{"id":3130,"date":"2024-02-08T10:08:20","date_gmt":"2024-02-08T10:08:20","guid":{"rendered":"https:\/\/aelmarkhams.co.uk\/?p=3130"},"modified":"2024-02-08T10:08:20","modified_gmt":"2024-02-08T10:08:20","slug":"maximising-home-office-expenses-for-sole-traders","status":"publish","type":"post","link":"https:\/\/aelmarkhams.co.uk\/maximising-home-office-expenses-for-sole-traders\/","title":{"rendered":"Maximising Home Office Expenses for Sole Traders"},"content":{"rendered":"
Running a sole trader business from home comes with its perks, and one of them is the potential to claim tax relief on various home-working expenses. In this guide, we’ll walk you through what constitutes a working-from-home expense and the methods to calculate and claim these expenses against your tax bill.<\/span><\/p>\n When you operate as a sole trader from the comfort of your home, you can typically claim a portion of additional household expenses related to your business. This includes:<\/span><\/p>\n For those running a limited company from home, claiming expenses can be more complex due to different rules. As a director of a limited company, you’re considered an employee, limiting the tax relief on ‘fixed costs.’ Consulting with an accountant is advisable to navigate these intricacies.<\/span><\/p>\n Sole traders have two methods for calculating home office expenses:<\/span><\/p>\n Choosing the right method depends on your circumstances and business needs. Whether opting for simplified expenses or the costs method, reassessing your approach with each tax return ensures you make the most of available relief. If in doubt, seek professional advice to navigate the complexities and optimise your tax position.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Running a sole trader business from home comes with its perks, and one of them is the potential to claim tax relief on various home-working expenses. In this guide, we’ll walk you through what constitutes a working-from-home expense and the methods to calculate and claim these expenses against your tax bill. What Qualifies as a Working from Home Expense? When … <\/p>\nWhat Qualifies as a Working from Home Expense?<\/b><\/h3>\n
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Expenses for Limited Companies<\/b><\/h3>\n
Calculating Expenses for Sole Traders<\/b><\/h3>\n
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