Run a business from my investmet apartment?

J

JohnnieKippe

Registered User
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189
I run a small 3 person software company. I own a 2 bed apartment. I currently rent an office. Can I move the business to the apartment and run it from there. The company would then pay me the rent. We do not have customers visiting our office , just the 3 staff.
Thanks
 
There will be a very specific prohibition in your Lease preventing you from using the property as anything other than a residential unit. There are planning issues - this may require planning permission - change of use. You would be liable for rates as it would become a commercial venture. You would have serious insurance issues if an employee was hurt.

mf
 
If you pay yourself rent for the use of some of (or all of) the apartment, if the apartment is later sold you will be liable for CGT on the portion of the aparmtent you were renting to your business.
 
homeowner said:
If you pay yourself rent for the use of some of (or all of) the apartment, if the apartment is later sold you will be liable for CGT on the portion of the aparmtent you were renting to your business.
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It's not my PPR so wouldn't I have to pay CGT on it all anyway?
 
You need to see if you can run a business from there - look into the change of use position - and may have to pay business rates, as mentioned above.

You will need to get proper insurances in place, fire safety certificate, and health and safety statement (to name a few issues).

Yes, as it is not your PPR you will pay full CGT on the disposal anyway.
 
JohnnieKippe said:
Thanks MF. Is it not possible to do it or is it possible but with a few hoops to jump through?
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I personally do not think you can legally do it. It is entirely possible for you to do anything you wish to do. However, you may not like the ultimate consequences.

mf
 
mf1 said:
I personally do not think you can legally do it. It is entirely possible for you to do anything you wish to do. However, you may not like the ultimate consequences.

mf
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Good advice there Johnnie, I would listen to it.
 
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