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This is another Grow Your Money (GYM) episode. Did you know the Tax Office lets you claim an allowance against household expenses for using your home as a work space?
Today I am going to go a little deeper into how it works and how to work out how much you can claim.
You will also hear
- Why you don’t have to communicate with the Tax Office to take advantage of Work from Home Allowance
- How to be clear about what “work related” actually means in terms of working from home
- What bills you can include in your claim
- 2 easy methods to get to an amount to claim, plus 2 slightly more complicated ones
- A free tool to help you calculate your entitlement easily
Disclaimer
This show, or any resources mentioned, is not a substitute for obtaining proper financial and or legal advice from a qualified professional who is familiar with your specific situation. Also be aware that the information contained may not be suitable for every person or organisation.
[spp-tweet tweet=” Take advantage of Use of Home Allowance. Every little helps “]
Shine the Light
This the part of the show where I shine the light on great people and resources that you may find inspirational or helpful
If you would like some examples of to demonstrate different scenarios of how others have applied Use of Home go to your tax office web site and search for Use of Home calculations.
The link to the page for the UK one is on my site below.
I would give you the URL but it is one of those long, unmemorable ones, and I need to finish the show before midnight so I would suggest going over to the site, download your calculator and click the relevant link for more info.
https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim47825
Show Links & Resources
financialgymforbusiness.com/useofhome
http://www.financialgymforbusiness.com/29
How to Rate & Review a Podcast in iTunes
http://serialpodcast.org/how-to-listen (This is brilliantly done)
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