Dangers of my home as a trading address?

[bigugly]

Hi,

Sorry I know a lot of similar questions are already out there but couldn't see exactly this info so any help appreciated: If the registered address is an accountant, and the trading address is my home, does that change anything in regards to my home? Just worried in case anything bad happens e.g. insurance suddenly going through the roof, banks stop speaking to me, home repossession in the event of business failure, you get the idea - I'm paranoid .

[craig1]

I had it explained to me in a nutshell: Do you have suppliers or customers coming to your home or do you run any machinery/equipment you'd not normally find in a home? If not then you're not going to have a problem.

[northernladuk]

Your home isn't a business property. Your business is renting space of it to the value of £4 a week. It doesn't own it, isn't linked to it or related to it. Keep your business and your home affairs clearly separate in your head when thinking about this. That alone would tell you your home would not be repossessed if your business fails. Would the accountants property be repossessed if you think your home would be?

You should of course be making sure you home insurance covers some business use or assets though. If you do need to claim and admit you have company stuff there it could cause problems with a claim.

Check with your accountant to see if he can offer a service that meets your needs i.e. have everything at his address or get him to explain the in's and out's for your peace of mind.

[xoggoth]

What craig1 said on insurance. My home insurance has "Is the home used for business" ticked and it did not cost me any more because I explained it does not involve any visits by others and all equipment used was my own.

[bigugly]

Ah that all seems pretty easy. Cheers guys.

[northernladuk]

What craig1 said on insurance. My home insurance has "Is the home used for business" ticked and it did not cost me any more because I explained it does not involve any visits by others and all equipment used was my own.

He did?!?!?

[Wanderer]

the biggest danger is that HMRC will send you loads of crap paperwork to your home address for you to deal with when you wanted you accountant to do all that for you.

[kingcook]

the biggest danger is that HMRC will send you loads of crap paperwork to your home address for you to deal with when you wanted you accountant to do all that for you.

I get that occasionally (like once or twice per year, and it's not loads - a side of A4 or two). My solution is to scan it and email it to the accountant

[bigugly]

the biggest danger is that HMRC will send you loads of crap paperwork to your home address for you to deal with when you wanted you accountant to do all that for you.

Those dirty rats...