Bought a second house for work purposes, what can i claim?

[chrisl]

I started off rented a house for work down in the south of england and was claiming 5/7 of my rent as an expenses, i was going home up north at the weekend.

I decided to buy a place in the end as i thought it would work out better in the long run and hopefully even made some money on this house when i decide to sell it.

Now i have bought it, i am not sure if i can claim 5/7 of the mortgage and other expenses as i did before. I only bought the house specifically because of my work as i thought it would work out better to buy then rent all the time.

My accountants are telling me that i can only claim when renting and now i can not as its a purchased house. Is this correct and also if i did go ahead and claimed part of the mortgage, would this have any CGT implications?

[Diver]

Bought a second house for work purposes, what can i claim?

Insanity
Diminished Responsibility
Under duress
Amnesia

HTH

[Advocate]

Have you had an injury at work, or an accident that wasn't your fault?

'cus there's plenty to claim!

[ASB]

I started off rented a house for work down in the south of england and was claiming 5/7 of my rent as an expenses, i was going home up north at the weekend.

I decided to buy a place in the end as i thought it would work out better in the long run and hopefully even made some money on this house when i decide to sell it.

Now i have bought it, i am not sure if i can claim 5/7 of the mortgage and other expenses as i did before. I only bought the house specifically because of my work as i thought it would work out better to buy then rent all the time.

My accountants are telling me that i can only claim when renting and now i can not as its a purchased house. Is this correct and also if i did go ahead and claimed part of the mortgage, would this have any CGT implications?

Well I claimed:

Mortgage Interest
Council Tax
Gas
Leccy

I accepted 500 quid (I think) BIK on my tax return. Got through investigation ok (whether it should have done is a different matter though).

If you accounts are really adamant then have your company rent it from you at a market rent.

Of course I am assuming you personally own the house.

[chrisl]

Yes i own it personally. Well at the end of the day its my company so if i push them they will do it but i just dont want to do something completly wrong and claim thousands of expenses and then come unstuck at a later date.

Somethings to think about there though.

Well I claimed:

Mortgage Interest
Council Tax
Gas
Leccy

I accepted 500 quid (I think) BIK on my tax return. Got through investigation ok (whether it should have done is a different matter though).

If you accounts are really adamant then have your company rent it from you at a market rent.

Of course I am assuming you personally own the house.

[Olly]

why claim only 5/7ths of the rent before?

[DimPrawn]

I decided to buy a place in the end as i thought it would work out better in the long run and hopefully even made some money on this house when i decide to sell it.



?

http://news.bbc.co.uk/1/hi/business/7534052.stm
http://news.bbc.co.uk/1/hi/business/7445864.stm

You are clearly mad or going to keep the house for at least 10 years.

[chrisl]

Well as i used it personally at the weekend and then the weekdays it was for my work. Well thats what i was told anyway.

why claim only 5/7ths of the rent before?

[Torran]

why claim only 5/7ths of the rent before?

weekends aint claimable if you arn't working

[The Lone Gunman]

weekends aint claimable if you arn't working

Yes they are.
You can claim 7/7 as long as you ONLY use the house when working. As he went home at weekends he only used it for business.