Select Your Franchise:

Many franchisees operate their business from home, however do not fully utilise the tax benefits available to them. This is often due to confusion amongst professional advisers, and indeed franchisees, as to what they are entitled to.

HM Revenue & Customs have attempted to clarify the claims which can be made, however there is still some level of judgement required which can lead to uncertainty in the business owners mind.

Whilst I do not propose to provide a “magic formula” to calculate a suitable use of home charge, I would suggest that if you are not already claiming a percentage of your household bills, that you consult your professional adviser to ensure that you are claiming the maximum tax relief possible. There is some belief that by claiming mortgage interest, you could incur a significant Capital Gains Tax upon sale of your property. This is only correct if the area used for business is used exclusively for business, and would not apply if the area is used for 90% business purposes. Read full article.

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