Your Business Activity Must be Separate From Your Private and Family Needs

Company formation with Barclays bank account from £24.99 within 24 hours!

1. Summary
2. Legal Requirements to Open an Account with Lloyds Bank

3. Your Business Activity Must be Separate From Your Private and Family Needs

Your business activity must be separate from your private and family needs

Register Company with Lloyds Bank Account

Are you aware of the legal ramifications of not maintaining the balance between your work life and your private life? This short article will explore some of the reasons why maintaining this separation is so important.

Tax: you may be eligible to pay business rates in lieu of council tax if using your home for business purposes - an example of this would be if you're a small hotel operator. There can even be Capital Gains implications if you have a designated work area and decide to sell.

Building and planning: if you convert part of your home for the sole purpose of your business, you can incur building and planning inspections and business rates. Additionally, if your home is no longer primarily a residence, you will require planning permission to proceed.

Health and safety: it might sound ridiculous, but health and safety is a key reason for separating private and business needs. If at home, unique hazards such as stress and loneliness can come more into play. For a detailed and confidential discussion about the importance of separating business activity from that of your private and family life, contact Coddan today.