Owning your own home

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Sam_w in reply to @NotThamesWater
Bought my garden office through limited company, couple of things our accountant told us;
1. It is being devalued over a 7 year period, so as long as you stay in the house longer than that it is then clear on the accounts
2. If the office is not 100% work use then you can get around the CGT issue, hence why I have 20% of mine for personal storage
TBH I think as long as you don't take the piss then you are probably ok with a home office in the garden, but wouldn't want to risk a permanent building (I looked into converting one of the barns here, but quickly decided against it).

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NickCJ in reply to @Sam_w

If you sell your house, do you have to come up with a way to allocate a part of the sale price to the garden office and then pay tax on 80% of that in the LTD (versus a zero basis given full depreciation)?

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Sam_w in reply to @NickCJ

If i'm honest I don't know, but it is not something my accountant flagged up as a potential issue, and we are in our forever house, so I am aiming to die here...

I assumed that after 7 years I could "buy" the cabin off the LTD for a nominal fee, but could be wrong there.

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