Hi, what is the best way to account for Home office expenses for a LTC.
Previously i have been using an IR10 against my IR3. Therefore there would be no income but several expenses giving a net negative income to offset against my PAYE income. This was how the IRD by telephone advised me several years ago for my LAQC. Is this correct?
recently I saw a P/L statement for a LTC on an accounting website, here they accounted for Home Office expenses on the LTC expenses. Is this more correct?
My concern is that the LTC is a seperate entity, thus the expenses should be lodged against the owner of the property where a room is being used for the office, rather than the LTC.
If claiming the expenses against the LTC was possible it would be easier as it would save me one IR10, still leaving one IR10 for the LTC
cheers
Nan.
Previously i have been using an IR10 against my IR3. Therefore there would be no income but several expenses giving a net negative income to offset against my PAYE income. This was how the IRD by telephone advised me several years ago for my LAQC. Is this correct?
recently I saw a P/L statement for a LTC on an accounting website, here they accounted for Home Office expenses on the LTC expenses. Is this more correct?
My concern is that the LTC is a seperate entity, thus the expenses should be lodged against the owner of the property where a room is being used for the office, rather than the LTC.
If claiming the expenses against the LTC was possible it would be easier as it would save me one IR10, still leaving one IR10 for the LTC
cheers
Nan.
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