Book Keeping Course as an Allowable Expense?

19lottie82

I am a registered sole trader, sellingitems on ebay, and I also plan to set my own website.



Would the fees for an evening course in BookKeeping, be a valid expense on my tax return?



Thanks

zygurat789

19lottie82 wrote: »

I am a registered sole trader, sellingitems on ebay, and I also plan to set my own website.



Would the fees for an evening course in BookKeeping, be a valid expense on my tax return?



Thanks

Would this expense be incurred in earning your sales?

19lottie82

Hmmmm, no I guess not, but it would mean I could do my own tax returns rather than employ someone to do it.

If it makes any difference, I estimate my annual turnover to be about 40k, profit around 15k (before tax), and the course is £104.

zygurat789

19lottie82 wrote: »

Hmmmm, no I guess not, but it would mean I could do my own tax returns rather than employ someone to do it.

If it makes any difference, I estimate my annual turnover to be about 40k, profit around 15k (before tax), and the course is £104.

That's right but how do estimated or actual figures change that?
I also don't think a bookkeeping course will help you do your tax return although it may help you prepare your accounts, a small part of your tax return.
Lots of people on here do their own accounts just by using a spreadsheet.

19lottie82

Ok, so should I consider that a "no" to my OP? Cheers

purdyoaten

19lottie82 wrote: »

Ok, so should I consider that a "no" to my OP? Cheers

Definitely. the cost of most courses are not allowable. Any professional subscription that you may pay as a result of having attained the qualification may be.

19lottie82

Dang it! Oh well never mind, thanks for the help everyone

Pennywise

A general/basic book-keeping course gives you a new trade/professional skill, and is therefore not an allowable expense for a sole trader. By the way, it wouldn't really help you with your accounts and tax return either as most of it will be irrelevant to you - for example, a lot of it will relate to sales and purchase ledger accounting which is probably completely irrelevant for a typical ebayer.

However, if you took a specific course in, say, "accounting for ebayers" then it would be allowable as it wouldn't be a new trade/profession for you, it would merely be a specific training course for your specific requirements as an ebay trader. I'm not sure whether there are any such courses, but I've seen various books/e-books covering ebay accounting so you may be best just getting such a book, which would be a lot cheaper than a course anyway!