Hello and welcome to the site. Thank you for your question.
I would like to know the kind of expenses I can charge. Eg working from home and at the London office of the Inst.of Directors, can I allocate some domestic costs for my study? Apart from travel,mileage,mobile phone,office materials,can I charge professional subs, admin support from adult children, etc.
You can certainly charge for use of home as office. HMRC have some guidelines on it and more information on it can be found here
You may claima fixed rate for use of home. The rate applicable is baed on your calculation of the number of hours that you work at home "wholly and exclusively" for the purpose of the trade
25-50 hours worked per month - £10pm
51-100 hours worked per month - £18pm
101+ hours worked per month - £26pm
You can charge for professional subs if they are wholly and exclusively for the business.
Charging for admin support from adult children - all depends on nature of work, hours worked, whether they have another job, frequency of payments etc as there may be PAYE implications.
I am not drawing a salary from this and it's not designed to own any assets, so do I need to set up a dividend policy ,as paying corporation tax is preferable to the higher personal tax rates.
If you are not drawing a salary and you wish to have access to the profits then yes you would need to set up a dividend policy.
On a separate issue, I recently inherited two houses which are rented out. Is there any value in setting up a separate business just to manage these assets,again so the tax paid on rental income is lower than personal tax, and these houses will need some investment before being sold ultimately.
This is a personal choice... you could hold these properties in a LTD company but it has advantages and drawbacks.
Based on a small portfolio of properties to date, I would be inclined to leave them in own name but review the situation annually.
I hope this is helpful and answers your question.
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