If you are anything like me, training, and constant “sharpening of the saw” is a critical part of your success model.

As a business, any expenses paid towards training for the improvement of your business is tax deductible. This includes training on business strategy, leadership, communication skills, using software (accounting or bookkeeping even), sales and marketing, understanding accounts etc.

You will notice from this list, but some of the training subjects, are general, some more than others.

While training is general, and if the course allows it, we may be able to share this training not only with your team, but also with your family members.

Say for example you buy a course on how to use Excel. We may find that your teenage or graduate children may also be able to use the contents of this course to improve their skills.

This means that you are getting extra value from the payments you make for the course, and as an aside, your family members, who may not be in the business, may also get some benefit.

And as you get tax relief on the course, you are winning all-round.

The rule to watch out for here is, as long as the provision of the training to staff and non-employee members of your family, costs no extra, then providing you with the training, there is no tax liability or benefits in kind issues to worry about.

For example, we may invite the trainer to give you in your team some time management training. Training comes at a fixed costs, for the trainer to attend your office. It makes no difference how many people attend. If you choose to invite one or two family members to your office on the day to benefit from the training, we can see that no further costs are incurred, and they received the training completely free of any tax charge on you or your business.

This is wonderful news for people like me, who spent thousands and thousands on training, whether it is tax, accounting, marketing or something else..

It compares very favourably against the treatment that employees get when paying for training to acquire a new skill. The taxman will give no tax relief for this type of training, even though, at the end of it, they are more employable, or better able to run a successful business. This, in my opinion, is a terrible shame.

Hope this has been of some benefit, and you are able to use these ideas to get more value from your training budget.

All the best.

Gordon D’ Silva

Chartered Accountant

London, Wimbledon, Croydon