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Sub loss

25 January 2011
Issue: 4289 / Categories: Forum & Feedback , Employees , Income Tax
A company director pays professional subscriptions personally, but receives no remuneration. ITEPA 2003 restricts allowable expenditure to the level of earnings, so no set off is possible

The director of a one-man limited company has no contract of employment.

There is no need to take minimum salary to preserve state pension entitlement etc. so he takes all his ‘remuneration’ as dividends.

He has other personal interest income and an occupational pension.

There are some small travelling expenses reported on form P11D but these are covered by a claim on his tax return giving a nil benefit.

However he does pay allowable professional subscriptions and with no employment income with which to set this against it therefore creates a ‘loss’.

Can readers advise on how this loss may be relieved against other income of the year?

Query 17 732 – Cricket

Reply from Alex Millar Millar Taxation Limited

Cricket has asked what tax relief is available for the cost of allowable professional subscriptions paid by the director of...

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