Subscriptions not on HMRC list of approved bodies

Subscriptions not on HMRC list of approved bodies

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Client's employer reports FCA fees as professional membership subs on P11D.  These are for individual registration with the FCA (Financial Conduct Authority, formerly FSA).  Client has been taxed on the subs via self-assessment reporting for many years.

Client can't claim deduction under S344 ITEPA as FCA is not on the list of HMRC approved bodies.  I propose claiming 4 years' worth of relief under S 336 ITEPA as "wholly, exclusively & necessarily in the performance of the duties of employment"

Has anyone done an 'expenses of employment' claim for FCA subs?  Should I use the trial P86 on-line form and beware categorising the claim under professional subscriptions for a non-listed body?  or just write one letter for the 3 years' worth of already filed returns (or do I have to amend the 2012/13 return, and write for previous 2 years.)

Thanks for any guidance.

Jim

Replies (4)

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By JimH
20th Oct 2014 12:25

unclaimed deduction for expenses of employment

Thank you to anyone with useful thoughts on the above

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James Reeves
By James Reeves
20th Oct 2014 13:38

Not an expense of employment

Not my area at all but I thought only firms could be regulated entities with the FCA. Individuals need to be approved to carry out certain tasks within a firm but only the firm is liable to pay the tariff fees.

I can't see how it can be argued that the regulated firm's fee obligations can be described as professional subs for their employees? How can there be a "benefit" to the employee to be reported on the P11D, and why is it being seen as a sub? How are the "subs" being calculated?

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Replying to Matrix:
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By The Limey
20th Oct 2014 15:53

Must be Financial Conduct Authority

Edit: Was in reference to NDH's comment which has been removed so done so as well.

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By JimH
20th Oct 2014 15:49

@James Reeves
Entirely agree. Couple of other clients are listed as individuals on the registers; fees are paid by employers - no P11D. So wondered if anyone had come across this before. Employer error?

New client has a large cash equivalent in box M labelled subs which he says are his FCA/FSA fees which he has duly reported in previous tax returns. So potentially higher rate relief on some £5k of taxed registration fees,which should never have been P11D'd in first place?

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