Tax experts remind self-employed individuals working from home that they can claim a portion of their heating and household bills as tax expenses. Due to current weather conditions, this could result in significant tax savings. To claim the deduction, individuals must file their tax return by January 31st. The article explains how to calculate the allowable expense based on business use of home space and offers alternative flat-rate options for those working 25+ hours from home monthly.
With the end of the financial year fast approaching, tax experts are reminding self-employed workers that they can claim some of their heating and household bills as tax expenses.
How do I calculate tax and claim on my bills? Mike Parkes, technical director at GoSimpleTax, said: “It is possible to claim for electricity and gas bills – to do this, self-employed people need to reliably and accurately work out the proportion of business and personal use. Parkes explained that bills such as internet or telephone use at home can be divided in a similar way to heating bills and listed as a tax expense.
TAX SELF-EMPLOYED HOME-WORKERS BUSINESS EXPENSES DEDUCTIONS
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