Because I love HMRC so

[fivemack]

If I work as a scientist, is a subscription to Nature tax-deductible? Or is that only a meaningful question for the essentially self-employed?

Comments

[crazyscot.livejournal.com]

The self-employed and corporate could probably count it as a thought leadership activity and hence an expense offsettable against tax in the business accounts.

For employees, unless it's an explicit condition of your job that you subscribe to Nature, there doesn't appear to be a way to count it. See SA101 (Notes) page 8, sections 1.34 and 1.35.

[tigerfort.livejournal.com]

What he said. It's pretty much impossible for employees to claim expenses that aren't either paid by their employer or specified in their contract against tax, afaik. Of course, IANATL, but I do seem to spend an inordinate amount of time reading their paperwork (without getting paid for doing so, alas)....

[crazyscot.livejournal.com]

PAYE Employer's Return in a month; this time I have a Dispensation, so while I don't have to report everything, I do still have to check everything to see whether or not I have to report it. Now where did I leave my other self-flagellation kit...

[crazyscot.livejournal.com]

Fun thing I discovered the other day. If you have to provide your own transport between workplaces, for which you would be entitled to receive the AMAP mileage rates free of tax, but work pays less than those rates, you can claim the difference against tax.

Sorry. I'll get my coat...

[aardvark179.livejournal.com]

So is there any profit to be made from you (with your corporate hat) being stingy on the mileage rates so that you (with your employee hat) can offset them under a different tax regime?

[crazyscot.livejournal.com]

Case 1: Expense paid. So for every car mile driven, that's 40p which I can pay myself out of my gross pre-tax profits. Result = 40p in pocket as soon as I claim it from myself.

Case 2: Expense not paid. That means that the same 40p is in my company's taxable profits, so after corporation tax (small companies rate 20%, soon to be 21%) I get 32p in my pocket as part of the dividend after the end of the financial year. I also get to claim the 40p as a taxable expense in my next personal tax return, which means that I'd get tax relief on it. My PAYE-taxed income is currently just into the 22% band, so up to a point each mile is worth 8.8p of tax rebate - but after a while I'm likely to fall down into the 10% band (4p rebate) or even out of that altogether (no rebate).

So it's 40p now, versus 41p/36p/32p next year. Not really a win...

[crazyscot.livejournal.com]

Dammit, I said I'd get my coat 8-)

[cartesiandaemon.livejournal.com]

Hm. I now imagine an interesting salary negotiation (whether or not the requirement is actually specified, or merely necessary rather than bonus).

Fivemack boss: And we want to pay you $salary_increase.
Fivemack: OK. Can you make it $salary_increase+1 if I'm required to read Nature?
Fivemack boss: WTF?
Fivemack: OK, can you make it just $salary_increase if I'm required to read Nature?
Fivemack boss: Uh...

The idea of trading off situational advantageous disadvantages for minor advantages is one explored in roleplaying-like-game-rule-hacking, but also, I guess, guerilla accountancy :)

If you don't ask you don't get

[(Anonymous)]

Why not ask your employer to subscribe for you?