Becoming a NEDonBoard member is a valuable investment in your professional development and governance career. However, there are several ways to reduce the cost of your membership through tax relief, employer funding, and other financial strategies. Here’s how you can make your membership more affordable.
1. Claim tax relief on your annual NEDonBoard membership fee
Find out how as a UK taxpayer you are about to claim back the cost of your NEDonBoard membership fee.
Did you know that your NEDonBoard membership fee may be tax-deductible? Many non-executive directors and board members are unaware that they can claim tax relief on their income tax on their annual membership fees, reducing the overall cost of their professional development and governance training.
✅ Benefit: As the UK’s professional membership body for non-executive directors and board members, NEDonBoard is recognised as a qualifying organisation for tax relief on professional fees and subscriptions. If you are a UK taxpayer and your membership is relevant to your role, you can claim back the cost when filing your tax return.
⚠️ Tip: How to claim your tax relief in practice. Simply:
- Visit the HMRC website to check the eligibility criteria: Tax Relief for Professional Fees and Subscriptions.
- Keep a record of your membership payment receipt.
- Include your NEDonBoard membership fee as an allowable expense when submitting your tax return.
- If you are employed, you may be able to claim through your employer or directly through HMRC’s online portal.
2. Claim as a business expense
If you run your own business, your membership fee can often be treated as a business expense. Since professional development, networking, and governance training are essential for company directors and board members, you may classify your membership under training, professional development, or professional subscriptions.
✅ Benefit: It reduces your company’s taxable profit, lowering your overall corporate tax liability.
⚠️ Tip: Consult with your accountant to ensure compliance with HMRC regulations and confirm the most tax-efficient approach for your business.
3. Ask your employer to cover the cost
Many employers are willing to cover the cost of professional memberships that contribute to an employee’s leadership skills, governance expertise, and boardroom knowledge. If your company values board-level professional development, you may be able to request reimbursement for your NEDonBoard membership.
⚠️ Tip: Speak to your HR department, line manager, or Learning & Development team about including your membership in the company’s professional development budget.
4. Use a training or CPD budget
If your employer provides funding for Continuing Professional Development (CPD) or executive training, you can request that your NEDonBoard membership be covered under this budget. Since NEDonBoard supports professional growth and board-level skills, many organisations recognise its value as a CPD investment.
⚠️ Tip: Check if your company has a dedicated training budget and submit a request.
5. Pay through a salary sacrifice scheme
Some employers offer salary sacrifice arrangements, where certain professional expenses can be deducted before tax. This means you effectively reduce the cost of your membership by paying with pre-tax income, making it more affordable.
⚠️ Tip: Speak to your HR or finance team to see if they offer salary sacrifice options for professional memberships.
6. Leverage a NEDonBoard company membership
If multiple employees or board members in your organisation are interested in NEDonBoard, a corporate membership could be a cost-effective solution.
⚠️ Tip: Contact the NEDonBoard team to discuss group membership options. Email us at [email protected].
Professional development is essential for NEDs looking to stay ahead and excel in their role. Investing in a NEDonBoard membership is a strategic step towards a fulfilling non-executive director career, and there are several ways to reduce the financial cost. Whether you claim tax relief, ask your employer for support, or use corporate and instalment options, there’s a solution to suit your situation and ensure that your commitment to learning and professional growth is as financially efficient as possible.
If you’re not yet a NEDonBoard member or are considering a renewal, this is the perfect time to take advantage of one of the 6 strategies to reduce the effective cost of your membership.
