Hi all. I seem to have a blind spot for sole traders who need training to offer services.
So say I was a dentist and decided to set up on my own.
I start my own surgery and I get dentisting! I realise that I am not as good as I thought I was at X-ray procedures and a few other things, so I book myself onto a few courses and pay £1,000.
That is the update of existing skills and so is deductible,
I then decide that the way forward is a new technique that is becoming popular where you swap peoples teeth around in their mouth. I have never done this before, it is a new technique and carefully controlled, so a certificate is needed to do the procedure. I spend £1,000 getting training and pass the exam, getting a certificate for my wall. I then add a line to my price list for permutodontics and start to put it into practice.
This is new knowledge and allows me to do a new area, so it is of enduring benefit and is capital.
Finally I realise that, although I am great at root canals, I need a certificate to actually do them. So I spend £100 taking an exam with no training, pass and add a line to my price list.
That is capital as it is allowing me to carry on a new area, even though I already knew it all.
Would that be correct? Ok, so there might be wiggle room as to specifics but in essence, am I right?