Reply to: Am I able to claim part of my mortgage as a business expense?

[Wanderer]

What year you living in Mr Wanderer?

2007-08 by the looks of it!!! I stand corrected, it must be old age catching up on me.

I'm off to claim my extra £1 that I've been missing out on.

[northernladuk]

Note is that the £2/week they mention was recently increased by a massive 50% to £3/week.

What year you living in Mr Wanderer? I know you tell everyone you are a couple of years younger than you are but can't apply that to HMRC rules...

£3 going to £4

http://forums.contractoruk.com/accou...allowance.html

[Wanderer]

I 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?

You got some funny answers because you asked a pretty basic question.

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.

[Greg@CapitalCity]

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.

Hi Metro, assuming you work through your own limited company, then you can claim a portion of your rent (or a portion of your mortgage interest) if;
(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!

[northernladuk]

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.

Oiiii I posted some stuff for you..

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.

[Metro]

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.

I 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.

[northernladuk]

The 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)

Tumbleed icon tends to be used when someone says something apparently funny/interesting and someone disagrees. Like the dead silence after a crap joke...

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.

[VirtualMonkey]

The 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)

you're right to ignore it then. good chance of being called something nasty in there...but it is funny. ooh look 1 more post and i get to 100 in total.
random icons keeps us thinking if nothing else

[oscarose]

If you want to understand the icons it's best to read threads in general. (And post there if you can stand the heat.)

The 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)

[SueEllen]

Its had me puzzled. The answer to my question probably lies in the time of the post.

If you want to understand the icons it's best to read threads in general. (And post there if you can stand the heat.)

[oscarose]

His title and question don't even match so I wouldn't begin to worry why he is using certain icons.

Its had me puzzled. The answer to my question probably lies in the time of the post.

[northernladuk]

Just out of interest, is the 'tumbleweed' significant at all?

His title and question don't even match so I wouldn't begin to worry why he is using certain icons.

[northernladuk]

I'm sure you know this and that's just a typo

You are quite right... it will be £4 a week soon

http://forums.contractoruk.com/accou...allowance.html

[oscarose]

Please can somebody help me with a query. I 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?
If this is true, will this apply to my mortgage? Any help would be greatly appreciated.

Just out of interest, is the 'tumbleweed' significant at all?

[MrRobin]

Or you can just claim £3 a WEEK as recommended. Speak to your accountant about your individual situation...

I'm sure you know this and that's just a typo