Money-saving tips for academics

pound-414418_1280I was about to post my annual reminder of the deadline for claiming the money you’re owed for your journal articles, when Twitter sprung to life with complaints about the exorbitant cost of attending academic conferences, and the expectation that we should cover all or part of our own expenses when we do.

There are major structural issues here – partly (I suspect) fuelled by an assumption based on STEM practice that grant funding covers conference attendance, partly by an understandable desire to focus limited research funds on seedcorn and scoping work in the hope that will generate financial returns. (This ignores the fact that conferences are often the most convenient place to meet international collaborators, but there you go.)

As far as I’m concerned, Universities shouldn’t expect staff to attend conferences (and certainly shouldn’t make that part of probation/promotion criteria) without covering the full cost. However, until we get a change in the system, here are some ways I’ve managed to subsidise expenses or otherwise save/make money in academia. (I’m based in the UK – if you know equivalents for other countries, please post in the comments.)

  1. Back to that deadline I mentioned at the start of the article. The Authors’ Licensing and Collecting Society collects money on behalf of authors that universities (and other institutions) pay for the right to photocopy or digitise your work. You need to register your publications with them by 30 November to get the money you’re entitled to. This can be several hundred pounds so it’s well worth doing and doesn’t cost anything upfront. Basically it’s free money.
  2. Reclaim your tax on work-related expenses. If you have to spend your own money to do your job then this is tax-deductible and you are entitled to 20% of it back if you’re a basic rate tax-payer or 40% if you pay the higher rate. A percentage of UCU subscriptions is deductible, for example, as are subscriptions to learned societies, some travel expenses and so forth. HMRC issues guidance on how this works. Do not over-egg it with the tax claims, or you risk getting in trouble with the tax office (I’m aware of a case where this happened). Reclaiming tax is for things you need to pay for to do your present job, not for your personal desire to jet out to that Hawaii conference or own all the lovely first editions of the books you teach. More seriously, the rules mean that career development you pay for yourself is not usually tax-deductible.
  3. If you’re travelling internationally for a conference, talk to your International Office. Universities do lots of international business that you might be able to help with while you’re there in return for some cash from a different budget heading. You could speak at a school overseas that’s been targeted for international recruitment, visit a university that’s a focus for building research collaborations, or do a regular due diligence visit to an overseas partner for a student exchange programme.
  4. Collect your frequent flyer miles on trips you do get paid for, and use them to subsidise the ones you don’t.
  5. Academic publishers generally offer an author discount to anyone who’s written for them. This applies for authors of chapters within books as well as whole books. If you don’t have an author discount with that publisher, ask a colleague who does.
  6. Reviewing books pre-publication brings you cash or more books. Post-publication it gets you a copy of the book (usually, though certain publishers are trying to replace this with an e-book only…) Very useful if you were going to read the book anyway, perhaps not the best use of time if it’s only tangentially relevant.
  7. External examining (which is paid separately to a main academic contract) is typically done by relatively senior academics, but there are other ‘externalling’ opportunities too. For example, I’ve been an academic reviewer for the Open University’s Centre for Inclusion and Collaborative Partnerships, which validates degree programmes at institutions without independent degree-awarding powers. Again, there’s a time/money trade-off, but being asked is a marker of esteem, and it also gives you useful insight into how other institutions work.
  8. Finally, if you’re asked to give talks to external organisations, or write for non-academic publications, ask if there’s a fee. They might say no, and then you have to make a call about whether to do it without. I take the view that I should do some public engagement within my salaried role, so a few expenses-only gigs are fine. But not too many.

Other suggestions? Post them in the comments!

P. S. If you get paid for talks, external examining and so forth, and this is not taxed at source by the organisation paying you then you should declare it to HMRC.

Disclaimer: I’m not a tax professional. If you have questions on the tax side that aren’t answered on the HMRC website, call HMRC (be prepared for a call-centre queue) or speak to an accredited tax adviser.

4 thoughts on “Money-saving tips for academics

  1. Many thanks for this helpful post. There’s also registering for PLR which means you get paid a (minuscule) amount of money every time one of your books is borrowed from a public library. Every penny counts…

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  2. and for those a bit scared of calling HMRC to ask for advice… many years ago I did a career development thing (paid for by my employer) at the Civil Service Training college and there was a tax inspector taking the same training. One thing she said is that HMRC folks would MUCH rather talk to you beforehand and help you do things right than have to come and audit you and do a lot of enforcement afterwards. Really, they WANT to help you.

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  3. Thanks for the comments so far. On Twitter, David Andress pointed out that if you earn money from writing (magazine articles, trade books, textbooks), you can also register as self-employed. This won’t be relevant to everyone, but it’s certainly worth knowing about. It opens up some different money-saving possibilities, including reclaiming VAT, and if you’re self-employed there are some different rules about deductible expenses. If you get to that stage you may also want to think about getting an accountant to help you!

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