MyCIMA

Reclaiming tax for subscription fees

Replies : 5

Hi,

 It's been suggested to me by a colleague (might be ACCA?) at work then I can claim back tax relief for the professional subscriptions that I've been paying to CIMA on the basis that my employer doesn't pay these for me and they are an allowable expense.

I've been looking at the HMRC website but can't seem to find CIMA on the list of Professional Bodies that are recognised for deductions for subscriptions or fees paid.

 Can anyone confirm this for me or should I contact CIMA directly?

 Thanks

Management Acountants, Chartered Inst of

It is indeed allowable if paid for yourself:

http://www.hmrc.gov.uk/list3/list3.pdf

Page 76 of the pdf

tax on fees

contact HMRC and you can have your tax code increased by the value of the subscription so that you can get tax relief in the current tax year otherwise if you include the expense on a self assessment tax return you will be getting the tax relief in the next tax year

student subscriptions

I expect not, but does anyone know if this applies to student subscriptions?

Quote:
An annual subscription to a body shown in the list as approved by HMRC is allowable where

- employees pay this out of their earnings from an employment

and

- the activities of the body are directly relevant to the employment.

The activities of a body are directly relevant to an employment where the performance of the duties of that employment

- is directly affected by the knowledge concerned

or

- involves the exercise of the profession concerned.

Subs

CIMA subs (student or member) are deductible for tax as long as you are employed in a relevant role (ie not a plumber studying for CIMA etc). You should be able to back claim for previous years too. Send a letter to the tax office who deal with your employers PAYE. Simples.

Subscription fees

Hi everyone,

If you need a statement of all Subscription fees paid to CIMA, please email cima.contact@cimaglobal.com and we can send one out to you.

Kind Regards

Beth

CIMASphere Moderator