Tax rebates

[JohnB]

After taking out a loan last year to attend a taining course, acomodation, tools and business setup, does anyone know if I can claim any of this back ad if so what would I put it down as on my tax return??
Thanks for any advice offered!!!

 

[ipf]

What's one of them ?

 

[Octopus]

Any expenses, that improve your earning capabilities, like training, are NOT tax deductable.

That said, any courses to maintain your qualifications, are.

Go figure that logic from the UK tax authorities.

 

[ipf]

Put them down as expenses, I would.

 

[trev]

That's a question fo the accountant's forum mate

 

[ipf]

That's a question fo the accountant's forum mate

Not much free advice there, I bet.

 

[derek preece]

After taking out a loan last year to attend a taining course, acomodation, tools and business setup, does anyone know if I can claim any of this back ad if so what would I put it down as on my tax return??
Thanks for any advice offered!!!

Are you self employed? If you are then I would have thought they were valid business expenses, you should be able to put it down as an expense for that years self employed earnings (but only for the related business if you have more than one). It's a different matter if you are employed I believe. I'm not an accountant though!

 

[RISElectrical]

Regs are tax deductible... Almost everything else isn't from my understanding

 

[Guest55]

Any expenses, that improve your earning capabilities, like training, are NOT tax deductable.

That said, any courses to maintain your qualifications, are.

Go figure that logic from the UK tax authorities.

Really ?
Crap , was hoping to claim tax back on my pasma course last Dec.

 

[Plonker 3]

Really ?
Crap , was hoping to claim tax back on my pasma course last Dec.

As said before claim as a expense as job you were doing required it before being allowed on site. Can't see the tax man saying no to that.

 

[Deleted member 26818]

As I understand it, any course which teaches to become something, is not tax deductable.
Any course, which enhances your employability, is tax deductable.
You don't need the PASMA to be an electrician, but having it enhances your employability so it is tax deductable.
The same with the ESC/JIB card, LUCAS card, PTS, 17th update, etc.
Technically, as you don't actually need any qualifications, to become an electrician, any electrical course is technically tax deductable.
You could either list each expense separately, course fees, exam fees, travel, accomodation and subsistance.
Or you could just put the loan repayments down as an expense, under business loan.
I will be claiming for my Passport renewal and photos next year, as it is now required in so many instances for work.
I recently had to take an exam for a LUCAS card to work on the Underground.
They required both my Driving Licence and my Passport as ID.
Also, whenever I sign up with an Agency, they always want a copy of my Passport.

 

[nikinoo70]

After taking out a loan last year to attend a taining course, acomodation, tools and business setup, does anyone know if I can claim any of this back ad if so what would I put it down as on my tax return??
Thanks for any advice offered!!!

You can claim interest on the loan but not the loan repayments.
you can claim for accomodation.
travel to and from course at 45p a mile unless you are using capital allowances for you vehicle. Then it will be fuel receipts instead.
Personally I would put the cost of the course through.

Tools will have to be depreciated and put in capital allowances section. I think its 50% 1st year allowance then 25% (might be 20%) on the written down value each year after.

HMRC.gov have information on their website. They are also quite helpfull if you call.

 

[nikinoo70]

My answer is based on you being self employed at that time. check with HMRC you wouldnt want to get stung

 

[pjcomp]

All courses I've been on have gone through the books as business expense and been tax deductible.

Simple rule of thumb if you're self-employed - everything you spend goes against tax (includes parking, refreshments, training, literature and manuals, postage etc). If your accountant thinks something isn't eligible they'll discount it (that's what accountants are for), and worst case is that a taxman looks at it and discounts something.

PJ

 

[drew35]

Claim it all. Just heap all your business costs into one amount and use the single entry method, you don't have to break down your expenses unless you earned over 70k or 100k, can't remember which.

Some of those expenses may have to go under your capitol allowance though. Either download the guide to filling out the return, its all explained there, or call the help line and wait for twenty minutes.