Business at home

Mupette

Running a business from home.
Using electric and water, we don't have gas.

As it's a limited company I can't used the simplified allowable expense.

How/what can i claim for.

I have my own insurance, I do not allow customers to come to my home.

The house is mortgaged in my husbands name only.

I'm not sure what else you need to know.

Any help would be great, no funds spare to pay for a accountant, i can do my own book keeping (qualified) and using wave app.

Pennywise

HMRC allow a flat rate £4 per week for a limited company scenario.

As regards doing your own accounts, do you actually understand the Companies Act requirement for "proper" accounts, i.e. accruals, prepayments, creditors and debtors, fixed assets & depreciation, and corporation tax provisions? It's a lot more than a simple record of "ins and outs". Do you understand how to calculate corporation tax provisions, i.e. how to claim tax relief on equipment purchases, what expenses aren't allowable for tax, etc. Are you up to date with current Financial Reporting Standards and what policies etc need to be adopted and declared in the accounts? DIY is OK for simple sole trader businesses using the cash basis, but limited companies are very different and a software like Wave is really only for the recording of the basic transactions - you'll have to make a lot of adjustments to bridge the gap between basic book-keeping and Companies House accounts.

Mupette

It's the first year, I've kept every receipt, wave has been kept up to date, as the business actually grows then it would be a job for an accountant. Yes wave is basic, but it is adaptable, you can change things on their to suit your own needs.

There is no payrol as no one is being payed a wage, not even any dividends, money is just going back into the business.

HMRC allow a flat rate £4 per week for a limited company scenario.

Is that per item as in £4 per week for electric, £4 for water etc?

trailingspouse

No, it's £4 per week in total.

And - what Pennywise said.

dancing_star

https://www.gov.uk/tax-relief-for-employees/working-at-home