As more and more people choose to work from home, the question of how you can reclaim any home office expenses is frequently asked. The general HMRC rule for claiming tax relief on business expenses is that you can only reclaim costs that have been ‘wholly and exclusively’ incurred in connection with your trade.
Tax & Accounting Guides
- The Key Business TaxesWhich taxes you will encounter as a small business owner
- Top 10 Tax TipsSome no-nonsense pointers from the Bytestart team
- National InsuranceWhich NICs are you liable for as a small business owner?
- Corporation TaxHow limited companies are taxed
- Dividend TaxHow much tax do you have to pay on limited company dividends?
- Entrepreneurs’ ReliefA rare tax concession if you decide to sell your business
- Capital AllowancesTax relief if you buy equipment or invest in R&D
- Business ExpensesWhat can you legitimately claim against your business income?
- Sole Trader TaxSole traders are liable to income tax and NICs on their business income
- Guide to PAYEHow the Paye As You Earn scheme operates
- Business Stamp DutyHow Stamp Duty applies to premises or share transactions
- Business RatesHow Rates are applied to business premises
- Home Office ExpensesWhat can you claim against your business income?
- HMRC PenaltiesOverview of the new HMRC penalties regime
Our Main Tax Guides
- Summary of key tax rates, thresholds and allowances for business owners for 2014/15
- Tax Rates for small business owners 2013/14
- Small business accountants10 tips for choosing the right accountant for your business
- Book Keeping BasicsThe fundamentals of how to keep accurate business records
- HMRC Payroll FormsWhat do the main forms do – including P45,P60 and P11D
- Profit & Loss GuideSummary of what you’ve bought and sold over 12 months
- What is a Balance Sheet?A snapshot of the financial health of your business
- Book Keeping TipsHelpful advice to keep your business books in order
- Value Added TaxAn overview of VAT, and how the tax is collected
- How to Register for VATYou must register if you turnover reaches the VAT threshold
- VAT Cash AccountingYou account for VAT when income is received, rather than by invoice date
- Flat Rate VAT SchemeCreated to simplify the VAT calculations for eligible small businesses
Book Keeping / Accounts
Value Added Tax Guides