Tax fees on subscriptions

 

If you are self-employed or an employee you could claim tax fees for any professional subscriptions you must have in order to do you job. For instance, if you are in a profession that requires you to register with a governing body, the fees or subscriptions you have to pay could be claimed back. You can in some circumstances claim professional fees or subscriptions for several years.

Tax fees are in these special circumstances are handled as a deductible expense. If you can show that the fees you pay are essential, the tax fees you can claim could significantly reduce the overall amount of income tax you have to pay. To qualify for these tax fees you must: 

  • Have your name on a recognised professional register
  • Be a full member of a professional organisation
  • Hold a licence with a professional body

HM Revenue & Customs (HMRC) has a list of what they consider to be approved organisations where tax fees can apply. You should consult this list to ensure the fees you pay are to an organisation on this list. Also, you can usually backdate your claim for tax fees for up to five years.

As with all forms of tax relief it is your responsibility to ensure you are claiming all the tax fees you can. HMRC will not tell you which types of fees you can claim for. It is also vitally important to check the validity of any tax fees you think you are eligible for with HMRC or a qualified tax solicitor.

You must only make a claim for professional fees that are recognised by HMRC. If you claim for a fee that is not approved, you may have to pay back the money that you deducted, and also face a fine for inaccurate tax records. If you are in any doubt about any tax fees you are thinking of claiming, always take legal advice before making your application.

If you would like to obtain legal advice about professional fees and subscriptions tax exemptions, Contact Law can put you in touch with a local specialist tax solicitor free of charge. So, if you have any questions or would like our help in finding local tax solicitors please call us on 0800 1777 162 or complete the web-form above.

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