Business From Home What Can I Claim Protect Your Home And Business By Learning How To Properly File Claims
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Hello there folks! Are you also one of those lucky ones who get to work from home? If yes, then I'm pretty sure you love the extra me time you get in the morning and the comfort of your bed, but have you been claiming those extra expenses incurred while working from home? If not, then worry not because I've got some tips for you!
Tip #1 - Claim Tax Relief
Are you aware that you can actually claim tax relief on expenses incurred while working from home? Yes, that's right! Expenses such as electricity, phone, broadband, and heating can all be claimed as tax relief. It's always a good idea to keep a record of your expenses and submit them to your employer for tax relief.
Tip #2 - What Can You Claim?
Did you know that there's a whole list of things that you can claim for while working from home? According to Bishop Collins, you can claim for expenses such as office equipment, stationery, computer equipment, and even furniture! So, if you're using your own personal computer or printer, make sure to keep a record of those expenses and claim them back as soon as possible.
Tip #3 - Protect Your Home and Business
Since you're working from home, it's always a good idea to protect your home and business by learning how to properly file claims. Make sure you're aware of the policies your company has in place and make sure to secure your home office by investing in proper equipment, such as a fireproof safe or secure filing cabinets. These precautions can help you avoid any damages in the event of an accident or disaster.
Tip #4 - Claim for Business Use of Your Home
Now, this is a really important tip for all you home-based entrepreneurs out there! Did you know that if you're running a business from your home office, then you can actually claim for the business use of your home? Yes, that's right! If you're using a part of your home, such as a room, garage, or even a garden shed for your business, then you can claim for it on your tax return. This can include expenses such as rent, electricity, gas, and water.
Tip #5 - Home Insurance Claim
Lastly, it's always a good idea to make sure you're adequately insured while working from home. While most home insurance policies do cover office equipment and business materials, it's always a good idea to double-check and make sure you're fully covered. This can help you avoid any financial losses in the event of theft or damage to your office equipment.
Well, there you have it folks! These are just some tips to help you make the most out of working from home and claim those extra expenses! So, make sure to keep a record of all those expenses and claim them back as soon as possible. Happy working from home!
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