Interesting tax thought
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Join Date: Jan 2007
Location: Portsmouth, UK
Age: 60
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Interesting tax thought
We all know that our great HMRC will not give tax allowances against initial training, but consider the following.You already have a CPL and FI and are a self employed instructor.If you then took multi training and Instrument rating to allow you to instruct ME and IR surley this would be a business expense and tax deductable?Any thoughts greatfully received.
Join Date: Dec 1999
Location: Oop North, UK
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As a self employed instructor I think you would be OK as long as you then offset these costs against earnings from this type of instructing, you can show this as a loss in your accounts for this area and would be able to put this loss against your overall profit, but if you did not show you had used the ratings once gained you could be on shaky ground. Please note though, I am not a tax accountant so this is only an opinion from someone in the business.
The bottom line of a complicated set of rules seems to be that you can get credit for the cost of maintaining necessary skills and qualifications but not for gaining them in the first place. So, all renewals/revals are allowable but the initial courses are not.
This is from advice I got 12 years ago from Mrs HFD (an Accountant)
HFD
This is from advice I got 12 years ago from Mrs HFD (an Accountant)
HFD
