Home Gym Business - Sole Trader

lim abroad

Hi Folks,

somebody might be able to give some advice to my query. I'm planning on buying a garden room (steel structure) to set up a private gym to do some personal training as an additional income to my main job.

Just wondering if the cost of the structure and equipment is an allowable expense, and also any legal requirements I should know of before I start.

Thanks

Del2005

You'll need planning permission for the change of use and there will be tax implications for your home. You'll need to get commercial insurance.

What type of steel structure will you use? They have condensation issues when used for storage, working out will produce lots of moisture.

Gloomtastic!

Once you’ve set up your company, any business expenses are claimable. However, building a premises has a good few implications that warrant you talking to an accountant first.

Contact three different ones and arrange to meet. First meeting is usually free (though confirm beforehand). Tell them what you want to do and listen to what they tell you (you may get differing versions). Based on what/how they tell you, chose one!

You may run into zoning/planning issues. I’d call your local council planning office and speak to someone before you build anything.

Good luck to you!

lim abroad

Thanks for your reply.
I'd be getting something like the ones produced by this company
https://www.gardenrooms.ie/

What are the tax implications for the home?

lim abroad

Thanks, I called the local planning office and they said it would require planning permission alright even though the said it shouldn't be a problem when I described what the intended use is.

Del2005

lim abroad wrote: »

Thanks for your reply.
I'd be getting something like the ones produced by this company
https://www.gardenrooms.ie/

What are the tax implications for the home?

You are exempt from a lot of taxes on the family home. If you use it for business you now have a part commercial premises and have to pay rates, water etc along with loosing the capital gains exemption if you sell. An accountant will explain it better.

lim abroad

Del2005 wrote: »

You are exempt from a lot of taxes on the family home. If you use it for business you now have a part commercial premises and have to pay rates, water etc along with loosing the capital gains exemption if you sell. An accountant will explain it better.

Jeez, I'm glad I asked the question now. Might be more hassle than what it's worth. Thanks for the input