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Quote:quote:Originally posted by Unitof1
I have tried going through the charity accounts but descriptions such as Subscriptions or Legal and Professional fees does not make it very clear whether this is the standard practise in the charity units. All self-employeds would put it in under legal and professional fees as an expense before tax
Customs and Revenue recognise IFA membership subscriptions as a legitimate expense before tax for [u]all</u> IFA members, not just the self-employed. Anyone who wishes to claim should contact their tax office. I believe you can have the agreed amount added to your tax coding if you are on PAYE or don't want the bother of making a post-payment refund claim.
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Does that mean that if you have your fee paid for you, you have to declare that as an earning or that you could claim a tax rebate?
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Quote:quote:Originally posted by Unitof1
Does that mean that if you have your fee paid for you, you have to declare that as an earning or that you could claim a tax rebate?
Like all things that come gift wrapped, there are often strings attached. I believe (and I don't work for C&R so shouldn't be quoted) that tax relief can only be claimed on payments that you have made yourself.
If your employer gives you the cash to pay your subs, that money should be part of your taxable income, but having paid the tax you can then claim it back.
But having looked up this subject I have discovered that it is not just IFA subs which you can claim relief for. Look at this link for all kinds of archaeological societies, field clubs etc whose membership warrants tax relief....
http://www.hmrc.gov.uk/list3/list3.pdf
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From the type of clubs, local societies mentioned in the list and presumably generated through the enactment of the Income and Corporation Taxes Act 1988 it looks like there are quite a few societies who are not on the list but could be. I have tried to find an address to which societies or professional bodies could write to be accepted.
From the Act section 201, the board seem to be Commissioners of the inland revenue after that I an not sure it seems to go a bit hazy as to who the commissioners are, how you become one, where you live, who appoints you but then that?s human rights in Britain for you or my sheltered life.
Presumably if you wanted to set up an alternative professional association to the ifa (and run your own courses) it would be these commissioners that you would have to get to recognise you. The fact that they have entitled the list DEDUCTION FOR FEES AND SUBSCRIPTIONS PAID TO PROFESSIONAL BODIES OR LEARNED SOCIETIES: SECTION 201 ICTA 1988 (formerly Section 192 ICTA 1970) might also suggest that they have some handle on the recognition of what a professional body is (which might be of interest to the cba (not on the list) person who is currently writing a 5000 worder on "Professionalism" .
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29th August 2008, 11:33 PM
Ha Ha, is ALGAO an RAO
(sometimes I forget my mission)
