But Live/Work property through the LTD?

[TheFaQQer]

Ok, but these rules apply to a company buying a property to provide temporary accommodation right?

No. They apply to a company buying a property to provide accommodation.

[SueEllen]

No. They apply to a company buying a property to provide accommodation.

Do you get the feeling you are wasting your breath?

[northernladuk]

Interesting page..

Live Work Homes - Tax issues for live/work

As it mentions apportioning cost of bills and mortgage interest I would read in to it that this is a residence with a portion put aside for work.

ALLOWABLE EXPENSES

Both live/workers and home-workers can claim as allowable expenses the proportion of power, water, etc used for the business element of the property.
MORTGAGE INTEREST

See here for Live Work Network’s guide to lenders’s terms for live/work mortgages (but bear in mind the volatility of the current mortgage market). If you have been able to buy your property with a single mortgage – residential or commercial – you can claim one-fifth of the interest on this as an allowable expense. But be aware that this may affect your liability to capital gains tax (see below for more on this).

So from what I see this is no different to owning your own house and claiming some expenses for the office. We do not use substantial offices so we just do the £4 a week (or whatever it is).

So back to the original question you would be buying your home through the LTD so it is a bad idea.

[SueEllen]

So from what I see this is no different to owning your own house and claiming some expenses for the office. We do not use substantial offices so we just do the £4 a week (or whatever it is).

Some people work at home more than others so claim more - but yes generally most people on here claim £4 a week.

[northernladuk]

And to add to this there page on mortgages...
Live Work Homes - Lenders attitudes to Live/Work

Many comments there about the work element being substantially less than living space, another mentions no visiting customers etc so they all view these as residential mortgages with work space as an exception. So re-enforces my view that you have to view this as a residential property, not one for the business.

[northernladuk]

Some people work at home more than others so claim more - but yes generally most people on here claim £4 a week.

So these properties are treated in exactly the same way but are sold to people needing more substantial work space so apportioning bills is reasonable... but it is still classed as a workplace in your home it seems to me,

[TheFaQQer]

Some people work at home more than others so claim more - but yes generally most people on here claim £4 a week.

I could claim more, since for the past few years I've been 100% at home. But I'm too lazy to do the calculations, so just stick in the £4.

[SueEllen]

So these properties are treated in exactly the same way but are sold to people needing more substantial work space so apportioning bills is reasonable... but it is still classed as a workplace in your home it seems to me,

So what's the difference in buying a "normal" property with an extra room or space to suit your work purposes? None from the looks of it.

[TheFaQQer]

So what's the difference in buying a "normal" property with an extra room or space to suit your work purposes? None from the looks of it.

Differences that I can see:

- If you have one and don't do any work there, you are in breach of the planning laws.
- You need to pay business rates as well as council tax
- Could be liable for CGT when you sell it
- There may be a VATable element on the work part of the building cost