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Expenses for the self-employed

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  • Expenses for the self-employed

    It appears the tax-man is becoming more lenient about what you can claim as 'reasonable' expenses for working from home. This link here http://news.bbc.co.uk/1/hi/programmes/working_lunch/7459639.stm explains it really well and it appears you can now claim a percentage of your mortgage interest and council tax - typically just after I stopped working from home but it could help some of you to reduce your tax bills
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  • #2
    Great

    That is great, thank you for sharing it with us.
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    • #3
      Thanks

      Thanks for pointing that out, it is worth knowing about.
      Chris W.
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      • #4
        Ooh - I'll have a look and forward it on to Matt who can chat to the accountant about it!
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        • #5
          Excellent off to have a little nosey. Thanks Natty.

          Lisa

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          • #6
            A very useful link! Thanks for posting!

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            • #7
              how odd, i thought it had been like that for years. Ive been putting c/tax against the biz for 4 years now as directed by accountant. And heating/leccy etc bills.

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              • #8
                Originally posted by lauraj View Post
                how odd, i thought it had been like that for years. Ive been putting c/tax against the biz for 4 years now as directed by accountant. And heating/leccy etc bills.
                It's been allowed, you're right, but they have made it clearer about how you can claim for different things. Also, there has always been a precedent that if you claim too much, then HMRC could argue that your home is actually a "business premises". If that's the case then you would have to pay CGT on the increase in value of the property if you sold up, plus business rates.

                The new guidance makes it clearer about what you need to do to reduce the chances of HMRC ruling that way.
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                • #9
                  Thanks for claryfying that Mr Swirl I knew about this but didn't think it was worth it beause of the business rates charges. This is great news, will have to investigate some more. Thanks for letting us know
                  UPDATED 11th November
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                  • #10
                    Thanks for sharing that information! I'll have my hubby take a good look at it for me
                    Rachel

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