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Leeway with 'wholly and exclusively for business use' regarding furniture?

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  • looonytunes
    replied
    Originally posted by WTFH View Post

    OK, then let's try a different tack...
    How big is your garden?
    What is the local planning authority like where you live?
    Do you own your house or rent it?
    Are there any wayleaves etc that might be an issue?
    Will your current home insurance cover it?
    How much do you have to spend on it?
    What size are you thinking of building?
    15m (w) x 24m(l)
    They are a great bunch of lads.
    I own it
    No restrictions as far as I'm aware
    Insurance yes they would but it may change my council tax band and push the insurance up
    Budget 20k
    Single story, 4m depth x 5m width
    ​​

    Leave a comment:


  • looonytunes
    replied
    Originally posted by jamesbrown View Post

    Jury's out, some of your recent posts suggest that you're a prime candidate for a dodgy scheme. Forget about tax ffs and worry more about increasing your worth.
    Fair comment
    ​​​​​​I'm not adverse to pushing the boundaries as long ss it's seen to be within the regulations


    ​​​

    Leave a comment:


  • WTFH
    replied
    Originally posted by looonytunes View Post
    Tax dodge? No, it's looking at the best way to build a self contained office the most tax efficient way within the confounds of the regulations

    Now that I'm spending far more time at home there's a real need for one.
    OK, then let's try a different tack...
    How big is your garden?
    What is the local planning authority like where you live?
    Do you own your house or rent it?
    Are there any wayleaves etc that might be an issue?
    Will your current home insurance cover it?
    How much do you have to spend on it?
    What size are you thinking of building?

    Leave a comment:


  • TheCyclingProgrammer
    replied
    Originally posted by looonytunes View Post
    Tax dodge? No, it's looking at the best way to build a self contained office the most tax efficient way within the confounds of the regulations

    Now that I'm spending far more time at home there's a real need for one.
    As has already been said in this thread, the best way to get a garden office is to pay for it yourself and put the cost of kitting it out for business use through the business.

    All this talk of appreciating or depreciating in value is largely irrelevant. There is no corporation tax saving to be made on a building as there are no capital allowances available. You would have to keep track of its value for accounting purposes and you’d likely have to buy it off your company if you want to sell your home to avoid a complicated house sale. You’d also end up with a taxable benefit.

    We aren’t necessarily talking about a “posh shed” here or a £5k log cabin. They are generally timber framed, insulated buildings with double glazing, proper locks, electricity, maybe Ethernet and even plumbing for a mini kitchen and toilet if you’ve got the room for one big enough. These kinds of buildings can cost anywhere from £10-15k for a 3x3m space and anything up to £30k for a larger top end spec building.

    Leave a comment:


  • Lance
    replied
    Originally posted by jamesbrown View Post
    Forget about tax ffs and worry more about increasing your worth.
    This ^^^^^

    Building a better business is time better spent than spunking about with tax wheezes.

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by looonytunes View Post
    Tax dodge? No, it's looking at the best way to build a self contained office the most tax efficient way within the confounds of the regulations

    Now that I'm spending far more time at home there's a real need for one.
    Jury's out, some of your recent posts suggest that you're a prime candidate for a dodgy scheme. Forget about tax ffs and worry more about increasing your worth.

    Leave a comment:


  • looonytunes
    replied
    Tax dodge? No, it's looking at the best way to build a self contained office the most tax efficient way within the confounds of the regulations

    Now that I'm spending far more time at home there's a real need for one.

    Leave a comment:


  • Fred Bloggs
    replied
    Originally posted by WTFH View Post

    Exactly, so when I see posters saying that a garden office is a depreciating asset, I really have to question if they are serious about an office, or are just arguing for a tax dodge they want to try out.

    "Welcome to my garden office, paid for by my company. Now, if you squeeze past the lawn mowers and BBQ, you'll find a stool in the corner, where I can work on my laptop, tethered to my mobile phone and work until the battery goes flat"
    Precisely my point. My guess is that's 99% the reality of what's being talked about.

    Leave a comment:


  • northernladuk
    replied
    Originally posted by WTFH View Post

    Exactly, so when I see posters saying that a garden office is a depreciating asset, I really have to question if they are serious about an office, or are just arguing for a tax dodge they want to try out.

    "Welcome to my garden office, paid for by my company. Now, if you squeeze past the lawn mowers and BBQ, you'll find a stool in the corner, where I can work on my laptop, tethered to my mobile phone and work until the battery goes flat"
    Absolutely, or as I said, trying to address the situation from purely tax perspective with no eye on the actually reality of doing it.

    Leave a comment:


  • WTFH
    replied
    Originally posted by northernladuk View Post

    In this day of WFH and done properly then hell yes. The amount will depend on the existing property and the quality of the office (i.e. wood building or fully insulated things you can buy) but either way at very worst it's cost neutral. The cost of the office will add the same to the property but then factor in percentage increase on the enhanced property price then it makes money.

    If there is ample room already and it's a nice to have then it will trend to cost neutral. If it is a new quality 'room' the existing property doesn't have then absolutely. It adds an extra useful room to a house and that 'cool' factor some people like. It's the type of thing that hits the title '3 Bedroom property with outside office' type thing.
    Exactly, so when I see posters saying that a garden office is a depreciating asset, I really have to question if they are serious about an office, or are just arguing for a tax dodge they want to try out.

    "Welcome to my garden office, paid for by my company. Now, if you squeeze past the lawn mowers and BBQ, you'll find a stool in the corner, where I can work on my laptop, tethered to my mobile phone and work until the battery goes flat"

    Leave a comment:

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