Anticipating capital gains tax implications
Any increase in value of your main home is usually free of capital gains tax (CGT) when you sell. However, if you set aside a room or particular area solely for working in then you may be liable for CGT on that proportion of any gain. If you expect to use a large (over 10 per cent) part of your home for business, take professional advice from your accountant and check the HM Revenue and Customs website for more information on CGT and how to calculate any possible liability.
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Readying for refuse
If your business will create additional or different refuse from that of a normal domestic nature then you should check your local council’s policy on collecting for businesses. Also check on NetRegs the government website that provides free environmental guidance for small businesses in the UK, what your responsibilities are for disposing of waste and hazardous substances.
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Keeping in with the neighbors
After you’ve satisfied yourself that you’re complying with all the relevant rules and regulations you’d still be prudent to advise your immediate neighbors of your plans. They may be concerned when they see any unusual comings and goings from your home and a timely word sets their minds at rest. Talking with neighbors will be especially important if you’re doing building work.
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Negotiating with your partner
Your spouse, partner or housemate, whether or not he has a part to play in your business, will be affected and expect to be consulted on how you plan to make use of what he probably sees as his premises. The effect is double if he’s picking up the financial slack until your business gets going.
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