Originally posted by northernladuk
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Am I able to claim part of my mortgage as a business expense?
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one day at a time -
Originally posted by oscarose View PostIts had me puzzled. The answer to my question probably lies in the time of the post."You’re just a bad memory who doesn’t know when to go away" JRComment
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Originally posted by SueEllen View PostIf you want to understand the icons it's best to read threads in general. (And post there if you can stand the heat.)
(I don't like all the bad language in general)one day at a timeComment
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Originally posted by oscarose View PostThe tumbleweed icon represents 'trash in the wind'? If so, it doesn't seem applicable to the question.
(I don't like all the bad language in general)
random icons keeps us thinking if nothing elseYour friendly neighbourhood VirtualMonkey - Not giving financial advice since...well...ever.Comment
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Originally posted by oscarose View PostThe tumbleweed icon represents 'trash in the wind'? If so, it doesn't seem applicable to the question.
(I don't like all the bad language in general)
soo..
What is brown and sticky?
A stick...
(no laughter or noise)
From Urban Dictionary..
Tumbleweed 82 up, 73 down
Something to say during an uncomfortable silence or awkward pause in conversation. the conversation is so dead that a tumbleweed could be blowing through the people you are hanging out with like a desert.
'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Thanks Mr Robin. It seems that the non accountant is the only one who can provide decent advice. All the other guys seem to do is talk about the icons.
Originally posted by MrRobin View PostI am not an accountant but I understand that you can claim for a portion of your home expenses if you genuinely use it for income generating work (i.e. you work from home a lot... doing 10 minutes filing a week doesn't count) and there is a dedicated area for you to work (sitting on the sofa with laptop doesn't count)
You can claim for mortgage INTEREST, but you can also claim for utility bills and council tax too.
You should divide your total costs by the number of rooms you have in the house - i.e. you have 1 room which is your study, and you have 5 other rooms then you need to divide by 6 to get the portion which you can claim in expenses.Comment
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Originally posted by Metro View PostThanks Mr Robin. It seems that the non accountant is the only one who can provide decent advice. All the other guys seem to do is talk about the icons.
Kinda helps if your question makes sense... which it didn't. Maybe if you can clarrify if you are talking about mortgage or rent we could help.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by Metro View PostThanks Mr Robin. It seems that the non accountant is the only one who can provide decent advice. All the other guys seem to do is talk about the icons.
(a) You do some decent fee earning work from home, AND;
(b) You have a license agreement between yourself (as the property owner/tenant), and your ltd company, AND;
(c) You declare the income from the license agreement on your own personal tax return;
Each of these steps require a bit of thought and planning, though it certainly is possible. Your accountant will be able to help you further through each stage, but this should be enough to get you started. And if all of the above just sounds like too much effort, I would suggest you just go for the £3 per week claim (soon to be £4).
Good luck!2012 CUK Reader Awards - '...Capital City Accountancy, all of whom were outside the top three yet still won compliments from CUK readers for their services' - well, its not an award, but we'll take it! - Best Accountant (for IT contractors) category
2011 CUK Reader Awards - Top 3 - Best Accountant (for IT contractors) category
|| Check us out at: http://www.linkedin.com/company/capi...ccountancy-ltdComment
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Originally posted by Metro View PostI am self employed and my friends tell me that I can claim a proportion of my rent as a business expense. Is this true and at what percentage?
Probably the best answer is from HMRC themselves BIM47825 - Specific deductions: use of home: examples. There is lots of other information on that website but it's pretty strict and by the book (well, it IS the book).
Note is that the £2/week they mention was recently increased by a massive 50% to £3/week.
If you have a proper home office that you use all the time then you may be able to claim a percentage of your bills as an expense but many accountants seem to shy away from this and recommend the £3/week as a reasonable option.
You should also have a hunt around for an expenses and first timers guide, if you have a look on the right side of the page there is a link which says Expenses Guide which will kick start you with the answer to your questions.
There are also a few helpful accountants and umbrellas who post here and they have useful guidelines to what you can claim, just check out their websites.Free advice and opinions - refunds are available if you are not 100% satisfied.Comment
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Originally posted by Wanderer View PostNote is that the £2/week they mention was recently increased by a massive 50% to £3/week.
£3 going to £4
http://forums.contractoruk.com/accou...allowance.html'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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