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Working from home...tax relief from home office?

  • 25-10-2005 11:25am
    #1
    Cianos
    Registered Users, Registered Users 2 Posts: 4,850 ✭✭✭


    Hi,
    I vaguely heard off a friend that if you are working from home, you can get some kind of tax relief on your rental payments? ie, if you have a home office, you can get some kind of rebate? Sorry, I know very little about tax and all the rest. Any help would be great!


Comments

  • #2
    viking
    Registered Users, Registered Users 2 Posts: 1,509 ✭✭✭viking


    If you are a sole trader and are working from home then you can offset a percentage of your household bills against your income tax.


  • #3
    Jimi-Spandex
    Closed Accounts Posts: 1,199 ✭✭✭Jimi-Spandex


    It depends, the expenses incurred by you carrying out your trade/profession at home would be considered expenses ordinarily deductible like any other, however complications may arise where these expenses have more than an incidental benefit to your home.

    It may also have implications when you are selling your home, with regard to the CGT relief on the sale principle primary residence, which could cost you quite alot of money. This is a scenario whereby the RevCom won't offer relief for the section or percentage of your home that is used as a business and you'll have to pay the standard rate of 20% on your property which is quite a substantial hit.

    Go see a tax advisor/lawyer they will know for definite what relief is available to you.


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