thanks for the advice, I thought that that would only be a problem if there was part of the house dedicated to the business, like an office or out-building.
You thought correctly. PPR status is only compromised when a property or part of a property is used exclusively for business use for a period. It is easy to avoid this possiblity once you organise your activities to ensure that no part of the property is used exclusively for business.
You thought correctly. PPR status is only compromised when a property or part of a property is used exclusively for business use for a period. It is easy to avoid this possiblity once you organise your activities to ensure that no part of the property is used exclusively for business.
Theoretically yes, presuming of course that personal use element is deemed to be genuine and not an artificial tax avoidance measure.This is very interesting. So if I leave my iPod dock in the home office and listen to music there and read the latest John Grisham a few nights a week then it's not exclusively used for business is it? In this manner I can, legitimately avoid any possible CGT issue on any future disposal of the PPR.
I think you're misinterpreting "wholly and exclusively for business use". The tax system does allow expenses to be apportioned between deductible business use %s and non-deductible private use %s. The deductible element must of course be "wholly and exclusively for business use."And it's only a deductable business expense if it's wholly and exclusively for business use. In fairness, we can't have it both ways!
I am interested in this too. I claim expenses of a sixth of my household bills such as heat, light, etc as I work from home. I thought that as long as I am not claiming expenses for the mortgage or charging a rent to the business for the space that it would not effect CGT if I sell the property. Am I totally wrong on that?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?