I am an approved driving instructor and to enable me to qualify for this profession I had to spend a large sum of money on training & numerous tests. Once qualified I start my business on a self employed basis. I have been told (hearsay) that due to the fact that the training took place before I started the business I may not be able to claim it againt the accounts. Is this correct & if so is there anyway around this? If possible, can I claim 100% back or just a part of the capital? I personaly feel that as the training was wholly to enable me to start the business in the first place I should be able to claim all or at least a percentage of the money I paid out initially! Can anyone please shed any light on this subject or offer any advice? I would really appreciate any help with this dillema, thank you :-)
2007-01-24 05:20:24 · 2 answers · asked by kingjeeka 1 in Business & Finance ➔ Taxes ➔ United Kingdom
You cannot claim a deduction in your profits for training that enabled you to start up in business.
2007-01-24 22:26:51 · answer #1 · answered by notmarriednochildren 4 · 0⤊ 0⤋
I'm not sure whether or not that would fall under education or if you would use it on your Schedule C. I know it IS deductible one way or the other. Go to www.irs.gov and research the publications. Pub 17 is a broad pub with a ton of information. If you havn't looked at Schedule C yet, read the instructions for it, it should give you some more information.
Good luck, it's been a little bit since I've worked in the tax field so I can't give you much more info than that.
Duh...Sorry, I didn't see that you were in the UK category, thought I was in the US.
2007-01-24 07:45:04 · answer #2 · answered by koral2800 4 · 0⤊ 2⤋