Education Q&A

Tax relief on self-financed training?

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Q. I am currently working full-time and am considering undertake a part-time 2 year training course leading to a recognised qualification (a Finance MBA equivalent). I would be paying for this course myself and was wondering whether there would be any tax relief available to me ?

A. I wake up one morning and decide I want to be a plumber, since it seems to be like having money on tap. I make some enquiries and find that any Tom Dick and Harry can call themselves a plumber and there isn't a lot more you need to know than you can pick up from a Reader's Digest book on the subject. So off I go and buy the book. OK, fifteen quid. Then it strikes me that if I really want money on tap I need to do gas, not just water, and I need to become a Corgi member and I can only do that by enrolling in a training course. Five grand. Gasp. Never mind, think of the profit, I'll soon be making five grand a week. Well, month. Are you really saying those essential training expenses are not legitimate expenses of my plumbing business? It certainly seems to me to meet the "wholly and necessarily" test.

 


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