This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Professional fees vs. online tax self-assessment

luclucluc222
Posts: 5
Joined: Sat Jun 22, 2019 1:13 pm

Professional fees vs. online tax self-assessment

Postby luclucluc222 » Mon Jun 24, 2019 3:26 pm

Hi,

I would appreciate advice how to reflect the below on online tax self assessment.

I work as an accountant and my company pays for me professional membership fees. This year (CIMA, ACCA). This it was GBP450. I received P11D from my employer and in section M of it those are reflected as follows:
- Cost to you or amount foregone: GBP450
- Amount made good or from which tax deducted: 0
- Cash equivalent or relevant amount: GBP450

What I would greatly appreciate is advice on where exactly (which section and then which subsection) to report those in my online tax self-assessment?

Many thanks!

Jholm
Posts: 95
Joined: Mon Mar 11, 2019 4:22 pm

Re: Professional fees vs. online tax self-assessment

Postby Jholm » Mon Jun 24, 2019 4:13 pm

Employment pages, box 15 under 'other benefits' (no box specifically for subscriptions).

HOWEVER.....!!! Both of those are on the following list:

https://www.gov.uk/government/publications/professional-bodies-approved-for-tax-relief-list-3/approved-professional-organisations-and-learned-societies#m

As they are approved organisations, they are not items relevant for P11D purposes and you should not have a P11D.

hendersontax
Posts: 26
Joined: Wed Jun 19, 2019 5:04 pm
Location: Manchester
Contact:

Re: Professional fees vs. online tax self-assessment

Postby hendersontax » Mon Jun 24, 2019 4:32 pm

I'd recommend reporting the figures in box 15 nonetheless so what you are reporting on your tax return matches what will have been reported to HMRC by your employer, but also report the figures in box 19 as an expense so you are not taxed on it. You may also wish to include a white space note in box 19 pg TR7 to explain that you are claiming relief under s343 ITEPA 2003 in respect of professional membership fees (and state the two organisations).

luclucluc222
Posts: 5
Joined: Sat Jun 22, 2019 1:13 pm

Re: Professional fees vs. online tax self-assessment

Postby luclucluc222 » Mon Jun 24, 2019 6:09 pm

Great, thank you for responses and advice.


Return to “Professionals in Practice & Industry”

cron