Tax blog

Dementia Tax

Did you watch the documentary recently about those living in care homes already  were in essence already funding those who are funded by the local authorities?

If your savings are over £23250 you will be expected to contribute towards your care.

How to we really feel about that after all those years we have paid into the system?

Social care is one of the biggest issues we face and how our care will be funded is a worry.

Wages are one of the largest expenses for a Care home and with councils being forced to manage with less money from the government there will be a knock-on effect forcing Care homes to look at ways to down size and maybe that will not be a bad option to consider.

Maybe others will consider living together with a live in carer. All individuals responsible for jobs around the house which would help those avoid isolation, feel less lonely.

Or, the baby boomer generation will start to consider having mum or dad live with them. There will be a cost to this both emotionally and financially and if you choose that option  and sell your main home, there is no Capital Gains Tax to pay HM Revenue & Customs on the sale of your own home.

If you are thinking about your future and want to learn more about elderly care, dementia or Alzheimer’s and how it may affect your family and finances visit or call the principle on 07801 287 213 for a confidential consultation


Have YOU thought about renting out, your driveway?

If, you have thought about renting out your driveway did you know that the income, you receive from that is taxable income.

That means you need to declare those earnings to HMRC.

You can do this as easy as phoning them, so they can ensure you are in the system which will soon cut over into Making Tax digital and you would fall into one of the first groups to be cut over into the new system.

Before you consider renting out your space think about the following:

Making a written contract ensure it sets out who is responsible for what and when and consider making sure you are not responsible for the vehicle.

Notify the neighbours

Make sure the council are not trying to issue with a planning application fee.

If you are taking on a long term agreement make sure you can provide what they need, a deposit or if you can’t think twice about entering into the arrangement in the first place.

If you wish to discuss anything about this with us we can be reached on our email at or call Jane on 07801 287 213

Helping YOU keep your business on track

When it comes to keeping your business numbers in order, it’s often an afterthought – until you run out of cash in the bank.  Even if your bank balance is in the black how much thought do you give to reaching specific financial targets each month?

As a small business it’s often difficult to put time aside to focus on this when you’re so busy running and trying to keep all the balls in the air.  However, understanding what the numbers in your business are telling you can be an enormous help to growing a seriously profitable business. Look at it as making money and keeping it, rather than scraping by or always surprised when you get big bills to pay.  Financial challenges don’t go away if you ignore them – they just get bigger and scarier!

With my help to focus on what numbers you need to know, what you need to watch and what you need to take action on, you’ll find it will all get a lot easier.  You’ll know what to do to stay on track to that profitable future you had in mind when you started out in business

If you’d rather do anything than plod through your self-assessment forms or want to make sure your business tax demands don’t leave you open to penalties, you’re in exactly the right place.

Don’t wait until things get really tough!

RENTAL ACCOUNTS SERVICE –Don’t be a prize plum!

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!

Calling all property magnets

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

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

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

The impact of the living wage on our care homes

As the living wage comes into force care home owners will be faced with a huge challenge in how they manage the direct impact to which this will have on their business and profit and loss accounts.

Wages are one of the largest expenses for a Care home and with councils being forced to manage with less money from the government there will be a knock on effect over the next period of time.

I envisage 3 things changing:

  1. Care homes will be forced to look at ways to down size and maybe that will not be a bad option to consider to more boutique homes for the aging population. Its the advice I would be giving my client and sooner rather than later to get ahead of the curve.
  2. People will consider living together entering old age in one property  with a live in carer. All individuals responsible for jobs around the house which would help those avoid isolation and with a carer on side for as and when needed.
  3. and….more and more of the baby boomer generation will start to consider  having mum or dad live with them. There will be a cost to this both emotionally and financially.

If you choose to all live together and sell your main homes there is no Capital Gains Tax on the sale of your own home.

If you have mum or dad live with you there will be some considerations for you all to make especially making sure your home is safe especially if in later life they are diagnosed with dementia!

Think about that and the consequences involved


Buying a property at auction?



Buying a property at auction can be a great way of bagging a bargain, however, you will need to make sure your funds are ready to hand over should you be lucky enough to find a property you like.

Here are a few things to think about before you proceed:

Make sure your solicitor knows about their subject and is working in your best interest.

Make sure that there is no debt attached to the property as there are tax consequences to you if there is.Property-Auction-

Make sure you do the maths in terms of the work that is required to bring it up to standard actually warrants the investment.

If you need someone on side to make sure the numbers work or ask questions you have may not have thought about which may have a direct impact on your money, contact Jane on 07801 287 213 or book a meeting at a time that’s mutually beneficial.

Contact Number: 07801 287 213





Tax image penaltyTax penalties are looming if you do not file your personal self assessment tax return for the year ended 05th April 2014, on line and on time, that being the 31st January 2015. Payment of any tax due for the year ended 05th April 2014 is also due and payable on the same date, less any payments you have already made towards this year last January and July 2014.

You can pay your tax bill on the H M Revenue and Customs website through Bill Pay on H M Revenue & Customs home page or at the Post Office.




Run your business & focus on growth!!!

Getting your tax sorted so that you can run your business and focus on growth is what Virtual Tax UK specialise in.

If you’d rather do anything than plod through your self-assessment forms or want to make sure your business tax demands don’t leave you open to penalties, you’re in exactly the right place.

What you get when you come to Virtual Tax UK is:  

  • A thorough understanding of what is required so you don’t get fined.
  • A very personal service based on what you need, no matter how much or little support you need in getting your tax sorted out.
  • Hands on guidance to get you organized and make your accounts simpler to manage in future.
  • Claim what you are entitled to.

Whether you want some help with the basics of Self-Assessment or you have a business that needs to comply with the current legislation you’ll get just what you need. This leaves you free to get on with what you do best – running your business and focusing on growth.

You can be sure that you’ll get a bespoke service that will ensure your financial affairs are in order so that you sleep easy at night. You can find out more about how we can be of assistance by contacting us

Mb: 07801 287 213 or Email: or visit our Website: www


Happy New year from your flexible tax expert!