As a busy entrepreneur your focus is probably on pitching for business or getting the right team onboard. Making an appointment to talk to your accountants may well be something you put off. However, with our current complicated tax rules, by not talking to them you’re making it much more likely that you’ll make some of the mistakes below:
- Claiming too much use of home expenses
There is absolutely nothing wrong with claiming these expenses. The problem is that by over claiming them, you potentially end up paying a lot more tax in capital gains tax when you come to sell your property. Why? Because the value of your home would have gone up and you lose generous tax relief on the part of your home you turn into business.