Knite started this topic @ 20:48 on 18/11/2003
I've been self-employed for 2 years now and have been living with my parents during that time and renting a small office space to run my business from.
I am now looking to move out of home. I believe that you have to have 3 years accounts when self-employed to qualify for a mortgage. Add to this the fact that i am not earning a great deal from the business currently and my only option is to rent.
I need some advice as to whether i can rent a property and run my business from there as well? Some people have told me this is not possible.
the trouble i have is that i am moving from a fairly cheap area in terms of property to somewhere more expensive so i would struggle to rent both a house to live in as well as business premises. Ideally i'd like to combine the two.
I run a mail-order, internet based record shop.
RE: Working from home in rented property?
RichardM | 18/11/2003 09:26 PM
Yes, you can, but only if you ask first!! I have rented two properties in my time while running a business from home, one through an agent, the other privately. I asked both times and got it written into the T. Agreement. Normally, they (agents and owners) will only say no if you running a businnes which will damage the property or upset the neighbours (44 tonnes trucks turning up at all hours!!!)
Richard Mellor
www.augusthomefinders.co.uk
www.augustcountryproperties.co.uk
www.country-properties-for-sale.co.uk
www.planetairedale.com
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Richard Mellor
www.augusthomefinders.co.uk
www.planetairedale.com
RE: Working from home in rented property?
James Smith | 19/11/2003 01:56 PM
As above renting should not be an issue so long as you clear it with the owner - there are actually tax benefits in that you can reclaim some of the rental for your office space as a business expense.
Regarding finance, 3 years accounts are not always required. If you do want to buy I can put you in touch with a good IFA (Dan Woodruff who post on here occasionally) he looks at all the products available,tThe mortgage advisors sitting in estate agents are normally tied to their own products and cant look more widely at specialised products.
Regards,
James Smith
Chartered Accountant
www.uktaxshop.co.uk
01284 764436
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
RE: Working from home in rented property?
Knite | 19/11/2003 07:37 PM
Thanks for the advice.
My business does involve deliveries of stock but we are talking relatively small boxes, so i doubt it would have an impact on the property / neighbours. I was talking to someone recently and they the same as you actually James about the mortgages. thanks for the offer of the IFA, i will bear it in mind. At the moment i am just weighing up what level my business needs to be performing at to take the step.