Self employed tax return work from home calcs

timrichards

sheramber said:

timrichards said:

Hi, I started in Sep 2023 - and professional fees are £350 for indemnity insurance for my work

Are these fees to a professional body on the HMRC Approved List?

It's indemnity insurance to cover my work

sheramber

timrichards said:

sheramber said:

timrichards said:

Hi, I started in Sep 2023 - and professional fees are £350 for indemnity insurance for my work

Are these fees to a professional body on the HMRC Approved List?

It's indemnity insurance to cover my work

So not professional fees  but an expence

Jeremy535897

purdyoaten2 said:

timrichards said:

Yes with professional fees etc it will be.

Am I correct in the way I calculate expenses below? (ignore mortgage for now, I'll get advice on that).

eg- Broadband, heating = £160 per month

4 rooms in my house and only work in 1 of them. I also only work 3 days a week.

Therefore, monthly allowable to claim for these = £160 /4 = £40 for the room I am in

3 days a week = 14% of the week spent working = £40 * 0.14 = £5.60 per month ?!?

I meant in excess of £312 for the use of home claim. Without looking in detail at your calculation, is £312 not simpler to claim?

When exactly did you commence self-employment?

What professional fees are we talking about? 

£312 is for employees. The rules for self employed are:
https://www.gov.uk/simpler-income-tax-simplified-expenses/working-from-home

DullGreyGuy

timrichards said:

Hi, I started in Sep 2023 - and professional fees are £350 for indemnity insurance for my work

So thats insurance not professional fees, if you paid £350 to an insurance advisor on top of a separate premium for the insurance then you need a different advisor (or you're running a multi-million pound business that probably shouldn't be scratching around for a pound here and there)