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 savanahl5 years ago
What is the best home based business for a stay at home mom?
by Rosa Marchisella5 years ago
How do you deal with family that doesn't consider your home-based business a "real job"?
by tompavia7 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...
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How to market a small or home based business?
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How can a disabled person open a home based business?If a person can't hold a 9 to 5 job, how can they work from home with little or no money?
by BPO7 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...
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