Accurately calculating ‘Use of Home’ expenses has always been problematic even for experienced accountants due to the vagueness of HMRC guidance. The attached Excel Spreadsheet is an excellent aid for our clients. The formulas are already inserted so just plug in your figures. Don’t forget to expand the columns if necessary. Should further help be … Continue reading
Most self-employed professionals now work from or carry out some work-related activities at home though it is uncertain if they all know that they can reduce their tax bills with business use of home expenses. There are 2 ways of working out the expenses you can claim from your profits for the extra running costs … Continue reading