Home Office Expenses
One of the more frequent questions I am asked is ‘what can I claim for my home office?’. Unfortunately, I can only answer that question with questions of my own before we can determine any answers. My questions are as follows (and these are not necessarily exhaustive):
- Are you in business or are you an employee?
- Do you have a dedicated office/study in which only business (or work related activities) are carried out?
- Do clients come to your premises on a regular basis?
- Do you have a sign advertising your business in front of the house?
- Do you rent or is the house yours (and the bank’s)?
As you can imagine, the answers to what you can claim as a home office expense really depend on a number of different and individual factual scenarios.
Contact me after reading the above and I can let you know YOUR potential deductions.