Saving you both time and money
My co-directors are planning to join the IoD. Are there any financial incentives for joining as a group?
Yes, we can offer a reduction when more than one individual from the same organisation applies for Full IoD membership at the same time. We recommend that you contact your local membership team to discuss your requirements.
Why should I join for more than one year?
If you choose to join as a Full Member for multiple years you will be eligible for a reduction on the election fee. You will also be safe in the knowledge that you will receive continuous support, with the benefit that your membership fee is fixed at this year's rate.
As a growing company I have to justify my costs. How can the IoD save me money?
Membership can deliver tangible savings for you and your business over the course of the year in a number of ways. For example, just by taking advantage of free private consultations with our business advisers (which would normally cost you from £200 per hour), free access to our legal and tax helplines, or free usage of our stunning, Wi-Fi enabled premises across the UK and on the continent, savings could swiftly outweigh the annual cost of membership. The annual subscription is also tax deductible.
Is my membership tax deductible?
The Institute of Directors has been approved by HM Revenue and Customs (HMRC) for members to claim tax relief for their annual membership subscription fees.
You can claim tax relief on your annual membership subscription fees if:
- IoD membership is essential to do your job or it’s helpful for your work
- You pay your IoD membership fees yourself (i.e. not paid by your employer)
If you qualify through the above statements then you could be saving up to £250 per annum on your membership fees with the IoD.
How do I claim?
If you are not required to fill in a tax return, you can get tax relief for your allowable expenses by completing the P87 tax relief form online.
You have to fill out the form if this is the first time you require tax relief for expenses. This form only needs to be filled out once, all subsequent claims can be made over the phone on 0300 200 3300.
- To complete the form you need to know your:
- Employer PAYE reference (found on your payslip under ‘Tax Office Ref’)
- Payroll/assignment number (also on your payslip)
- National insurance number
- If your first claim is for a previous employer, ensure you send the completed form to the correct tax office for the PAYE reference.
- If your claim is for a previous tax year, you should receive a cheque through the post to reimburse you for the tax paid for this subscription. For example, if you’re on the basic tax rate of 20%, you will receive approximately £81-£125 for your annual subscription to the IoD. If your claim is for the current tax year, they will change your tax code going forward.
- Once you have informed HMRC that you pay a regular subscription charge and your P87 has been accepted, your tax code will be changed to reflect this and you should not have to claim every year for the same subscription.
I am really busy in my role – would I have time to utilise the benefits?
We appreciate that your time is precious and have specifically designed membership benefits with this in mind. For example, through the Business Information Service our expert researchers can provide you with information wherever you are located, by e-mail, fax or telephone. All of our benefits will naturally complement and support you in your day-to-day life as a director, allowing you time to focus on your role.
Meeting your individual needs
I am rarely in London – how would the IoD benefit me?
The IoD has exclusive premises across the UK, not just in London. Members can utilise the free meeting rooms and private work areas at all of the premises, including Belfast, Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, London (116 Pall Mall and the City of London), Manchester and Nottingham. Members also have access to our premises in Brussels, at the centrally located five-star Le Plaza Hotel. We are continually looking to expand our network and keep members regularly updated with news of further additions.
I have been a director for a number of years. Would membership still be of benefit to me?
IoD membership will benefit you at whatever stage of your career you choose to join. We will keep you up to date on the latest business legislation and current business practices. Membership can support you in your day-to-day business activities, saving you both time and money, and providing concise answers to your legal and tax questions, through our legal and tax helplines**.
As a member can I bring non-members to the IoD?
Yes, you may bring up to three guests with you to use our free meeting space at any one time. Rooms can also be hired for meetings with potential and existing clients, or for interviews or presentations. Non-members are welcome to join members at branch events or to dine with you in our stunning restaurants at 116 Pall Mall.
I travel a lot on business, so I am rarely in one place for long. How could membership support this lifestyle?
Many of the IoD benefits are accessible remotely from wherever you are in the world. For example, if you are in need of last-minute business information, you can access the information by telephoning or emailing our Information Centre.
As well as a large geographical spread of premises, we have an extensive network of over 30 branches in the UK, providing you with local opportunities to network. We also offer a variety of specially negotiated products and services including free Hertz Gold Plus Rewards Five Star membership.
How do I cancel my membership?
Membership is an annual contract and membership fees are non-refundable. You have 14 days from your payment being processed in which to change your mind and cancel the agreement. If you choose to cancel your membership within 14 days from your payment being processed and have used any of our products or services, we will deduct the value of these products and services from the membership fees paid. Please contact your local membership team should you have any questions.