In addition there are vastly reduced costs of working from home compared to having to go to a job, some of which are:
- Reduced spending on clothing because you don’t need that big corporate wardrobe anymore
- Reduced cost of travel
- Reduced childcare/babysitting
- No more having to pay for morning or afternoon tea or lunches – a LOT cheaper to have these at home!
These are massive savings for the average family, and combined with vastly reduced stress because of all the TIME saved as well, it’s a very attractive proposition. No wonder there was a 75% increase in the number of people working from home last year, and the same growth predicted next year.
So tax advantages, reduced costs and reduced stress are usually a big benefit of working from home, but if you claim costs of running your home, be careful you don’t get slugged for a proportion of capital gains tax when it comes time to sell your family castle. Be sensible and check what you are claiming, and the consequences of that, with your trusted accountant.