Tax relief

j4the96

Before I registered SE, I went on traning courses to give me the qualifications to work freelance. I also had to pay professional fees before i traded. on completion of all this, I then registered SE.

Is it possible to claim tax relief on the cost of the training and the professional fees? as without these I wouldn't of been able to work freelance

Thanks

le_loup

Professional fees; yes. Training; no.

j4the96

Thanks for your reply

Without the training, i wouldnt of been able to trade though

chrismac1

Training is an interesting one. There is this tax notion of "human capital" and expenditure on capital is not allowable as a trading expense. As an example, the costs I incurred 20 odd years ago in becoming a qualified accountant built up my human capital so not allowable, though mostly they were paid by my firm anyway. However, the costs I now incur on continuing professional development are in effect maintaining my "licence to operate" hence operating costs, hence claimable as a trading expense.

j4the96

The training i went on was to become a qualified interpreter - without this traning, i wouldnt of been able to operate.

Cook_County

Fascinating but irrelevant. Such capital costs are not deductible.

le_loup

j4the96 wrote: »

The training i went on was to become a qualified interpreter - without this traning, i wouldnt of been able to operate.

Look at it like this: had you gone to Eton which enabled you to go straight into a top job in government, would you expect - or want - your parents to be able to claim the tax on the cost?

antonic

Of course they would have found some way of acheiving this, it would be just left to the masses to pay for it ...

le_loup wrote: »

Look at it like this: had you gone to Eton which enabled you to go straight into a top job in government, would you expect - or want - your parents to be able to claim the tax on the cost?

ceeforcat

Definitely not allowable expenditure - otherwise doctors and nurses etc. would be claiming the costs of their university fees.

Additionally, as you are an interpreter I would hope that you would not continually use 'would of' in your translations as you have here as it is infuriatingly bad grammar.

Just my little 'pet hate' - rant over - no offence intended.

FTBFun

antonic wrote: »

Of course they would have found some way of acheiving this, it would be just left to the masses to pay for it ...

They wouldn't. Maybe in the US, but not here.

I'd love to know what this "some way" is btw.

John_Pierpoint

le_loup wrote: »

Look at it like this: had you gone to Eton which enabled you to go straight into a top job in government, would you expect - or want - your parents to be able to claim the tax on the cost?

Might be a bad example - Eton is a charity, a bit like the National Trust, not that I am saying this enables it to subsidise the fees nor am I saying that the parents don't get good value for money.