If you are working full-time and embark on part-time education, alongside your full-time job, can you offset any of the education costs against tax? I'm thinking primarily tuition fees, equipment, field trip costs etc.
I'd be surprised if it was possible, but I thought I'd ask the question.
Simply answer no.
If you were performing a trade as a sole trader or self employed and undertake training to increase your turnover/profits then it's an allowable business expense.
As an employee it would be your employer flaming the costs against their profits. If it's work related have you spoken to your employer.
Unfortunately, it's not work related.
Thanks for the info. It's as I suspected, but I thought I'd ask.
Have you looked into the Individual Learning Account?
I just have, following your comment, and I don't qualify; not even close
craigxxl - Member
Simply answer no.If you were performing a trade as a sole trader or self employed and undertake training to increase your turnover/profits then it's an allowable business expense.
I think renewing/updating existing training would be allowable against SE profits but acquisition of new knowledge is more likely to be a capital expense as it's not incurred wholly and exclusively in the performance of the trade.
@mikey your employer can count it as a business expense. Can you get them to pay, you could even take a temporary pay cut and it could still be worth it ? You save tax and they save NI and can offset the cost. Not sure if this works but worth a try ?