Thursday, August 04, 2016

Can I claim tax relief for my garden office as a business expense?

Over the last decade we've spoken to various financial experts who have given a range of answers from "absolutely not" to "of course" and pretty much everything else in between. This latest advice comes from John Falcon of JF Financial who rightly points out that the whole situation is complicated. Here's a snippet:
"A large proportion of the costs of building the garden office are likely to be structural building work – although this can be paid by your company (make sure the invoices are addressed to the company), your company will actually not save corporation tax on them due to special rules for capital allowances. However there will be some costs on which your company will be able to get corporation tax relief, usually in full in the year of purchase through something called the annual investment allowance which is a type of capital allowance."
It's not a long piece - read the whole thing here - but well worth taking a look. 
Thursday posts are sponsored by Cabin Master: garden offices and studios to fit any size garden. Top quality contemporary or traditional buildings.

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