With the end of the financial year here, here’s a few tips.
Even if you have commercial premises, if you have an office area set up at home, you can claim a portion of your rent or rates/mortgage interest etc, power, internet/phone and repairs as a business expense.
To do this measure up the floor area of your whole home, including garage or workshop if they are used exclusively for work (storing stock, doing work or anything similar). Then measure up the area of your home that is used for business. When I was gardening, I used a carport as a potting shed/storage area, and was able to claim that and the room that I used as my office as my business space. Keep records of all maintenance, because you may be able to claim a percentage that. Talk to your accountant for more advice.
Do you use your personal vehicle for business? You can’t claim for driving between home and work, but if you use your personal vehicle to go out to visit clients, you can claim a percentage of all your business travel expenses as well. You need to keep a logbook for at least 3 months to be able to claim this, but I find it easier to keep a logbook all year – if you only do it sometimes, it’s too easy to forget to do it at all!
And the best tip of all is to have a good accountant, who knows what you can claim, to do your return for you!