'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.
- How much does the company pay 763 33
- Proof of identification 38 1
- When to provide S419 tax in the accounts 60 2
- Which tax returns can I submit? 68 1
- Accounting for cash put into Ltd 285 5
- Using home as clients registered address 180 4
- Childcare vouchers 362 8
- Is this a qualifying loan for interest deductions? 68 2
- New Enterprise Allowance 67 1
- VAT Notice 700/64 - claiming VAT on motor repairs 52 1
- two business from one premises 179 3
- VAT transfer on going concern on incorporation 41 1
- SELLING A PROPERTY at LOSS/PROFIT - CAP GAINS ALLOWANCE 239 4
- HMRC property income enquiry 414 9
- 10 Worst xmas presents for an accountant 347 4
- Merry Christmas 120 2
- THEATRE SHOW - HIRE - VAT PAYABLE ON TICKET SALES 82 3
- New Incorporations - ERTNAC hoax - anyone else seen this? 1,093 12
- Anyone else still working this week? 422 13
- LTD home office - would HMRC seek to disallow 1,435 9
- Accounting referance change & deficient accounts. 507
- corporate hierarchy 470
- Advice - 325
- Anyone had HMRC refusing to act on EPS database glitch? 275
- WWOOFers 265
- The booking.com con 248
- Art Gallery - Splitting a property between business and personal use 244
- Cocaine anyone? 232
- Tax liabilities in USA for warehoused products 220
- UK State pension paid in NZ 177