This Content Was Last Updated on February 9, 2017 by Jessica Garbett
The list of allowable fees and subscriptions, including journals for professional organisations, has been updated.
As a reminder HMRC states that ‘you can reclaim tax you pay on fees or subscriptions to some approved professional organisations – but only if you must have membership to do your job or it’s helpful for your work’.
Other deductions including flat rate deductions are also available. Flat rate deductions are set amounts that HMRC has agreed are typically spent each year by employees in different occupations.
HMRC also stresses that if your occupation isn’t listed, you may still be able to claim a standard annual amount of £60 in tax relief.
Employees can opt to claim allowable expenses where they are under £2,500 for the tax year, by completing form P87.
Article contributed by ACCA In Practice