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Home Office

  • 20-06-2011 7:12am
    #1
    bigpoppa
    Registered Users, Registered Users 2 Posts: 462 ✭✭


    Morning

    I have a limited company for years. I work from home but with kids etc it is getting more difficult. My question is am I legally allowed to use company funds to setup an office (.ie convert attic for office / put office in garden etc?)

    Appreciate any help


Comments

  • #2
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    Your company can spend money as it sees fit, but there could be tax implications in relation to the capital gains exemption on your home. You will need to speak to your accountant to find out the best way to structure this.


  • #3
    kennyb3
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭kennyb3


    antoinolachtnai wrote: »
    Your company can spend money as it sees fit, but there could be tax implications in relation to the capital gains exemption on your home. You will need to speak to your accountant to find out the best way to structure this.
    +1, its also unlikely yo'd be able to reclaim the vat on this work as i know revenue do not allow the vat to be claimed on light & heat and telephone bills re home offices.

    But to answer your question - yes legally you are allowed to use the fund in this way.


  • #4
    ssbob
    Registered Users, Registered Users 2 Posts: 2,736 ✭✭✭ssbob


    kennyb3 wrote: »
    +1, its also unlikely yo'd be able to reclaim the vat on this work as i know revenue do not allow the vat to be claimed on light & heat and telephone bills re home offices.

    But to answer your question - yes legally you are allowed to use the fund in this way.

    Hi Kennyb3, I thought you can reclaim VAT however you would have to register that part of your home as a commercial space but then you would be liable for rates?


  • #5
    kennyb3
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭kennyb3


    ssbob wrote: »
    Hi Kennyb3, I thought you can reclaim VAT however you would have to register that part of your home as a commercial space but then you would be liable for rates?
    Yes agreed. Its just much less common to see but definitely an option in this case.


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