Paying Subs?

This is a short and sweet post on subscriptions (subs).

If you are paying subs to an APPROVED professional organisation, the amounts may be allowed as a deductible expense for tax purposes.

Ensure you make your checks ie do not rely on your accountant to check at year end. In any case, it will be too late by then.

Annual subs add up and if  those professional bodies you have been paying subs to for 5+ years are not approved ‘subs’ bodies, you will have a lot of tax to settle if HMRC decides to randomly check your affairs.

REMEMBER: It is your responsibility to check that the subs you are paying are to an approved body.