looking to perform some training looking to perform some training
Page 1 of 2 12 LastLast
Posts 1 to 10 of 11
  1. #1

    Nervous Newbie


    Join Date
    Jul 2019
    Posts
    8

    Default looking to perform some training

    Hi all,

    I have just recently started my first contract role in Business Continuity for an initial 6 months. the role involves updating documents, making sure the business is compliant to ISO standards and managing the BC champions team to ensure the whole business has an awareness of BC and what they do in an invocation. Now on to my question.

    I want to improve my employ-ability and thus want to complete a Prince2 qualification as a contract project manager. Would I be entitled to tax relief on this? From what I understand it has to relate to what earns your business the income. I guess its sort of similar to my current role but maybe someone else on this forum has done something similar and HMRC have allowed it as an expense.

    Any help or advice would be appreciated. Please also go easy as it is my first post

    Thanks all

    Callum

  2. #2

    Should post faster


    Join Date
    Jan 2016
    Posts
    136

    Default

    Can't answer your question, but you aren't looking to perform training; that would mean you training other people. You're looking to undergo training. Important difference.

  3. #3

    Should post faster


    Join Date
    Dec 2012
    Posts
    121

    Default

    To increase your skill set in order to get more roles it could be argued this won't be allowed for tax purposes.

    But then there is a massive grey area that anything project related helps you do your current role better.

    I'd personally say, looking at your situation, you want the training to help you do something you don't do at the moment so it's a no.

    There is the issue that a Prince 2 is next to useless for a contractor trying to move in to PM. You've still no demonstrable experience so not really going to help.
    Last edited by NCOTBAC; 1st July 2019 at 12:07.

  4. #4

    Contractor Among Contractors

    Bean's Avatar
    Join Date
    Sep 2017
    Posts
    1,294

    Default

    Quote Originally Posted by callum103 View Post
    Hi all,

    I have just recently started my first contract role in Business Continuity for an initial 6 months. the role involves updating documents, making sure the business is compliant to ISO standards and managing the BC champions team to ensure the whole business has an awareness of BC and what they do in an invocation. Now on to my question.

    I want to improve my employ-ability and thus want to complete a Prince2 qualification as a contract project manager. Would I be entitled to tax relief on this? From what I understand it has to relate to what earns your business the income. I guess its sort of similar to my current role but maybe someone else on this forum has done something similar and HMRC have allowed it as an expense.

    Any help or advice would be appreciated. Please also go easy as it is my first post

    Thanks all

    Callum
    Allowable contractor expenses: What expenses can I claim?
    Can I expense a training course and reclaim its VAT?

    Tl;dr
    Ask your accountant
    Quote Originally Posted by Old Greg
    I admit I'm just a lazy, lying cretinous hypocrite and must be going deaf
    ♕Keep calm & carry on♕

  5. #5

    Nervous Newbie


    Join Date
    Jul 2019
    Posts
    8

    Default Thanks

    Thanks all for the rapid responses, what a great community you have here , I will indeed not put it as an expense in that case and just pay for it normally. I do have some project experience, I worked in Disaster recovery testing for a year and a half that involves mini project work but I understand what you are saying.

    Cheers,
    Callum

  6. #6

    Super poster

    Lance's Avatar
    Join Date
    Sep 2013
    Location
    home
    Posts
    4,260

    Default

    for what it's worth, all the decent PMs I've ever worked with are PMP not Prince 2.

    I have (did) Prince 2 but I'm not a PM as I bloody hated doing it. In most cases Prince 2 is overwieldy and it only really helps for the start of a project as you have a brief and a PID, before you start and that's probably a good thing to have. I'm sure PMP has the equivalent.

    Best bet. Buy the pocket book and learn the terms used. Hardly anyone adheres to a strict methodology any more.
    See You Next Tuesday

  7. #7

    I live on CUK

    Old Greg's Avatar
    Join Date
    Mar 2007
    Location
    The Tombliboo Bush
    Posts
    22,563

    Default

    Quote Originally Posted by Lance View Post
    for what it's worth, all the decent PMs I've ever worked with are PMP not Prince 2.

    I have (did) Prince 2 but I'm not a PM as I bloody hated doing it. In most cases Prince 2 is overwieldy and it only really helps for the start of a project as you have a brief and a PID, before you start and that's probably a good thing to have. I'm sure PMP has the equivalent.

    Best bet. Buy the pocket book and learn the terms used. Hardly anyone adheres to a strict methodology any more.
    Public sector expects PRINCE2 cert by and large. I just reach for the manual when I need to look something up.
    Quote Originally Posted by Bean
    I admit that I'm a lazy lying cretin, but so what?
    25 June 2018

  8. #8

    Nervous Newbie


    Join Date
    Jul 2019
    Posts
    8

    Default

    Ok, maybe a better question is this,

    What would the penalties be if I expense it and HMRC find it to not be an allowable expense, will I be fined? or simply made to pay tax on this training course.

    Sorry for my newbness but my online accountants haven't really been much help.

  9. #9

    Should post faster


    Join Date
    Dec 2012
    Posts
    121

    Default

    Quote Originally Posted by callum103 View Post
    Ok, maybe a better question is this,

    What would the penalties be if I expense it and HMRC find it to not be an allowable expense, will I be fined? or simply made to pay tax on this training course.

    Sorry for my newbness but my online accountants haven't really been much help.
    They could open an investigation and go through your finances with a fine toothed comb. You'll likely have to pay the tax back and a fine up to 100% of the tax plus interest and so on. You could possibly be on the radar for further action in the future.

    But is it really worth it for saving some money on a fairly cheap course when it's not related to the job you are doing?

    BTW for balance, when this type of question has been asked in the past there have been other responses along the lines of its peanuts so JFDI. Up to you really.
    Last edited by NCOTBAC; 1st July 2019 at 16:32.

  10. #10

    Nervous Newbie


    Join Date
    Jul 2019
    Posts
    8

    Default

    Quote Originally Posted by NCOTBAC View Post
    They could open an investigation and go through your finances with a fine toothed comb. You'll likely have to pay the tax back and a fine up to 100% of the tax plus interest and so on. You could possibly be on the radar for further action in the future.

    But is it really worth it for saving some money on a fairly cheap course when it's not related to the job you are doing?

    BTW for balance, when this type of question has been asked in the past there have been other responses along the lines of its peanuts so JFDI. Up to you really.
    Gotta love a JFDI, ok thank you. I have already decided I will just pay for it normally just wanted to get peoples opinions, thank you. This thread can now be closed

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •