Limited Company Directors: Here at Gold Stag Accounts, we can help provide a rental agreement between you and your Limited Company to ensure you are claiming the correct amount of working from home expenses. Check out this Freeagent infographic. Sole Traders:
A landlord will often manage their property rental business from home, and in doing so will incur additional household expenses, such as additional electricity and gas, additional cleaning costs, etc. As with other expenses, the landlord can claim a deduction for these when working out the profits of the rental business. Most unincorporated landlords will…
Many small businesses are run from home. Where a business is run from home, household costs will be incurred which are attributable to the business. These may include additional costs of gas and electricity to provide heat and light to the home office or workshop and to power the computer or equipment, the costs of…
Renting out a room Rent-a-room relief was introduced to encourage people to let spare rooms in their own home in order to increase the supply of low-cost rental accommodation. In return, the recipient is able to earn up to £7,500 a year tax-free. Plans to restrict the relief so that it was only available where the occupation by…
An increasing number of employees work from home some or all of the time. Where they do so, they may be able to claim tax relief for the costs that they incur from working at home, regardless of whether their employer meets those costs. Nature of expenses Where an employee works from home, they can…
- Tax relief on business-related loans
- Directors’ loans – Beware of ‘bed and breakfasting’
- Can we deduct entertaining expenses?
- Zero charge for zero emission cars
- How to calculate your payments on account
- Beware of triggering an IHT bill on Christmas gifts
- Buying a property to let – the importance of keeping records from day one
- Domestic reverse VAT charge for building and construction services
- Nominating your main residence
- Family member pension contributions
Sign up for news, offers and free advice
Did you know?
PRE-TRADING EXPENSES: Certain pre-trading expenses can be deducted from your first year’s trading. For it to be allowable it must have been paid ‘wholly and exclusively for the purposes of the trade’.
- My Tweets