Sole Trader Training Expenses
I hope someone can help me with this one!
My sister has been trading for a number of years as an environmental consultant, on a sole trader basis.
She already has a BSc and MSc in Environmental Science and now, during the last year (2010/11) she has embarked on an Envirpnmental Law Masters Degree, in order to broaden her service offering.
This is costing her around £3500 per year.
I was hoping that she could offset this against her income, but it would seem that, if it is "new knowledge" she cannot, as she is a sole trader.
My question is really this: Is there ANY way that this would be an allowable cost against the business? It seems rather unfair that she will potentially be earning shed-loads more income from having this qualification, and will be taxed on the income accordingly, but cannot claim a deduction for the cost of the training.
Could she capitalise the cost and then offset it against future earnings?
Or, how about if she were to become a Ltd Co now (she has been saying she wants to go Ltd)? Could she somehow carry forward these costs from last year to offset against company profits?
If anyone out there can help me I would appreciate it so much, I've only got a few weeks to sort it out for her!
- Tax Relief on Bridging Loan 58 2
- Taxcalc , the hub of the problem 862 32
- Use of home deduction 514 15
- Copy Wanted 675 3
- Non resident income. 244 12
- Company dividends 402 12
- Self Assessment University Superannuation Scheme 78 1
- 11pm and having a blonde moment 123 2
- Losses B/F and Class 4 NIC 193 2
- Pounds Shillings and Pence 536 21
- Software 342 8
- Tax return filed on time but payment late 412 6
- SA late payment penalty 193 3
- Death of taxpayer - personal allowance 301 8
- No codes in Sage 50 Nominal List? 123 1
- Might income tax be payable on these gifts? 129 2
- How Long does it take to get an Agent ID 132 2
- Private Residence Relief after gift 141 3
- Companies House late filing penalties 2,432 81
- Buy to let property : Is parking bay tax deductible ? 272 5
- Form MR01 (Particulars of a charge) - does this need to be filed if you remortgage with the same lender? 857
- Underpaid VAT assessment and relation to SATR 550
- Did you realise Google will not patch android exploit ... 516
- Latest phishing scam 407
- Entrepreneurs' relief 377
- Supply teachers and Ltd Companies 338
- Cashback for opening business bank acct = trading income? 320
- Corporate LLP with 30 June Year end - How to record on SA800? 303
- Auto Enrolment Questions Answered 216
- Penalties- On Tax Returns (New Regime) 194