Tax relief for training costs
20/06/2024

If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be used to reduce your taxable profit.

As a general rule you can claim for items that you would normally use for less than 2 years as allowable expenses such as stationery and other office sundries as well as rent, rates, power and insurance costs.

HMRC lists the following office expenses as being allowable:

  • office costs, for example stationery or phone bills
  • travel costs, for example fuel, parking, train or bus fares
  • clothing expenses, for example uniforms
  • staff costs, for example salaries or subcontractor costs
  • things you buy to sell on, for example stock or raw materials
  • financial costs, for example insurance or bank charges
  • costs of your business premises, for example heating, lighting, business rates
  • advertising or marketing, for example website costs
  • training courses related to your business, for example refresher courses

Regarding training costs, you can claim training costs that help you:

  • improve skills and knowledge you currently use for your business;
  • keep up-to-date with technology used in your industry; 
  • develop new skills and knowledge related to changes in your industry; or
  • develop new skills and knowledge to support your business - this includes administrative skills.

You cannot claim for training courses that help you:

  • start a new business; or
  • expand into new areas of business that are not related to your current business activities.

About Us

The practice was established in 1987 by Stephen Lofthouse who had previous experience in medium and large accounting firms and for 15 years was a financial and managing director in commercial firms.  During this time he was the owner and publisher of the taxation books `Taxation Simplified` for the self employed and individual tax payer and `Smiths Taxation` a comprehensive taxation journal for tax professionals.

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Lofthouse & Co
36 Ropergate
Pontefract
West Yorkshire
WF8 1LY

Tel: 01977 600272
Email: info@lofthouseandco.co.uk

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