Don’t be a prize plum
Most people would agree that the idea of becoming a property magnet can be an exciting time. Never has the rental market been so vibrant and lucrative. However, when you decide to rent your home, by your own standards even though you may have undertaken all the relevant checks, when you hand over the keys to your tenant you hope that they will look after your property just the way you have- and to be fair some tenants do.
But what happens when things go wrong, the rents stops being paid and there are untold damages to your property?
As a business the cost of an eviction for unpaid rent arrears can have catastrophic consequences on your personal finances and can lead to financial ruin if you are unable to ride it out, let alone mention the untold amounts of emotional stress it takes on your family, personal health and time it takes to repair the damage-
Let’s face it’s every Landlords worse nightmare but if it has gone wrong you don’t have to let it define you!
Don’t be a prize plum!
So when you decide to step into the rental arena make sure you obtain the right advice from the outset and understand the responsibilities on both sides- don’t make the rules up as you go along because this can affect YOUR TAX!
There are specific rules for rental ins and outs and how to recover the unpaid rents when it comes to filing your personal self-assessment tax return to H M Revenue & Customs.
So, if you need some help with your rental portfolio and reclaiming and expenses give me a call to see if I can HELP and assist you getting YOUR LIFE back on track.
Care Planning Consider this:
How would you feel if after all those years of hard work making a great life for yourself and your family the court took control of your finances, if you, lost mental capacity simply because you don’t have the right documents in place?
Planning for your care is a worthwhile investment but when you are taking advice about Care Planning one of the most important questions to ask is how to avoid sideways disinheritance the misdirection of assets.
Avoiding sideways disinheritance
Should you consider leaving your assets to your own family then did you know that, if your children divorce or their relationship breaks down or even if the remarry they can lose out.
There are safeguards that can be put in place but if you are not aware that they exist and plan accordingly the law can direct your assets to someone against your wishes and is something that thousands of people face every year.
Don’t allow that to happen to your children!
If one of your family members was diagnosed with late onset Alzheimer’s disease a form of dementia have you thought about how you will run your business and managing the stress of a poorly loved one. As a CEO of a large corporation you are already used to making big decisions and having a team support and report to you.
Having a parent diagnosed with any form of memory loss can impact on your daily function and stress you to the hill when a clear head at work is absolutely vital.
So here are 3 tips for you to think about from my own personal experience as a daughter and as a business owner.
- 1. As a CEO of your own company your business will only evolve if you learn to delegate and give others responsibility to which they are accountable to you for.
Your role as you are already aware is to manage them or stress manage them (or invest in someone who will) as and when by giving them the tools to do their job well and support you in your endeavour as you climb the ladder to success. The team you choose and the investment you make into them will be the deciding factor when it comes to their loyalty to you should you need to cope with a parent diagnosed with any form of dementia and continue to run your business at the same time.
We remain forever surprised and grateful to those who step up when we are in need of a kind word or support especially when an employee goes above and beyond your expectation of them when you are having a bad day or are called to the hospital at short notice due to a parents failing health. It is a no brainer- go to the hospital. It can feel really overwhelming when you notice who steps up rarely is it the person you expect!
- 2. Trying to keep all the balls in the air channels your focus. You will be surprised as what you can achieve and just how much ground you can cover when the pressure is on, so make it count its an opportunity for you to now do your best work.
I learned that I do my best work in a crisis, something I did not know about myself until I was in the chaos of the crisis of trying to manage one parent who needed my help and who I would naturally want to help and the other who played for my attention because the other was receiving all the attention. That’s tough to manage considering the one – non dementia was more difficult to cope with than the one who had been diagnosed with late onset Alzheimer’s.
- 3. Keep a journal especially if you have sought the intervention of social services in case you need to refer back to it later on, just like a journal of the last meeting you undertook with your staff.
If, you need more information then please email me