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29 April 2014
Course and holiday; Following the herd; Making a hedge; Value of art
Course and holiday
Will the costs of a professional course and holiday be allowable or a benefit charge?
A qualified chiropractor trades through a limited company. He is the sole director/employee and the company’s shares are held jointly with his wife.
He is proposing to attend a four-day skills update course and conference in the US. His wife is planning to join him on the trip and they will take the opportunity to take a holiday in America with the costs relating to that additional holiday time met personally.
Our question not surprisingly is the extent to which:
- the company can claim a corporation tax deduction on costs relating to the trip; and
- the chiropractor will be taxed in relation to a benefit-in-kind.
Readers’ thoughts on these two points would be appreciated together with any pointers...
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