Calculate how much you could be claiming for your use of home allowance
Type of company:
Method:
Number of rooms: 5
Rooms used: 1
Percent of time rooms used for business: 50%
Rent: £800
Utilities: £200
Insurance: £30
Internet: £50
Repairs: £20
Monthly allowance:
£110.00
£1,320.00 annual allowance
£1100 × 20.0% space × 50.0% time
Wholly exclusive:
Expenses must be 'wholly, exclusively and necessarily' for business purposes
Benefit in Kind:
If too much rent is charged or personal benefit arises, it can trigger a Benefit in Kind and extra tax/NIC
Council tax:
Limited companies cannot claim council tax as an expense
Rental agreement:
A written rental agreement between the director and the company is strongly recommended