TAX MAN- stuff at home

[hazzygawa]

I have been told that if you claim for some of your electricity water etc. When it comes to sell your house you will have to pay a business tax.

 

Is this true?

[Greg]

You may be liable to Capital Gains Tax but not on the whole difference between the purchase price and final selling price. There are generous allowances even before you start to pay CGT - especially for your 'Principal Private Residence' i.e. your main home.

[Pete Tattam]

Most accountants do afree initial consultation. Find one locally and bend his ear.

[tommer9]

You may claim for use of part of your house as an office, and for a portion of the overall running costs of your house pertinent to the proportion of your house that said room takes up.

[landrover 101]

I have been told that if you claim for some of your electricity water etc. When it comes to sell your house you will have to pay a business tax.

 

Is this true?

 

No and Yes

 

If the room is exclusively for business use as an office then yes if it also has a bed in it as a guest room or rowing machine for work outs or home computer for surfing ebay etc then it is not exclusively for business use so No

 

Taken straight from the wife (fully qualified accountant and tax adviser) sat 10 ft away watching channel 4 whilst i surf arbtalk

 

Hope this clarifies things

 

Dave

[gensetsteve]

Or you can claim about £300 for the use of and save all the hassle. We all need to stop being so tight and hand over alot more in taxes to help the overall general cause cos we all know it goes to such good causes

[hazzygawa]

Cheers guys, that's brill info.