Tax and garage conversion..

[SimplyLucy]

I'm considering having a garage conversion done solely for the use of childminding. It would become a playroom, messy play area and dining area so I could claim back my lounge and dining room!

Do you think I'd be able to offset the cost against my earnings for tax purposes?

[sarah707]

Part of it yes, but it would also add value to your house... best go to the experts for advice... :D

http://search2.hmrc.gov.uk/kbroker/hmrc/contactus/start.jsp

[Jinx]

I am no expert in this in anyway but just be careful about business rates.
If a part of your home is used solely for a business you could be charged business rates.

But please don't quote me on this!!!:panic:

Jinx x

[berkschick]

Yes Jinx is right, be careful as business rates are a fair bit!

[Straws]

A friend of mine looked into this and her accountant told her that she maybe liable to capital gains tax on her property if it increased in value and she sold the property or summat like that, Take advice from a accountant beforehand

Straws xx