4 ms·

That would be around £1700/month, if you setup a company for the money to go through your takehome pay will probably be around 70-80% of your company's income (

by ig1 17y ago

That would be around £1700/month, if you setup a company for the money to go through your takehome pay will probably be around 70-80% of your company's income (so around 1200-1360). That'll be fine if you get a flatshare, if you want to get a one bed flat to yourself it'll be tight. Also see if you can find a business reason to be in london (i.e. that's where clients are, etc.), because if you have a legit business reason for it then you can claim the cost of your rent as a business expense and pay for it out of pre-tax income for upto two years.

oscardelben 17y ago
That's interesting. Thanks
pmjoyce 17y ago
"if you have a legit business reason for it then you can claim the cost of your rent as a business expense" I'd be a little careful about this. The advice I received was that the Revenue clamp down on things like this pretty hard. I used to push a proportion of my rent through my company books (I was working from a home office almost 100% of the time) but after seeking the advice of a specialised tax accountant I promptly stopped. I'd recommend speaking to some good tax accountants before making any decisions like this and to discuss some strategies for maximising your take home. Drop me a mail if you would like me to put you in touch with the company I work with (I've been with them for the past 4 years) - they specialise in advice and services to small firms and contractors particularly those who work in IT.
- ig1 17y ago
  I think you're talking about using your home as a home office, that's different. I'm talking about when you're working in a location away from your main residence for the purpose of business you can typically claim rental (if it's less than a hotel would cost) for up-to two years even if you do no work at all in the residence.

4 ms·

That would be around £1700/month, if you setup a company for the money to go through your takehome pay will probably be around 70-80% of your company's income (

by ig1 17y ago

oscardelben 17y ago
That's interesting. Thanks
pmjoyce 17y ago
"if you have a legit business reason for it then you can claim the cost of your rent as a business expense" I'd be a little careful about this. The advice I received was that the Revenue clamp down on things like this pretty hard. I used to push a proportion of my rent through my company books (I was working from a home office almost 100% of the time) but after seeking the advice of a specialised tax accountant I promptly stopped. I'd recommend speaking to some good tax accountants before making any decisions like this and to discuss some strategies for maximising your take home. Drop me a mail if you would like me to put you in touch with the company I work with (I've been with them for the past 4 years) - they specialise in advice and services to small firms and contractors particularly those who work in IT.
- ig1 17y ago
  I think you're talking about using your home as a home office, that's different. I'm talking about when you're working in a location away from your main residence for the purpose of business you can typically claim rental (if it's less than a hotel would cost) for up-to two years even if you do no work at all in the residence.