This is one of the mail reasons to open a home base business. You could save 30-50% on what you are currently paying. Search small business tax deductions in goggle to find out more. If you plan on opening some sort of home base business I would recommend that you seek the counsel of a CGA in your area to get the full benefit from it and protect yourself form being audited by whatever agency is in your area
I agree with davidseeger. Without an income this is not applicable, but in the cases where there is an income, then I would imagine this information would be highly valuable and interesting to many business owners.
In the UK, the amount of tax advantage you can gain is proportionate to the amount of space you're taking up - and for how many hours. Also, you have to think about whether claiming tax will mean you have to pay Capital Gains Tax when you sell the house.
An example of a tax deduction that might be allowed is:
You have a small room that you use for 6 hours/day, 4 days/week for your business. The floorspace of the room is 1/10th of your total house floor area.
Your electricity bill for the month is £100.
Your tax advantage might be (accountant would need to check/confirm):
£100 / 10 (space the room occupies) = £10
£10/730 (hours in a month) = £0.0137
£0.0137*104 (hours you use the room/month) = £1.43
And you'd not pay tax on £1.43, which would mean a tax saving, per month of £0.28-£0.56
It's not really that exciting is it
OK, there's also heating etc, but in the UK if you're using a room part of the time, it's negligible.
by tompavia6 years ago
There's No Question Social Media like Twitter, Facebook and the thousands of Niche Social Media web sites out there are here to stay.Huge corporate companies are now hooked up to these Social Networking Giants and are...
by GavinStephenson8 years ago
Yes Yes YesOk This is a big topic.. Some people think its quick cash some don't. Whats your opinionsHOW much time do you spend on driving traffic vs reading emails and of stuff?3 out of 100 become successful so maybe it...
by BPO6 years ago
That would be a start, but as with every kind of business, do some good research first.Certainly with online company's, causse there are more than enough scams on that mather.Maybe if you need more ideas, you can check...
by Susan Reid4 years ago
The Gish Gallup. Who knew?http://www.dailykos.com/story/2012/10/0 … ish-Gallop
by SparklingJewel9 years ago
another issue I am learning more about. I have been a self-employed single parent for over a decade and my income level hasn't changed much...and its not because I don't work hard! How would FairTax affect me?
by glennab8 years ago
You could search all over the internet and not find a better work at home business opportunity. All home-based business owners want to be successful. First you need a product people want and second you need a strong...
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.