This is something that keeps falling off our mental check list so we thought to mention it on our blog.
If your company pays tax then you can offset 100% off the cost of any training focused on developing your business against your taxable profits. Isn’t that a nice thought!
This popped up as we were working out a large staff development programme to run over the next few months with a new client. It is costing our client around £19,000 – which after the various tax calculations will cancel out half of her tax bill for her business.
The result – she gets staff who are motivated, skilled and focused on improving her business and she pays half the tax this year!
The only loser in this is the tax man – I think I can stand a little of that in the current economic climate!
PS. I would go ask your accountant about this before taking this as pure truth – as with anything related to HMRC there are specific requirements that need to be met – here is the relevant tax note for those with a passion for obtuse language like me!
PPS. Got questions about increasing your profits through developing your staff, ask us – got questions about tax, ask Dean at mmi online.