Advanced search

If you work from home, what do you deduct as an expense?

(32 Posts)
MarshaBrady Tue 15-Jan-13 18:42:46

Ie expenses. How do you work out what to deduct, if anything.

Have gone blank on what you do.

MrAnchovy Wed 16-Jan-13 21:50:08

"I don't understand your 60 hrs/ 63 hours- there are 24 hrs x 7 days in a week- not 63hrs"

Yes there are 168 hours in a week, but this room is only being used for 63 of them.

MrAnchovy Wed 16-Jan-13 22:00:37

"I think most people manage it pretty well without accountants and things are never as complex as people make them seem."

Depends what you mean by "manage it pretty well" - file a tax return that is accepted on time maybe, pay no more tax than is necessary probably not. If MrsJimmyChoo pays tax at 20% (and Class 4 NI at 9%), her version of the calculation ends up with her paying £170 more than she should be!

MrAnchovy Wed 16-Jan-13 22:14:38

"Do we know anyone charged capital gains tax on a house sale who eg was a writer working from home or maths tutor?"

No, most of the case law concerns lawyers - because they self-represent they are the only ones that can generally afford to take appeals beyond the First Tier Tribunal.

TalkinPeace2 Wed 16-Jan-13 22:46:50

a) I've done all but the last three tax returns - and any fool who drops off their records after Christmas pays me double.
b) read this before asking any more questions (feel free to print it and use a highlighter)

MrsJimmyChoo Thu 17-Jan-13 08:34:09

MrA- you really confused me putting 60/63 because to me that looked like a fraction.

Xenia- I thought the whole point ( correct me MrA if worng) of saying that any room was used for other things apart from the business was the way to avoid capital gains? It's only if a room is used exclusively for a business that you could be liable.

And another question- how would anyone know if you wre working from home- even sticking stamps on envelopes in a tiny room for that purpose?

Miller1977 Sat 19-Jan-13 21:26:27

There's so much to remember to include. Found a useful document regarding working from home

tubsmum Thu 31-Jan-13 13:09:04

Thank you Miller 1977

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now