Hi Monty, Sorry don't think so:icon9: , but check with HM revenue & customs (shudder) just to make certain, cos i could be wrong, found this extract on the web....Coco.
Training costs for the
self-employed
The cost of training for the self-employed
is not necessarily tax deductible. If the
training tops up the individual’s existing
knowledge or skills (including the
acquisition of “know-how”), and these are
used as part of the business, the cost can
be deducted from the business profits.
However, if the training is to develop a
completely new set of skills, HM Revenue
& Customs (HMRC) will view this expense
as if it was an investment in capital
equipment.
The cost of the training for new skills
cannot be deducted from profits for
income tax purposes, and there is no
mechanism for spreading such an expense
over several tax years, as there may be
I would say that training to be a tiler and then starting in business as a tiler would constitute a viable business expense as it was a cost deemed wholey and entirely for business purposes. Stick it through as start up costs, that is what I am doing, you probably would not have any problem. Tax man is unlikely to want to see a full break down of start up costs when entered on a tax return.
Incedently, if you are self employed and your turnover for your first tax return is below £15k, you don't even need to give a bread down of any costs, just turnover and total expenses giving a bottom line profit (or loss). Easily hidden this way. Hope the tax man is not looking at this thread :wink_smile:
A Receipt is a receipt, whether hand written or not so yes you can use it. Vans are fixed assets though so have to to the balance sheet and be depreciated.
