Originally posted by eek
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Use of home / rental / business purchase - best choice when building extension?
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Originally posted by WTFH View Post
Just wondering, if you inherited the house, why do you have a mortgage on it?
Also, if the mortgage says "no business use", then if you run your business from there, your home insurance is invalid (and probably any insurance you have on your business equipment)
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Originally posted by northernladukIs it just me or does this smack of Gricer?
Aaaaanyway - all I'm trying to do is pay the least amount of tax I legally can do without getting in the crap from the rev. Especially as I worked there two years. I will have a dedicated office in about 4 weeks and if a rental agreement is the best way, happy days I'll do that innit.
This - https://caseron.co.uk/renting-home-o...space-company/ - is the sort of thing in case anyone is wondering.Last edited by The Tall Designer; 11 August 2021, 15:44.Comment
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Originally posted by The Tall Designer View PostAaaaanyway - all I'm trying to do is pay the least amount of tax I legally can do without getting in the crap from the rev. Especially as I worked there two years. I will have a dedicated office in about 4 weeks and if a rental agreement is the best way, happy days I'll do that innit.
This - https://caseron.co.uk/renting-home-o...space-company/ - is the sort of thing in case anyone is wondering.
If the house is that small don't kid yourself it's dedicated. It will be used by you for non business as well so not dedicated. Have you actually done any fag packet calcs for this or have you just decided you like the idea for no other reason than it sounds good?
We get a ton of these threads where people get giddy with these ideas where the real answer is completely different and has been used by 10s of thousands of work from home people. You aren't inventing anything new here and just because you like the sound of it it doesn't mean it's the best option.Last edited by northernladuk; 11 August 2021, 16:00.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by northernladuk View Post
You need to wait for your accountant. If they are any good they'll push you down the use of home office route like nearly everyone does. That is the best way.
If the house is that small don't kid yourself it's dedicated. It will be used by you for non business as well so not dedicated. Have you actually done any fag packet calcs for this or have you just decided you like the idea for no other reason than it sounds good?
We get a ton of these threads where people get giddy with these ideas where the real answer is completely different and has been used by 10s of thousands of work from home people. You aren't inventing anything new here and just because you like the sound of it it doesn't mean it's the best option.
If it's the "Best Way" cool - but I am trying to find out why, its definitely not the "best way" for everyone, so what are the reasons it is / not?
As for the dedicated thing, it only needs to be during office hours which is funnily enough when I am in it working and only occasionally wanking.
I don't at all think I am big or clever or coming up with something new - it's just in my experience of 14 years running my own Ltd and having 4 accountants now - that other contractors - hello! - have a better idea of what can and cannot be done. My accountant didn't even remind me about trivial benefits.
Fag packet calcs, well a rental agreement seems to be far more money coming out than use of home, given a dedicated serviced office nearby, a room all of my own not open plan, is about a grand a month. That seems like money left on the table - if I fit the criteria. SO I am here, trying to fin out as the Rev are tulip at giving specifics as we all know.
If you don't know / can't help / don't want to help - cool beans man I'm just asking, please go about your business, move along, these are not the droids you're looking for.Last edited by The Tall Designer; 11 August 2021, 16:31.Comment
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Originally posted by The Tall Designer View Post
'cos it was knackered and barely standing up. Now it's 35% bigger and really nice to use.Comment
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Originally posted by The Tall Designer View Post
This - https://caseron.co.uk/renting-home-o...space-company/ - is the sort of thing in case anyone is wondering.
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Business would either need to be on the deeds of have a charge on the property.
Your first charge lender would tell you to feck off. Probably.
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Originally posted by Paralytic View Post
Which part of that talks about putting £40K of build costs through the business?
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Originally posted by minestrone View PostBusiness would either need to be on the deeds of have a charge on the property.
Your first charge lender would tell you to feck off. Probably.
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