We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Off-setting training costs?
Options
Katy-kins
Posts: 3 Newbie
in Cutting tax
Hello
I have a quick question on off setting training costs against my tax bill if anyone can help me that would be great!....
I had a career change and re-trained to become a makeup artist in 2011, as a full time student, the course cost me £9100 (including VAT)
When I completed the course, I went self-employed as a freelance makeup artist this April 2012.
Even though I was not selfemployed at the time, can I off-set the costs of my makeup course against my first self assessment tax bill as it was a cost I had to pay to start my business as a makeup artist?
if so, can i off set over a number of years, ie. £3k per year over three tax years?
Or can I only off-set the whole £9100 lump sum over one tax year?
Thanks for any help and advice!
I have a quick question on off setting training costs against my tax bill if anyone can help me that would be great!....
I had a career change and re-trained to become a makeup artist in 2011, as a full time student, the course cost me £9100 (including VAT)
When I completed the course, I went self-employed as a freelance makeup artist this April 2012.
Even though I was not selfemployed at the time, can I off-set the costs of my makeup course against my first self assessment tax bill as it was a cost I had to pay to start my business as a makeup artist?
if so, can i off set over a number of years, ie. £3k per year over three tax years?
Or can I only off-set the whole £9100 lump sum over one tax year?
Thanks for any help and advice!
0
Comments
-
Sorry, this is a no. This is seen as a capital cost to your business since the initial training will be an enduring benefit. However you will be able to claim on any updates or refresher training.0
-
ok thanks, that makes sense.
thats a shame I was hoping it would be a big help to reduce my tax bill!
x0 -
yes, it would have been great if you could have claimed some tax relief on it! But there are plenty of other expenses you can claim for, check out the HMRC website and if you've any questions on other expenses just let me know and I'll help if I can.0
-
People often ask this: it is a pity to disappoint them but training in advance in the hope of getting paid work later is not acceptable to HMRC, as training can lead nowhere.
It is only when you are working and need to refresh or retake qualifications to keep or bring them up to date otherwise you would lose business that you can claim.Who having known the diamond will concern himself with glass?
Rudyard Kipling0 -
can I offset this against capital allowances instead?
Think it means I can not offset it in 1 hit they will give me a % each year but that is better than none at all, right?Q
I know it can not be treated as an expense now
thanks! x0 -
Sorry, no capital allowances can be claimed on the training costs either!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards