DISALLOWABLE EXPENSES

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Could someone clerify whether a self employed accounts person, deduct expenses paid on AAT fees and books and deduct expenses incurred to study further on to ACCA.

Basically for toping up existing knowledge.

Thanks

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DISALLOWABLE EXPENSES

    Yoy can deduct AAT annual subscription if your subscription is means for you to be self employed otherwise no and you can not deduct expenses for books or ACCA studies.
    Fees can be deducted if the training is toward the improvement of existing knowledge. Not for the other purpose.

    Professional fees can be deducted if they are the means to be in the market for the business purpose for example ACCA qualified partner of a practice can deduct annual subscription in order to be able to run the practice.

    If you do CPD course then they will be deducted as allowable expense.

    I think this helps but but if you find different reply from other people please let me know.

    Arjun Bhandari
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DISALLOWABLE EXPENSES

    your comment re topping up existing knowledge suggests that you already know the answer. Such expense is allowable, it is training for the acquisition of new knowledge that is not allowable
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DISALLOWABLE EXPENSES

    Thanks.
    just wanted to make sure.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DISALLOWABLE EXPENSES

    Thanks.

    just wondered if I am studying ACCA, to get further knowledge would books, examination fees, registration fees not be deducted.

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DISALLOWABLE EXPENSES

    I am employed (not self employed) and I just wrote to the tax office who added my ACCA subscription to my tax code as a professional subscription. My employer pays my AAT membership otherwise I would get that added too.

    Annette

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