'Posh Shed' office. What can you claim?
My client has just completed the building of a 'posh shed' in his garden. A pre fabricated type shed to be used as an office, no planning required. He has just passed me a pile of receipts relating to the purchase and construction with the expectation that they are tax deductible. He has 2 businesses, one flat rate and another standard vat.
I have a strong inclination that they are not tax deductible and if they were put through the business (capitalised), then capital gains tax would kick in when he sold his property (the office is in his garden). Is this correct?
Does anyone know if any expenses can be put through the businesses and if any VAT can be claimed back? I think claiming back the VAT on buildings relates to residential...not sure if an office is classed as residential?
Basically I don't know much but I am sure one of you out there has come across this before.There seems to be a trend these days for these posh offices...quite fancy one myself!!
Many thanks in advance.
- What is your favourite font? 168 6
- RTI Mess 576 10
- directors loan 467 9
- CIS subcontractor's invoice on QuickFile 66 2
- Why are so many UK accountants reticent to make use of Indian outsourcing providers? 3,535 81
- When to register or not for PAYE 197 2
- Tax on LLP members drawings not covered by future profits 543 23
- How best to split income on a Buy To Let - married. How do you decide beneficial ownership 565 8
- How do you pay Inheritance Tax when HMRC haven't demanded it 413 6
- Mortgage Interest - Tax Deductible 518 5
- Assets at strike off 154 3
- Business only use of company car 790 29
- Treatment of private ambulances on introduction to business 209 5
- Is there no lower level to the work a lawyer would take on. 1,144 34
- Scientist switch to accountancy - work experience? 1,219 30
- New Company reviews please 678 16
- Voluntary Disclosure 457 8
- Gift to son by parents 254 1
- valuation of vehicles 506 19
- How to revise RTI for Moneysoft 325 4
- RTI Rollback to delete incorrect data 332
- Any thoughts on Capium? 276
- Vouchedfor.co.uk 266
- Motor Traders Assistant Bookkeeping Programme queries 254
- Tracesmart/Lexis Nexis AML software? Any opinions? 233
- auto enrolment 214
- Sage Compatible P60's Self Seal 192
- Continuity of practice-ACCA 181
- How to account for investment in JV? 171
- Recommended International mobile phone coverage and costs? 161