I've had a quick look around the threads to see if there are any similar posts to my query but can't find anything.
Basically a prospective client was made redundant years ago, took the money and went back to uni 2012 to study psychology which he's just completing (Msc) now it's a completely different career and he started as a sole trader last year (still to register) and he wants to know how far back he can claim on his course?
Another question he has :- if he earned about £40k in his previous job paying NI etc then being a student for so long how that affects his NI contributions now?
I'm a little nervous as I feel this is beyond my capabilities but then the other part of me is saying I can learn etc
if he had a business and was obliged to pass a qualification in order to keep the business going is one thing but how do you try to charge studt to a business before it exists?
The study has put the person in a position to start a business (well done to them) but they do not get compensation from the tax system for studying.
Think of it another way. You we didn't get to put our studies off against future income did we? We studied, we then started a business. Subsequent CPD once the business started was allowable but not the initial stuudy to start the business.
Too many potential variable involved to advise about the NI situation. i.e. was he receiving tax credits which would effectively pay his stamp for the period?
Only a flying visit to the site but couldn't just ignore this one as its something that bookkeepers will read and think that they can put their studies off against their business before any business exists.
Kindest regards,
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.
