- May 16, 2020 at 1:40 pm
Is the exam cost also professional fee which is the allowable deduction?
many thanks annaMay 20, 2020 at 9:20 am
It depends on what the professional fee was for and what tax you are dealing with – income tax, corporation tax or CGT – look at the notes for adjustment of trading income and the calculation of a chargeable gainJune 2, 2020 at 5:10 pm
Many thanks for your response.
I was thinking in a scenario whereby students like us have to pay themselves for annual ACCA subscription and an exam fee, including the study materials. I have looked onto the study text and also onto the HRMC website, and yes the annual fees are allowable, but I am not certain about the exam fee. Are the exam fees and associated costs allowable for deduction in individual income tax computation, if paid by a student?
I think this could be a very interesting exam question:)
many thanks in advanceJune 4, 2020 at 2:49 pm
Sadly exam entry fees are not allowable expenses against employment income when incurred by the individual
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