I am doing my SA early this year due to applying for a new mortgage. I have done everything except allocate my AAT level 4 fees on QB's. I am thinking that I can claim the whole expense against my business as its only for the business and I need it to progress the business. Can someone just confirm I am right please before I finalise my tax?
If your are MAAT already then courses taken to maintain that (such as CPD), costs associated with obtaining the practicing license, etc. are fully allowable.
Getting to MAAT is improving your position but is not a necessity to fulfill your existing role. The evidence being that you are currently working in the role without the qualification and you will not be stopped from doing what you are doing now if you did not pass the qualification.
Therefore I would say that none of the study materials or courses are an allowable expense.
Sorry,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I see what you are saying Shaun, but at the moment I can only do Bookkeeping stuff and no Tax returns (other my own), so I thought rightly or wrong that I could claim it as its to improve my business?
Am I wrong then? It doesn't matter that if I am as to be honest, if I take it out of the equation (its £1350), then this will bring my net profit back up which is better for the mortgage.
I called HMRC about this a few months back. They said I couldn't claim the course fees or exams but that books to maintain knowledge are OK. So if you can split out the costs of the books you can claim those.
Ok thanks everyone, I won't include it, to be honest its better for me that its not included as it brings the income up which is better for the mortgage.
Many thanks.
PS this is the earliest I have ever filed my own Tax return! At least I won't be panicking in January!
