Originally posted by BlueSharp
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WFH and expenses
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Originally posted by BillyPilgrim View PostThanks for the replies, I will investigate further. My initial thinking (outside of the £6 a week), was expensing part of the rent, as suggested in this article.
Working from home? Make sure you claim these expenses - FreeAgent
Something along the lines of 20-30% of rent, so it's not too excessive for HMRC to start questioning it (total rent for the year = £10k, so £2-3k for rent expenses). I also saw something about drafting a rental agreement, if my rent lease allows for sub-letting.
EDIT: Just seen the guide that northernladuk posted for bartman - this was interesting link (Contractors’ Questions: How much to claim for my home-based office?). I guess my future WFH is not my choice, as the site office will only request certain people to work onsite, and given the social distancing that is likely to remain even after lockdown, working onsite is unlikely to be available to me. Hmm tough one to ponder.
There is a way around this involving a letting agreement with YourCo where you charge it rent, but you have to declare the rent in your tax return and offset it with appropriate expenses. This is far more complicated though.
Just claim £6/week.Comment
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Originally posted by Lance View Postyou pay your accountant to count the weeks in a year?Comment
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Originally posted by gables View Post!! 6 quid a week, is it really worth the effortComment
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Originally posted by pr1 View PostWhat about £312 once a year? That's gotta be worth it for the 5 mins of "effort"?Comment
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Originally posted by gables View Post!! 6 quid a week, is it really worth the effortOriginally posted by Stevie Wonder BoyI can't see any way to do it can you please advise?
I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.Comment
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Originally posted by SimonMac View PostWhat effort? Set a recurring expense in FreeAgent and you don't have to do anything else
So about 10 minutes effort, for the 5 years I've been using Free agent, so over £1,000 for 10 minutes.... If you just count the tax saving at 7.5% that's still not bad at over £75 for 10 minutes.See You Next TuesdayComment
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Originally posted by Lance View PostIf you just count the tax saving at 7.5% that's still not bad at over £75 for 10 minutes.Comment
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Originally posted by WordIsBond View PostIf you're only saving 7.5% you're doing something wrong. Maybe the guy who asks his accountant to handle it is onto something.
As I've already used that allowance it's more like £325....
I think it would take longer to email the accountant to ask him to make a recurring expense on FA than it would to do it myself./
And that it still less time than to write this....See You Next TuesdayComment
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Originally posted by Lance View Postthat was merely speculative assuming a tax saving of the basic dividend rate.
As I've already used that allowance it's more like £325....
I think it would take longer to email the accountant to ask him to make a recurring expense on FA than it would to do it myself./
And that it still less time than to write this....Comment
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