the job you are doing?

BTW for balance, when this type of question has been asked in the past there have been other responses along the lines of its peanuts so JFDI. Up to you really.

Gotta love a JFDI, ok thank you. I have already decided I will just pay for it normally just wanted to get peoples opinions, thank you. This thread can now be closed

[NCOTBAC]

Ok, maybe a better question is this,

What would the penalties be if I expense it and HMRC find it to not be an allowable expense, will I be fined? or simply made to pay tax on this training course.

Sorry for my newbness but my online accountants haven't really been much help.

They could open an investigation and go through your finances with a fine toothed comb. You'll likely have to pay the tax back and a fine up to 100% of the tax plus interest and so on. You could possibly be on the radar for further action in the future.

But is it really worth it for saving some money on a fairly cheap course when it's not related to the job you are doing?

BTW for balance, when this type of question has been asked in the past there have been other responses along the lines of its peanuts so JFDI. Up to you really.

[callum103]

Ok, maybe a better question is this,

What would the penalties be if I expense it and HMRC find it to not be an allowable expense, will I be fined? or simply made to pay tax on this training course.

Sorry for my newbness but my online accountants haven't really been much help.

[Old Greg]

for what it's worth, all the decent PMs I've ever worked with are PMP not Prince 2.

I have (did) Prince 2 but I'm not a PM as I bloody hated doing it. In most cases Prince 2 is overwieldy and it only really helps for the start of a project as you have a brief and a PID, before you start and that's probably a good thing to have. I'm sure PMP has the equivalent.

Best bet. Buy the pocket book and learn the terms used. Hardly anyone adheres to a strict methodology any more.

Public sector expects PRINCE2 cert by and large. I just reach for the manual when I need to look something up.

[Lance]

for what it's worth, all the decent PMs I've ever worked with are PMP not Prince 2.

I have (did) Prince 2 but I'm not a PM as I bloody hated doing it. In most cases Prince 2 is overwieldy and it only really helps for the start of a project as you have a brief and a PID, before you start and that's probably a good thing to have. I'm sure PMP has the equivalent.

Best bet. Buy the pocket book and learn the terms used. Hardly anyone adheres to a strict methodology any more.

[callum103]

Thanks

Thanks all for the rapid responses, what a great community you have here , I will indeed not put it as an expense in that case and just pay for it normally. I do have some project experience, I worked in Disaster recovery testing for a year and a half that involves mini project work but I understand what you are saying.

Cheers,
Callum

[Bean]

Hi all,

I have just recently started my first contract role in Business Continuity for an initial 6 months. the role involves updating documents, making sure the business is compliant to ISO standards and managing the BC champions team to ensure the whole business has an awareness of BC and what they do in an invocation. Now on to my question.

I want to improve my employ-ability and thus want to complete a Prince2 qualification as a contract project manager. Would I be entitled to tax relief on this? From what I understand it has to relate to what earns your business the income. I guess its sort of similar to my current role but maybe someone else on this forum has done something similar and HMRC have allowed it as an expense.

Any help or advice would be appreciated. Please also go easy as it is my first post

Thanks all

Callum

Allowable contractor expenses: What expenses can I claim?
Can I expense a training course and reclaim its VAT?

Tl;dr
Ask your accountant

[NCOTBAC]

To increase your skill set in order to get more roles it could be argued this won't be allowed for tax purposes.

But then there is a massive grey area that anything project related helps you do your current role better.

I'd personally say, looking at your situation, you want the training to help you do something you don't do at the moment so it's a no.

There is the issue that a Prince 2 is next to useless for a contractor trying to move in to PM. You've still no demonstrable experience so not really going to help.

[SuperLooper]

Can't answer your question, but you aren't looking to perform training; that would mean you training other people. You're looking to undergo training. Important difference.

[callum103]

Hi all,

I have just recently started my first contract role in Business Continuity for an initial 6 months. the role involves updating documents, making sure the business is compliant to ISO standards and managing the BC champions team to ensure the whole business has an awareness of BC and what they do in an invocation. Now on to my question.

I want to improve my employ-ability and thus want to complete a Prince2 qualification as a contract project manager. Would I be entitled to tax relief on this? From what I understand it has to relate to what earns your business the income. I guess its sort of similar to my current role but maybe someone else on this forum has done something similar and HMRC have allowed it as an expense.

Any help or advice would be appreciated. Please also go easy as it is my first post

Thanks all

Callum