Use of home; Corporate losses; The big tent; Receipt and reduction
Use of home
A couple and a limited company share premises for business and personal use.
We have a new client – an antiques dealer based in Kensington London. He owns the company and is the sole director. His wife is solely employed in the company but does not have a shareholding. The couple rent an apartment in London where they live and have their business. The lease is in their name but the invoices for rent are made out to the company and the wife. This apartment was chosen because it has a large room that is dedicated to the business; they call it a “showroom”. They were advised to say they use it for business only 95% of the time to avoid a business rates challenge. They were not able to split the lease between the two but the agent agreed to...
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