Homeworking - Maximising The Tax Breaks
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Description
With homeworking now firmly established for many businesses and individuals, understanding the tax rules has never been more important. Whether you're an employer, company director, sole trader or employee, knowing what expenses can be claimed and how to claim them correctly can help you reduce your tax bill while remaining compliant with HMRC requirements.
Homeworking – Maximising the Tax Breaks has been fully updated to reflect the latest legislation, HMRC guidance and tax rules. This practical guide explains, in plain English, how to make the most of the tax reliefs available when working from home.
Inside you'll learn how to:
- Claim the maximum tax relief on homeworking expenses
- Understand the different rules for employees, directors and the self-employed
- Reduce tax liabilities through legitimate tax planning
- Create a home office
- Avoid common mistakes that can lead to unexpected tax bills
- Stay up to date with the latest HMRC requirements
Written in our clear, practical style, this eBook provides straightforward explanations, worked examples and actionable advice that you can apply with confidence.
Whether you're managing your own finances or advising clients, Homeworking – Maximising the Tax Breaks is an essential resource for anyone looking to maximise the available tax reliefs while staying compliant.
Table of Contents
Table of contents
1. Running your business from home
1.1. What are the basic principles?
1.2. How are expenses apportioned?
1.3. What costs can be claimed?
1.4. How does HMRC apply the homeworking rules?
1.5. What are the practical considerations?
2. Simplified deductions for the self-employed
2.2. What are the flat-rate deductions?
2.3. How does the flat rate compare with the standard calculation?
2.4. What costs is the flat rate meant to cover?
3. Living at your business premises
3.1. Why is an adjustment to property costs required?
3.2. What are the flat-rate adjustments?
4. Employees and directors using their homes for work
4.2. How does the wholly, exclusively and necessarily rule work?
4.3. How does the tax-free allowance household expenses work?
4.4. What is the tax and NI exemption for “accommodation expenses”?
4.5. Does the accommodation expenses rule apply to equipment?
4.6. What if business and private use varies?
5. Alternative tax relief for homeworking costs
5.2. Is there a more tax-efficient alternative to claiming expenses?
5.3. What other points about the arrangement need to be considered?
6. Other homeworking tax issues
6.2. What is CGT private residence relief?
6.3. Does business use of your home affect private residence relief (PRR)?
6.4. What’s the government’s policy on business rates and homeworking?
6.5. What are the business rates implications?
6.6. What is the CGT private residence relief and business rates interaction?
6.7. What are the record keeping requirements?
7.2. Unincorporated businesses
7.4. Companies - structural improvements to a director’s home
7.5. Companies and unincorporated businesses - structures and buildings allowance
8. Employer-provided living accommodation
8.2. What is the amount of accommodation benefit?
8.3. What if there are separate business and living areas?
9.2. When can travel expenses be claimed?
9.3. What about self-employed travel to a place of work?
9.4. How much can be claimed for motoring costs?
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