Business expenses report template3/30/2024 The cost of the training is likely to be allowed as an expense of the business as heat pumps will replace gas boilers and they are acquiring skills to keep up to date with modern technology. They think they will need these skills to future-proof their business, as heat pumps are new and upcoming technology and an alternative to gas boilers. Example 5Ī gas boiler fitter completes training to install heat pump systems. The costs are likely to be an allowable expense. The course will give them new expertise in an upcoming area of technology related to their business. Example 4Ī website designer is completing a short course on using artificial intelligence (AI) technology so that they can add additional tools and functionality to the websites they design. The costs of the course are likely to be an allowable expense. The skills and knowledge they acquire will help them to keep up to date with the modern ways of selling. They decide to complete an e-commerce course and then go on to complete a short, introductory course on website development.Īlthough the courses are not directly related to pottery, they will learn new skills so that they can move their business into online selling. They think this will help them reach more customers and increase their sales. Example 3Ī person is selling handmade pottery in their local town centre and now wants to sell their pottery online. The cost of the course is likely to be an allowable expense. The course will improve their record-keeping knowledge and they will learn skills which they need for the purpose of running their business. Although the course will not help them with the skills they need as a plumber, it will teach them how to keep accurate accounting records, which will help them to run their business better. They sign up to a beginners’ bookkeeping course at their local college. Example 2Ī plumber runs their own business. They want to improve their photo editing skills, so they attend an online refresher course on using photo editing software.Īs they are updating their existing editing skills which are related to their business, the cost of the course is likely to be an allowable expense. Expense likely to be allowable Example 1Ī wedding photographer works part time. The second list of examples includes scenarios where the cost of training is unlikely to be an allowable expense. The first list of examples includes the types of scenarios where the cost of training is likely to be an allowable business expense for a self-employed individual. Before reading this guidance, you should read information about expenses if you’re self-employed.
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