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!
- What can my client claim r & d on? 204 5
- Redundancy pay for directors? 131 4
- Problem partnership fees 114 1
- Small company audit 187 7
- Car financed by employee 94 1
- Potential Customer Under VAT Threshold 91 1
- Undisclosed income 159 3
- Leaving Flat Rate Scheme for VAT 293 8
- Can I take action against my accountant for incompetence? 1,745 46
- DEATH OF A SHAREHOLDER NO SHAREHOLDER AGREEMENT 240 4
- Private Investment Company 136 1
- How familiar are accountants with community interest companies? 113 1
- New company - form a group? 198 3
- Has anyone read the implications of the Lisbon treaty? 798 17
- CIC Company 431 2
- What are options for non CA firm 2,704 57
- Is this a scam? 819 8
- Companies Made Simple Dashboard? 161 1
- Employment allowance (again) :( 368 2
- Mortgage to buy property in limited company 265 5
- Property exchange - 8-year legal delay following fall-out 605
- Cancelled 350
- SAGE Payroll Data for Import to MS Dynamics AX 337
- Cancelled 288
- Have you staged yet for auto enrolment? 260
- Probiz 247
- VAT on non-profit making clubs (ECJ VS West Dorset Golf Club) 202
- Phishing emails purporting to be from CIPFA? 188
- Car leasing scheme 184
- Free-standing washing machine - unfurnished lettings 177