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Work from home? Want to reduce your tax bill?
August 02, 2010 at 5:40 PM
Do you sometimes work from home?
Want to reduce your tax bill? Here’s how...
If you work from home (even if it is for only part of the week), you may be eligible to receive tax relief on the costs associated with running a home office.
Most business owners (and unfortunately many Accountants too) overlook this as an opportunity to be tax-efficient in their businesses. In simple terms, if you spend a proportion of your time working from home, then you are able to draw an amount of money from the business tax-free in consideration of this.
What this amount is (and how it is calculated) depends on a number of factors, so it is important to seek advice before making any changes. However, if your Accountant is not talking to you about this as a way to save tax, perhaps you should speak to a different Accountant?
Get in touch if you'd like more details of how the Use Of Home As Office Scheme works.
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