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Deductions for Fees and Subscriptions Paid to Professional Bodies or Learned Societies
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Posted By Steve B
Ladies and Gents, please correct me if I am going mad but I do not seem to be able to find it.
anyway I will cut to the chase, I have just received an email telling me that my company will pay employees membership fees to professional bodies etc, as long as they are listed and recognised by Inland revenue, so of course I thought to myself better in my pocket than the IR so I went on the site http://www.hmrc.gov.uk/list3/list3.htm and started searching.... and searching for IOSH and IIRSM but to no avail... please take a look and tell me I am not going mad or blind, or if I am correct does this mean the Inland revenue do not recognise IOSH or IIRSM as a professional body?
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Posted By Bill Elliott
Listed under "O" - as in Occupational Safety & Health, Inst of.
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Posted By Alan Woodage
your employer will pay this but they are then bound to record it on a P11D as a benefit in kind, so you will be taxed for the payment made by your employer. Still cheaper than paying your own sub's.
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Posted By Dave Wilson
Pay it yourself and get it all back!
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Posted By Roy McGraa
I have an electronic copy of a letter I sent to the Inland Revenue. Easy to do and gets you a full refund of everything you paid out in professional membership fees. Email me if you would like a copy. roy.mcgraa@bcs.org
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Posted By Phil D
Also under R for
Risk Management, Inst. of
&
Risk and Safety Management, International
Inst. of
Regards
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Posted By Steve B
Thanks guys,
I was obviously going mad/blind
Regards
SB
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Posted By John Middleton
Send a letter to your tax office stating your memberships and the cost and they will set this against tax for the appropriate year via your PAYE. If, for example you pay £100, this will add £100 to the money you can earn before paying tax. You do not save all the £100, just the amount of tax you would have paid on it; if you are on top rate this can be £40, i.e. the membership costs you £60.
If your company pays, then you receive £100 in benefits, which are then taxed. i.e. you pay £40 extra in tax. Therefore if the company pays you are £20 better off; I don't know how much of this payment the company can offset.
I am sure this info is correct, but if there are any tax lawyers out there who can give a better explanation I would be pleased to hear it.
John
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Posted By SeanThompson
I'm confused, How does this work? if i pay membership fees i will get a reimbursement from the inland revenue??
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Posted By sagalout
Sean,
not in the way you mean. You need to put the costs of professional subs on your tax return. This removes these sums from your taxable income so you will pay no tax on the amounts you enter. In other words they are an allowable tax free expense.
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Posted By David Whitelegg
I'm not certain but I believe you can claim for up to 3 professional memberships before the Customs and Revenue will count it as a benefit in kind. So if you are only claiming for IOSH and IIRSM then you can claim all the payment back from your company and incurr no extra tax liability. However, I repeat, I'm not certain of this as not a tax lawyer but I'm sure this is what I was told by a company I worked for.
David
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Posted By Merv Newman
Sorry, different tax regime maybe, but my company pays all professional subscription fees directly as a business expense.
This is not considered as a benefit for me but for the company.
Merv
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Posted By Martyn Hendrie
Merv,
It can work both ways, if your employer does not pay your professional body fees than you can claim the expense back on you tax return.
If they do then, subject to conditions already described, the benefit is free of tax.
What you can't do is have your employer pay the fees then you claim the expense on your tax return.
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