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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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?
Must be Financial Conduct Authority
Edit: Was in reference to NDH's comment which has been removed so done so as well.