Your company might save money but it might end up costing you more money personally.īe careful not to “overpay” rent for the space in your home, make sure there is, in case of an inspection, an actual room dedicated to work, and have a legitimate rental contract in force between you and your company. However, the rent you receive from your company will affect your own personal tax position. Yes, A limited company can deduct those rental payments fully from its profit meaning a lower corporation tax bill. Source: gov.uk Can my company rent a room in my house? These claims are not particularly generous but, if you have neither the time nor inclination to be forensic in your calculations, HMRC will allow the following: Hours worked at home per month If you do choose to use your home as your office, are there any ways to claim back expenses from HMRC? Yes, but it’s an area you have to be careful with. If you’re not sure how you feel about it, try it for a few weeks and then make your mind up. There’s no commute, there’s no office rent, there’s no business rates, and there are no business-only bills like gas, electricity, water, internet, and so on. On the surface of it, there’s lots to like about using your home as your office. Use of home as an office is an increasingly popular trend among the 600,000 new businesses starting up every year in the UK.
0 Comments
Leave a Reply. |