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Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly
When you ask "does it make financial sense" then if you have no work or self employment then clearly it is financial sense to be self employed as its betetr than nothing!
You cannot claim for mortgage payments or you create a capital gains when you sell the property and also cannot claim for council tax or will attract the council to charge you business rates - so its just heating and lighting - which is either £3 a week OR you add up all the habitable rooms in the home (excluding bathroom and kitchen and hallway) and say this is 4 rooms, one of which is the room you use only for business reasons - then you could claim 1/4 of your hating and lighting bills, which then you restrict to reflect the actual hours you will spend working in that room
If the room is also your living room or bedroom then you can only claim £3 a week
Plus you can claim for admin and cost of any good you buy to sell on, or insurance pertinent to your self employment, travel costs if you go and visit clients and any professional costs such as accountants
Let me know if I can assist further