Gaining extra experience in the field that you operate in is always a good idea, as this helps you to stay ahead of the curve and be more competitive.
Can I claim?
In the case of magazine and journal subscriptions, the total cost for the year should be noted down when making the claim - you just need to be sure that this is for existing, and not newly acquired skills and they are relevant to your business - as in, “wholly and exclusively”.
You declare this amount in Self-Employed expenses - Training.
Another way of gaining further experience and/or knowledge is by way of training courses. It should be noted, however, that courses and subscriptions can only be deducted if they are in the same ‘field’ as your existing skills and experience.
The self employed trader, such as a freelance worker, is going to have to satisfy the taxation rules which relate to training, if they wish to claim for deduction of costs. That is to say, that the costs are incurred wholly and exclusively for the purposes of the trade, business or profession.
Proving qualification, for a sole trader or freelance worker, is slightly easier than it is for employees, although there can still be issues if brand new skills or qualifications are involved.
Offsetting a magazine subscription is absolutely fine if it is relevant to your business and helps to further your understanding, particularly if it is a trade magazine.
The same is true of training courses, but it is very important to remember that training for new skills and qualifications is not eligible for offsetting against your taxable income.
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