Redundancy and business start up

DCIZA...

In the Forces at present, will probably become redundant Mar 12. I am attending a retraining course in Feb 12 that will allow me to set up a new business.
Can I claim the cost of the course back agaist by tax liability from the PAYE from the MOD ?

allen35

You should start by asking MOD if they intend to pay for this as part of your redundancy package.

Check with your local chamber of commerce for free business start up courses, in my area there is a £500 grant and plenty of free business advice which includes business plans and sustainability.

There has been plenty of funding from ESF (European social fund) for people becoming redundant but not sure if this is area based, once again in the north west it is up to £1500 worth of training, not sure now though with all the cuts.

Check with your local authority or Citizens Advice Bureau for assistance with setting up a business.

Back to the question, i shouldn't imagine you could offset it against PAYE but you may be able to class it as an expense to your new business if you wait until you become self employed.

You will need to register with HMRC within 3 months to avoid a penalty and be aware you may be entitled to some tax credits whilst getting your business off the ground.


Seriously hope it doeswn't come to it, making our forces redundant with so much happening but, anyway, good luck for the future.