Basically can my Ltd pay for my professional membership fees to PCG & BCS etc or if this classed as BIK?
-
Originally posted by Stevie Wonder Boy -
My accountant old me that my company can pay the pcg fees, although they are not allowed for tax! So I think he explained it that I would pay corporation tax on the pcg fees. I don't know about BCS?"The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance." Cicero -
PCG fees can be paid, but the expense can NOT be used against the company's tax liability.
BCS fees can be paid, and free of tax:
HM Revenue & Customs: Subscriptions and professional fees
and here is the listed of approved bodies (for tax free membership):
http://www.hmrc.gov.uk/list3/list3.pdfLast edited by FarmerPalmer; 20 March 2011, 17:04.Comment
-
What if the PCG membership includes insurance and accountancy?Originally posted by FarmerPalmer View PostFree advice and opinions - refunds are available if you are not 100% satisfied.Comment
-
Sadly, it doesn't make a difference.Originally posted by Wanderer View PostIf your company is the best place to work in, for a mere £500 p/d, you can advertise here.Comment
-
PCG membership doesn't include either.Originally posted by Wanderer View Post
PCG insures itself for the cost of representing its members, and they don't do accounting services, they only try to ensure that accountants fully understand the oddities of the one-man band contractor.
There is a long legal story (it goes back to a case in 1910...) about why the PCG subs aren't allowable for CT relief, but it centres on PCG not wanting to give HMRC a full and detailed list of its members. Can't imagine why not...
Blog? What blog...?
Comment
-
What am I paying them 2 grand a year for then?Originally posted by malvolio View PostPCG membership doesn't include either.
PCG insures itself for the cost of representing its members, and they don't do accounting services, they only try to ensure that accountants fully understand the oddities of the one-man band contractor.
Free advice and opinions - refunds are available if you are not 100% satisfied.Comment
-
I have no idea.Originally posted by Wanderer View PostWhat am I paying them 2 grand a year for then?If your company is the best place to work in, for a mere £500 p/d, you can advertise here.Comment
-
Sorry to be vague, here's the link to the PCG. So they offer a membership which comes with insurance cover and accountancy services.
I don't understand malvolio's comment that "PCG membership doesn't include either."
So is that claimable?Free advice and opinions - refunds are available if you are not 100% satisfied.Comment
-
That's PCG One Stop, a complete package of accountancy, insurance and membership aimed a simplifying getting started as a contractor. The accountancy obviously has a cost, as does the insurance. That's a slightly different thing to "PCG membership". I kind of assumed tht you were talking about standard membership...Originally posted by Wanderer View Post
Yes it is claimable, and the fees as far as I know can be offset against CT since the memebrshiop is effectively free with that package. But since the fee includes accountancy support, why not ask the accountant?Blog? What blog...?Comment
Comment