Overseeing office work from home is very beneficial and with the passage of time, many entrepreneurs are realizing this importance. Although it becomes quite hard to sustain a wall between your professional and personal life, you will get it when working in an extra room, a house, or maybe a building will not cost you anything.
As a business manager you can:
- Reclaim the expenses incurred for working from home.
- Charge the rent to company.
- Claim back the costs of a home converted into an office.
If you personally incur all the expenses, you need to keep the followings in view and their impacts:
- Value Added Tax (VAT)
- Capital Gains Tax (CGT)
- Stamp Duty Land Tax (SDLT)
- Capital Allowance on furniture, and machinery
- Expenditure on the treatment of renewal, repairment, and replacement
For assistance, get in touch with BNW Accountants.