'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.
- Share buyback, possible embezzlement 91 2
- Change if career direction from industry to practice 115 2
- Thoughts on revenue recognition 564 18
- Where has Portia gone? 2,587 73
- Associated disposals - Entrepreneur's relief 237 8
- Depreciation of Revalued Building 18 1
- Practice management software 1,005 17
- Spousal transfer and PPR 737 32
- Portia ... Where art thou 398 1
- Taxation of serviced offices 198 3
- How can i allow my clients to digitally sign? 768 16
- Write off loan between companies 598 24
- Overseas business trip - accompanied by family 171 2
- Industry Reports 50 1
- recompense capital input 232 12
- Tax refunds for 2014/15 1,175 22
- unmarried couple, two houses, one rental - CGT? 309 8
- Exports/Dispatches - non VAT registered 111 2
- Capital allowances on taxis 246 2
- CT losses carry back 141 1
- Services via intermediaries and new HMRC reporting requirements 804
- RTI - duplicate employee record 569
- Pensions Regulator 458
- How hard is it to reduce a code? 416
- Sanzar 319
- How do you do it 308
- Digital marketing focus group 301
- Kashflow balance sheet difference 278
- new investor structure 187
- Bed & Breakfast trade via Limited Company 174