Student Loan for training on self assessment

retropeck

Hi,

I'm currently self employed (sub-contracting) as a trainee electrician. I've been working in the trade since April 2018 and started my level 3 course at college in September 2018. As far as I can see I am able to claim the course fees as tax deductible as I was already working in the industry?

My question is how do I put this on my self assessment if I paid for my course using an Advance Learner Loan? Do I treat it as a standard bank loan?

The course was £3345 paid directly to the college, not to me.

I've just signed up to FreeAgent accounting software and trying to go through all my receipts/invoices etc. and got stuck on how to enter this.

Many thanks

00ec25

you have not yet attained your level 3 qualification therefore you are not yet a qualified electrician

therefore all your training costs are not allowed as deductions against business profits since you are still at the stage of acquiring a qualification, not maintaining an existing qualification

no, you cannot claim £3,345 and it cannot be entered in freeAgent as it is not a business cost, it is a personal cost. Your loan repayments come out of your post tax income as personal expenditure.

retropeck

Ah ok thanks for your reply, much appreciated

Would it make no odds that with the current qualifications I have I am technically qualified as a domestic installer. It could then be argued that I am taking on my level 3 to better myself to go on to commercial/industrial?

Many thanks

uknick

I've no idea how electrician qualifications work but, by your own admission, you're still a trainee.