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we are due to commence building a new office and yoga studio in the garden of our house. As the family and businesses grow it is no longer possible for us to work from the house.
Before any exciting construction pictures a boring question for the accountants or anyone who has be through this before. I assumed that our company could buy the office however our accountant has set out many reasons why this cannot be done. Any real life experience?
Sorry for the boring topic
Thanks
Yoga studio? No man cave or workshop?
I'm out
That's my experience. No accountant but I did a lot of reading before starting my build and decided my workshop build wasn't tax deductible so none of it went through the books
Yoga studio? I'm out
Have you seen Yoga Abi on Pinkbike? 😯
what no shred sled in the shed thread
build it out of personal funds and rent it back to your business at a ridiculous rate...
Perfectly acceptable to rent the space to yourself though, iirc my accountant asked for my annual bills, mortgage interest, habitable square footage & proportion of the square footage that was used for business & for how many hours a week, from this he gave me a justifiable rental income that the company paid me each year.