Licence agreement to use part of home as an office
This is a licence agreement between you and your business for the latter to use rooms in your home for work purposes, establishing a proper cost for tax and partnership accounting.
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About this document
This agreement licenses use of certain rooms for work purposes in return for a fee.
This type of document is most often used to formalise an arrangement where a director of a company or partner in a partnership works part-time or permanently from home and wants to set up provision for claiming home expenses against taxable income.
It provides evidence to the tax authorities that there is a formal relationship between the property owner and the business so that tax allowances can be claimed against the taxable income of the company or partnership.
If the property is not the home of the person who uses it for work (for example, storage rooms of an office are let to a shop next door) then this type of licence agreement is more suitable.
If you are a sole trader working under your own name, this agreement cannot be used because you cannot make an agreement with yourself as a person and yourself as a business. For tax purposes, simply record which rooms you use, and how often you use them.
You should be careful to avoid exclusive use of any one part of the property for business purposes or you may find that a proportion of the gain when you sell it will not be allowable against capital gains tax.
- Property details
- Licence fee, including other charges such as services and rates
- Payment provisions
- Use allowed
- Licensee’s promises
This document was written by a solicitor for Net Lawman. It complies with current English law.
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