Working from Home Tax Relief in 2021 [DOWNLOAD RENT AGREEMENT]

Working from home is becoming a trend that is here to stay with some of you business owners and employees. Spending more time at home usually results in higher personal expenses such as heat, light and other costs. But thankfully there are methods you can use to benefit not only from working from home tax relief on such expenses, but for you to reimburse yourself too. Accounting & Tax Academy Free Membership Site → 🌏 http://aidhanfinancial.com/accounting-tax-academy-membership/ Download a Non-Exclusive Licence (for Ltd Co Director/Owners) → 🌏 https://aidhanfinancial.com/non-exclusive-licence-agreement/ ⏱️ Time Stamps: 0:57 - What exactly counts as working from home? 2:10 - Sole trader - the proportion of costs method 3:50 - Limited Company director/owners - The rental agreement 6:51 - The flat rate allowance method If you want my & my team's expert accounting and tax help, you can book a discovery call through our website → 🌏 https://www.aidhanfinancial.com/ From UK tax perspective, HMRC don’t exactly specify an exact amount of hours that you need to be working from home in order to claim working from home tax relief although some of their guidance does suggest 25 hours per month to be a reasonable level. In reality the working from home tax deductions are designed to compensate those of you who incur additional expenses as a result of your home working situation. Claiming tax relief for working from home expenses can be done for both sole traders and Limited Company director/owners alike. Such expenses are an allowable expense hmrc and will provide either income tax relief or corporation tax relief. If you are Limited Company director/owner, remember you will need to formalise the arrangement through a non-exclusive licence agreement. You can download this here: Download a Non-Exclusive Licence (for Ltd Co Director/Owners) and Calculator → 🌏 https://aidhanfinancial.com/non-exclusive-licence-agreement/ We hope this video helps you make an informed decision about working from home tax relief and gets you one step closer to knowing your numbers. wfhuk ★☆★ OUR MISSION ★☆★ Me & my team are dedicated to helping and empowering YOU to 'Know Your Numbers' so you can make calculated and informed decisions in your business, company and personal finances towards your definition of success. ★☆★ OUR PHILOSOPHY ★☆★ If you take care of your numbers (finances), your numbers will take care of you, your family and those you value the most. 🔴 DISCLAIMER Our videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances. Me & my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement. #wfhuk #claimingtaxrelief #allowableexpensesuk