Depending on the nature of your business, you may be able to save on the cost of renting a commercial property by running it from home. Even if you do choose to operate from your existing residential property, there are still some factors to take into account.
For example, if you plan to run a business from home then you may need permission from your mortgage provider or landlord. If lots of customers will be visiting your home, you’ll be accepting regular deliveries or you want to advertise outside the property then you may also need permission from the local council. There’s also insurance to consider as your home insurance policy may not cover business equipment, stock, computers and any other items you use in the course of work.
Working From Home
When running a sole trader or partnership from home, you should include a proportion of your household costs like council tax, electricity, heating and broadband in your allowable expenses on your self assessment tax return.
Choosing a Commercial Premises for Your Business
If you do choose to rent a commercial property for your business then this is something you need to think about seriously. The location of your premises can help you attract customers and employees, while the suitability of the building itself can influence productivity. You should also consider how the decision to lease or buy your premises will impact your costs, and think about the level of flexibility the building will give you if your requirements were to change in the near future.
There are a number of legal responsibilities that come with renting or buying your own commercial premises. You will have to carry out a health and safety risk assessment and remove any hazards that pose a danger to you and your employees. You will also be responsible for fire and gas safety and the safety of electrical equipment. This short guide from the Health and Safety Executive will help.
Here’s the whole series:
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