Can I claim a subscription to The Financial Times as a business expense?

[Kerwin]

I was wondering if I could claim a subscription to The Financial Times as a business expense? It keeps me up to date on what is going on in the business world as well as what tech companies are doing (which is really relevant to my business).

 

[UK Contractor Accountant]

Lord Templeman in The case of Fitzpatrick v CIR (66TC407) stated:

"a journalist does not purchase and read newspapers in the performance of his duties but for the purpose of ensuring that he will carry out his duties efficiently. If deductions of this kind were allowed in one case every journalist or other similar employee would claim to be entitled to deduct the payment made by him for every newspaper and periodical which he chose to purchase...and there would be no end to it. A sports reporter is employed to report sport, not to read newspapers, a photographer is employed to produce pictures for his newspaper not to study the pictures of others. An editor is employed to select, draft and arrange items in his newspaper, not to read other newspapers. A journalist who reads newspapers does so in order to be able to perform his duties to the highest possible standard but he does not read 'in the performance of his duties'."

Could have said it Better!

 

[WaveJumper]

Don't profess to be a tax expert but I always thought you could only claim for trade or professional journals so not sure if that would count check out https://www.gov.uk/expenses-if-youre-self-employed it may have the answer there for you

 

[Deleted member 59730]

Lord Templeman in The case of Fitzpatrick v CIR (66TC407) stated:

Relating to employed workers. Sole traders are surely different?

 

[UK Contractor Accountant]

Relating to employed workers. Sole traders are surely different?

wholly exclusively & necessarily V wholly & exclusively.

You can put what put you like down as a business expense in your ST accounts - whether you you get tax relief on it is another question entirely!

 

[Deleted member 59730]

wholly exclusively & necessarily V wholly & exclusively.

You can put what put you like down as a business expense in your ST accounts - whether you you get tax relief on it is another question entirely!

I'll give an example. I worked in photography before the digital age. I needed to learn the new technology. In the changeover I spent money on books and magazines to learn enough to be an expert in the new field. I claimed all costs against tax.

Did Lord Templeman really intend that we all stay with the technology we learnt at school. Pretty stupid if he did.

 

[Argentum Tax]

I'll give an example. I worked in photography before the digital age. I needed to learn the new technology. In the changeover I spent money on books and magazines to learn enough to be an expert in the new field. I claimed all costs against tax.

Did Lord Templeman really intend that we all stay with the technology we learnt at school. Pretty stupid if he did.

Not quite right atmosbob.

As self-employed you can claim for refresher courses, CPD etc but unfortunately not for learning new skills or abilities.

HMRC guidance is here but it's not very comprehensive:

https://www.gov.uk/expenses-if-youre-self-employed/training-courses

Sorry I meant to say to the OP, I suspect you would not win an argument with HMRC (or before the Tax Tribunal) if you wanted to claim the cost of Financial Times. I think it is not specific enough to be classed as a trade journal, which would be allowable. On the other hand if you owned a limited company with employees and the FT was there for all employees and visitors to read there would be a good case to argue the cost was wholly and exclusive for business purposes.

As I see it, the FT cannot be classed as training material.

 

[jjscruff]

of course you can mate

 

[Deleted member 59730]

As self-employed you can claim for refresher courses, CPD etc but unfortunately not for learning new skills or abilities.

I'd better not tell them then

It was 20 years ago now.