Advantages and Disadvantages of Working from Home
Working from home is becoming more and more popular. I work from home and I love it. I don’t think I could ever toil at a shop again, but I must face the possibility that I may have to transfer my business into commercial premises if it keeps growing like it has in the last few months. Even if parts of my enterprise get relocated, I’ll try to stay at home myself as much as I can.
Times are changing and working from home, particularly for the self-employed or contract employees is becoming more common. It is pointless paying rent for commercial premises if they are not necessary. Working from home has many perks.
You can work back late without getting into strife with your family. You can “drop into the office” anytime you like. You can get up really early if the mood takes you and put in a few hours work then go back to bed. But as an accountant, there is one feature I really like, all the tax benefits!
You can claim some of your home-running expenses on your tax return. Based on the floor area used for business purposes, you can claim a portion of your mortgage interest, insurance, rates, water, electricity, maintenance and the bulk of your telephone bill as well as depreciation on the carpets, curtains, business furniture and so on. At the end of the financial year you will be surprised by the list of deductions.
You will also save on travel costs, wear and tear on your car and more importantly wear and tear on you, having not to deal with peak hour or public transport. Not to mention picking up approximately an extra one to two hours per day of work when you don’t have to travel.
There is a downside to working from home. The first problem is family distractions. Kids home from school at three o’clock, a friend at the front door, phone calls for other members of the family.
You also may not have the perfect workspace, or space may be limited. Work space is vitally important, you must have an area set aside purely for business, nothing else, just business. I have found that it’s best also if you can close the door on the weekends and at the end of the day so you can “leave work”.
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