Taxes And Working From Home
March 11, 2012 by staff
Taxes And Working From Home, Tax considerations of working from home
Working from home can affect your tax situation:
Your business will be able to claim tax relief on domestic bills for the areas of the house used for your business.
If your business is VAT registered, you may be able to claim back VAT on articles you buy for business use.
If you have set aside a room solely for working in, you’ll have to work out if there’s Capital Gains Tax to pay if you sell your house. Find out about Capital Gains Tax relief on your home on the HM Revenue & Customs (HMRC) website – Opens in a new window.
From 1 April 2011 for the purposes of Corporation Tax, and 6 April 2011 for income tax furnished holiday properties let on a commercial basis can qualify for tax treatment under the Furnished Holiday Lettings (FHL) rules. To qualify properties must be in the UK or European Economic Area and be available for commercial letting to the public for a minimum period.
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