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31st October 2019

Have developing your skills been on your mind lately? Do you think there is an opportunity emerging in your industry? We are here to tell you what you can and cannot claim through your business.

Developing your skills

HMRC’s rule state that as long training is work-related and the aim is to improve or extend your existing skillset, it is allowable. It is worth noting that, like any business expense, HMRC may ask you to demonstrate this.

So what in particular can you claim?

First of all, the course fees. Your company can pay the tuition fees directly to the provider. Any related educational material may be claimed in books, software or hardware if required.

You can also put through travel and accommodation expenses incurred while attending the course. As with all business expenditures, ensure you retain copies of your receipts.

Conference and industry shows

If updating your knowledge or networking involves attending conferences and events, you can also get tax relief on those. The same principle applies when submitting them with your expenses; just make sure they are business-related. By “business-related”, we, of course, mean that you attend a trade event will result in more business for your company.

Similarly to training, travel to these events is also allowed. Often, our clients take a partner along on these trips or extend it to include a few days of holiday, which gives it another purpose (private). If this occurs, you must remember not to claim any travel or accommodation as these are not exclusive to the event.

How can MyAccountant help?

If you are unsure what you can claim, remember to call your assigned accountant, who will be happy to help. Often we can highlight items you can claim and may not have thought of.

For more helpful guides and articles, please visit the blog page of our website. To keep up to date with what we publish, follow us on LinkedIn, Facebook or Twitter.

If you’d like to talk to us, e-mail info@myaccountant.co.uk or call 0800 917 9100, we will be happy to help.

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