Cookies are small text files that are stored on your computer when you visit a website. They are mainly used as a way of improving the website functionalities or to provide more advanced statistical data.
Tax-deductible training costs
Newsletter issue - December 2023
As a business owner or as a self-employed person, you may have costs from time to time for training. It may be for yourself or for an employee. Some businesses may have found it hard to understand the current guidance on which training costs are tax-deductible. So, you may be pleased to know further guidance is set to come in this area. HMRC has said it will be coming forward with clarifications.
HMRC says the new guidance will help businesses to be 'confident that updating existing skills or maintaining pace with technological advances or changes in industry practices, are allowable costs when calculating the taxable profits of a business.'
However, we're not sure yet on timings for this. It will not feature in the Autumn Finance Bill but will come later in secondary legislation or a future finance bill, HMRC has stated. A case of watch this space.
Chartered Accountants in Richmond, Surrey, The Hughes Consultancy provides a wide range of business, tax, financial planning and business growth services. All of our clients benefit from competitive pricing, our expertise, and unlimited support. Contact us today to learn how we can support you.