Posted on Feb, 5th, 2013

Using your home for business?

As always when advising on tax we try to get you the best deal, but if you work at home there is a careful balancing act to perform.

 

We will look at the use of the home and help you claim the maximum possible for the extra costs of using it as the base of your business, but at the same time we will make sure there are no adverse effect on the immensely valuable capital gains tax exemption available when you sell your private residence, and hopefully make a useful profit.

 

 

Another option is possible from April 2013, which is irrespective of your annual turnover, and that involves making a claim for flat rate expenses. A formula is used each month, which is linked to the number of hours you (or your employees if you have any) spend at your home on business.

 

 

As with any new tax opportunity we will look at it carefully to see if it benefits you – for more information just give us a call and ask for our small business specialists, David  Hopper or Mark McDowell.  The number is 01903 234094.