31st October 2019
Have developing your skills been on your mind lately? Do you think there is an opportunity emerging in your industry? Worry not, your company can help you.
We’ve already touched on employment benefits you can utilise in an earlier blog, but did you know your company can support your career? We are here to tell you what you can and cannot claim through your business.
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 with any business expense, HMRC may ask you to demonstrate that this is the case.
So what in particular you can claim?
First of all, the course fees. Your company can pay the tuition fees directly to the provider, or you can, of course, pay this yourself and then reimburse, but the first option is probably more straightforward.
Any related education material may also be claimed as well as in books, software or hardware if required.
You can also put through travel and accommodation expenses that you incurred while attending the course, and as with all business expenditure, make sure that you retain copies of your receipts.
Conference and industry shows
If updating your knowledge or networking involves attending conferences and events, you can get tax relief on those as well. The same principle applies, when deciding to submit them with your expenses, just make sure they are business-related. In “business-related” we, of course, mean that the results of you attending a trade event will result in more business for your company.
Similarly to training, travel to these events are also allowed. Often we find that our clients take a partner along on these trips or extend it to include a few days 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.
If you’d like to talk to us, e-mail email@example.com or call 0800 917 9100, we will be happy to help.