I'm trying to assess if I can claim on the work space in the home when I'm not getting income from my company.
There's a line that makes it seem like I cannot, though I might be reading it wrong.
The amount you can deduct for work-space-in-the-home expenses is limited to the amount of employment income remaining after all other employment expenses have been deducted. This means that you cannot use work space expenses to create or increase a loss from employment.
My company is setup such that it operates from my home. I use a portion of the space as a home office to work from (software development).
The income to the company is very light right now as we're pre-launch and mostly pre-revenue (a few contract jobs). All the money we get from the company is returns of expenses now, we're not claiming or able to claim any income.
With that being the case, any home expenses seems like it would just increase the loss, which if I'm reading the above line correctly, we cannot do, as this is intended to be a claim on your losses against actual income.
Am I misunderstanding this or should I be looking at another route to dealing with using a home office for my company?