Working from home – UK tax advice for Business Owners

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hi I’m Graham from Inca Chartered Accountants most people run a business from home many of them not sure what they can actually claim tax relief on so in this video I’m gonna explain a little bit about that the first thing we tend to look at with our clients is ownership do you own the home or do you rent it reason we look at that is to do with mortgage against rental costs if you own your home we’re probably not gonna even think about anything to do with mortgage interest in terms of cleaning tax relief on it we’re also probably not going to look at anything on improvements you make to your house even though those improvements might be to facilitate the business that’s because we don’t to blur the lines of ownership between the property and the business and you the main things we will be looking at are utility costs that’s gasps its water its electricity its buildings and contents insurance and it’s council tax and if your rent will include the rental side of it as well so how do we work out how much to claim well the first thing to look at there is are you operating out of a dedicated room in your house or he’s sitting with a laptop on the sofa in the lounge watching the telly with a glass of wine preparing your accounts if it’s the latter you can have a few pounds per week to offset the extra cost of running the business but if you have a dedicated room then we want to know about the structure of the house how many rooms do you have how many there are bedrooms and reception rooms compared to kitchens bathrooms and toilets we’ll give you a calculation based on that and based upon the costs of running it whether you use it at the weekends where the kids bedroom happens to be given over to them at evening time it’s a split using the kids are doing their homework so these are all the factors that we’re going to take into consideration and we’re gonna do a calculation based on that and work out an allowance for you operating your business from home ton of things to remember you can let you ensure an out because you may not be covered under your existing insurance policy for running a business from home people ask us about council tax and business rates well to be fair most councils won’t take much of an interest in you if you’re running a small business from home if you start trading you’ve got people coming to the door a lot if you’ve got staff coming in there they are going to take an interest I’m afraid and you need to let them know and perhaps look at change of use and one other thing if you run a limited company from home and it happens to be your registered office then you need to put a sign up to say so so you might want to think about learning your account to deal with that for you in the next video it was talking about one of the other things we get asked a lot company cars