The Office for National Statistics estimated that as of January 2017, 4.8 million people (15.1% of the workforce) were self-employed, and many of those work from home, at least to some extent. In accordance with this, the government has issued guidelines on the amount those who are self-employed can claim in respect of business use … Continue reading Working from Home – Simplified Expenses If You’re Self-Employed
If you’ve incurred qualifying expenditure at some time prior the letting of your rental property, you can still offset this expenditure against rental income (once it’s received) as long as it meets certain criteria. You cannot claim for expenses, such as repairs or council tax bills, which you paid while the property was your private … Continue reading Landlords: Have You Claimed Your Pre-letting Expenditure?
When a business is operated through premises that are owned or let by the business, claiming for rent, rates and utilities, etc., is all relatively straightforward. However, when the business is run from the home of the proprietor or director (if a limited company), then the expense claim requires a little more thought. If you … Continue reading Tax Relief When Home is The Office
Any time you rent out a property the profit earned will be subject to income tax. However the taxable profit can be reduced by the claiming of legitimate expenditure. So what expenses can be claimed? Mortgage payments The interest element (not the capital repayment) of any loan taken out against a rented property is allowable. … Continue reading Renting a Second Property? What Can Be Claimed?
As many businesses now operate from home, HMRC allow you to apportion certain expenses between business and private use of a property, even though no extra overheads are generated. You can use either the apportionment of expenses method or the fixed deductions for home running costs method, as outlined below: Apportionment of Expenses You must … Continue reading Running a Business From Home
PAYE compliance visits can be a tricky business and should your business be selected, HMRC will delve into not only the payroll records but also the expenses and reimbursement procedures, benefits in kind, employment status and shareholder-director dividends. Should they discover errors they can go back up to four years in order to track them. The initial … Continue reading 3 Pointers For Passing Your PAYE Inspection
Summer will soon be coming to a close, and here is our next newsletter to usher in Autumn: Green & Co Autumn 2014 Newsletter This newsletter focuses on: Tax advantages for innovative companies Dealing with workplace disputes Tax planning following changes to the treatment of trusts Pensions - is now the time to make contributions? Tougher lending rules … Continue reading Autumn 2014 Newsletter
If you can cope with the relative social isolation and are not easily distracted by domestic issues, home-working offers a practical solution where it is not possible to carry out your duties at a business premises. Working hours are flexible and can be fitted around family or other personal obligations, as well saving on costs … Continue reading Working From Home