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Ltd Co Home Office Expense

Ltd Co Home Office Expense

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Good morning,

Can I get an opinion on my understanding of home office expenses for Ltd Co.

Assuming that the Director renting the property is able to use that property for business purposes and is able to sublet part of the property do the usual rules and recommendations apply?  i.e rental income and expenses is declared on SA return and there should be an agreement in place between the Ltd Co and the Director.

Any comments most appreciated.  I had a search through any answers but they only seem to consider the position when the Director owns the property.

Many thanks

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By Sheepy306
11th Aug 2015 09:47

Agreed

Yes, that it is understanding and what I have in place for a number of clients who don't own their own home. I've also had an HMRC enquiry on a client who had that arrangement in place and requested a copy of the licence agreement, no issue was raised when he saw it.

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By [email protected]
11th Aug 2015 14:21

Landlord permission

I am not sure if the landlord would agree for sublet. this will make that part of the property a commercial unit. what about business rates?. I guess landlord will loose letting relief when he sells this property. The property must be let as residential accommodation not as an office to get letting relief. better get consent from landlord before charging any rent in the company account.  

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By JCresswellTax
11th Aug 2015 14:31

What is loose letting relief?

Is this a subsection or something?

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Replying to lionofludesch:
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By [email protected]
12th Aug 2015 08:40

letting relief

JCresswellTax wrote:

Is this a subsection or something?


Suppose landloard lived in the property before letting it out will qualify landloard to get letting relief upto maximum 40k. Not enough infor from op that this is the case or if there any prevention to sub let in the original letting agreement
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Replying to lionofludesch:
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By thomas34
12th Aug 2015 08:59

A Bit Too Subtle

JCresswellTax wrote:

Is this a subsection or something?

methinks Madam.

 

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Replying to lionofludesch:
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By BananaMan
12th Aug 2015 09:54

.

JCresswellTax wrote:
thomas34 wrote:

JCresswellTax wrote:

Is this a subsection or something?

methinks Madam.

 

It certainly appears that way

 

And presumably "landloard" is the term for the guys that are hoarding buy-to-let properties?

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