Paying for training through limited company

[robbalaar86]

Haha I see mate explains the good will

 

[Atelcom]

The amount we spend on training to keep on top of the "data" world - I had to ring HMRC.

Training is deductable - Although you may have to satisfy their needs by showing what type of training it is & is it necessary to your business.

In a nutshell he said "If you was a pest control firm & spent 20% of your income budget, on car mechanics training then there is a problem" - "You have to show the training is influential to your business needs" So yes any 2381 - 2391 - 17edition, etc would all be fine if you run an electrical business.

 

[gigawatt]

Bloody accountants, don't know who to believe now. My accountant told me that training is not a deductible expense for a limited company. It might be if you are self employed, I did not check that.

I don't know who to believe now. Is only an issue if the HMRC poke their nose in, but most accountants will cover their own arse and if they think it is dodgy they won't include it in deductible expenses.

 

[Atelcom]

The ltd part doesn't come into it: That means you're vat payments need to work out during their quarter.

Regardless of the business stature, necessary training for the business needs is a deductable business expense.

Just ring HMRC tax advice & ask for peace of mind.

FOR Mobiles only 141 01355 359022

Taxes Helpline This is the “overseas” number. Withhold your number using 141 when calling from UK. Only ring this using a mobile & use 141. Otherwise use the 0870 or other chargable number found on HMRC site

 

[KAS1]

I bet the Taxman will tax your lads on the driving lessons when he finds out as they are benefits in kind, a bit more Cammeron tax for the millionaires lol

And you'd get shafted if you were ever audited!

It doesn't matter whether you're a ltd co or sole trader. The only training that is tax deductable is that which allows you or your staff to continue their trade. I am paying for two of my apprentices driving lessons at the moment and I can't claim a dime of it as tax deductible which is annoying, however the way I see it is that it will benefit me and my business in the long run.

There are some things you just gotta take the hit on and move on

 

[Octopus]

If I were in charge I'd instantly make training for career progression tax deductable

 

[Robert Turnbull]

If I were in charge I'd instantly make training for career progression tax deductable

hmmm i'm confused now lol, but my account did tell me is was when i was a sole trader (subbie) and she's fairly straight