If you have spent the pandemic creating the ultimate home office, you are probably feeling pretty smug. That satisfaction might dissipate somewhat when you try to sell your house, however — and get whacked with a tax bill.
Accountants are warning white-collar workers they are taking a risk, because their new work space may be viewed by HM Revenue & Customs as a business premises, rather than a place of leisure.
Capital gains tax (CGT) is not levied on the sale of your main home, but it is applied to any part of your home used “exclusively for the purposes of a trade, business, profession or vocation”.
In practice, this means the surging number of Covid-19 “offices” that have sprung up all over the country as working parents desperately attempt to escape their children (or perhaps their spouses) could land home workers with an unexpected tax bill.
A row has broken out between Hotel Chocolat, the upmarket chocolatier, and Great Portland Estates, the London property company, souring hopes of a ceasefire between retailers and landlords.
Hotel Chocolat is locked in a stalemate with Great Portland Estates over its Regent Street store, where trading is 60 per cent below last year’s levels because tourists and office workers have stayed at home. The chocolatier, founded in 1993 and listed four years ago, has reached compromises with most of its other landlords.
The dispute is the latest in a series between retail companies and their landlords during the pandemic, which has forced store chains to demand rent reductions, waivers or a switch to rents linked with turnover to cushion them from the high street downturn. The value of property companies has tumbled in tandem with the issue, with Shaftesbury, another London landlord, last week tapping investors for £300 million.
More and more business leaders are adopting design management strategies to solve business problems and introduce customer-focused design that works.
Find out how Northumbria’s Design Management MA can drive leadership, sustainability and innovation within your business.
Think of design management, and visions of monotonous teams of designers working together on the production of design-led projects might come to mind.
In reality, design management is widely recognised as a game-changer for business leaders. Over the past two decades, successful brands like Apple, Tesla and BT have all used design management as a guiding business principle to create winning strategy and hone their competitive edge.
What is Design Management and Why Does it Matter?
Design management is defined by The Design Management Institute as a solution that “seeks to link design, innovation, technology, management and customers to provide competitive advantage.” Design management is a strategic tool that has been adopted holistically by