As a business owner or as a self-employed person, you may have costs from time to time for training. It may be for yourself or for an employee. Some businesses may have found it hard to understand the current guidance on which training costs are tax-deductible. So, you may be pleased to know further guidance is set to come in this area. HMRC has said it will be coming forward with clarifications.
HMRC says the new guidance will help businesses to be ‘confident that updating existing skills or maintaining pace with technological advances or changes in industry practices, are allowable costs when calculating the taxable profits of a business.’
However, we’re not sure yet on timings for this. It will not feature in the Autumn Finance Bill but will come later in secondary legislation or a future finance bill, HMRC has stated. A case of watch this space.
