se, student loan and tax?

dandare

hey folks i've asked a similar qu? over in the student category but thought i may get the info here as well.
so,
i'm s/e, have been for a couple of years. i have a student loan. i'm not over their threshold yet so i don't need to start repaying. but i hate debt and it's my only one so would like to be shot of it. i have enough saved in an isa to cover it. this would be a pain as i was hoping to use the savings towards a home at some point. but it will need to be paid at some point!
i spoke to my accountant recently about my returns and we got onto if i do/pay for any future courses/training that will help me get future work would this be deductible. he told me that this would be the case.
i am now wondering if the student loan has any allowances available. similar to what i was allowed for equipment that i bought before going s/e then brought into the company. as from my biased point of veiw it's similar. i needed the equipment to gain employment, just like i needed the qualification to gain the same employment. or is this just wishful thinking?
ta
dan.

fengirl_2

Your student loan is your student loan and has to be repaid in full - there is nothing you can off-set against it, its not like tax.
I disagree with your accountant's belief that you can include the cost of training courses in your accounts. Anything which puts you in the position to do future work is not allowable, although the cost of training to keep your knowledge up to date is allowable.
There are numerous tax cases on this.

dandare

ok so the student loan can't be off set. i'll need to look into the future training situation if you think it may be a problem. could you point me in the right direction to read up on such cases, i'm not talking about returning to college/uni full time. i'll still be working but taking futher courses to improve my abilities to gain work. a bit like, as a photographer i buy equipment that may or may not be needed to do future work but is allowable in my returns.
thanks
dan

anitamarie

wow, imagine if the student loan could be set off! I think the entire graduate population would register self-employed and declare horrible losses against it! It would be amazing!

dandare

ye it'd be SWeeeeeeT!
but it is a curious one, i could register s/e as a photographer, which i am, buy shed loads of equipment, which would be tax deductible but have no training and struggle to get any jobs. but the knowledge to operate the equipment etc.. and the costs incurred aren't deductible even though it's a service you are buying, we call them students but i'd say customers. even though they increase your chances of successfully gaining work
ah well maybe one day they'll bring back grants and folk won't have to be up to there eyeballs in debt when they finish.
i strongly doubt it though.
does anyone have a link to hmrc with info on what is deductible and what percentage? like, i know new equipment is deductible but not at 100% it's tapered over a few years or so. i think?
i'm interested.