Tax blog

GET YOUR TAX SORTED

Uncategorized

Getting your tax sorted!

GET YOUR TAX SORTED

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.

You can be sure that you’ll get a bespoke service that will ensure your financial affairs are in order and let you sleep easy at night so that you are free to get on with what you do best – running your business and focusing on growth.

Contact can be made by by email: info@virtualtaxuk.com Alternatively

pick up the the phone for a quick chat : 07801 287 213

 

PAYING FOR RESIDENTIAL OR NURSING CARE

Care Benefits, Paying for Care, Planning for Care, Residential & Nursing Care, , , , , , , , ,

Paying for residential and nursing care

If you are going into a care home, you may be concerned about how you are going to fund the care home costs.

In many cases, the local Council can help but this will depend on your financial circumstances. By taking up an appointment the council or your social worker can work out the total cost of the care you need, and then look at your financial situation to work out how much you may have to contribute. Image Paying for Care

Your savings

Currently, if you have savings above£23,250, you will have to pay the full cost of your stay in the home, other than any nursing care which is covered by the NHS.But if you have less than £14,250, your savings will be disregarded.

Your income

The following forms part of your income. Pension or wages, Pension Credit, Income Support and any extra benefits you may be entitled to claim. Disability Living Allowance or Attendance Allowance is disregarded and does not fall into part of your income.

Information correct at time of posting.

TAX – Make sure you only pay what you HAVE to!!!

Book kepping, Capital Allowances for Commercial Property, Corporation Tax, H M R C Investigations, Income & Investments, Investors & City traders, Landlords & Rental Income, Partnerships, Professional services, Rental accounts, Self Assessment & Tax Returns, Self employed, Taxation & Self Employment, UK Tax Self Assessment, Uncategorized, Vat returns, , , , , ,

 

Make sure you only pay what you HAVE to

Even though the Self-Assessment form is supposed to make it easy for you to complete your personal return yourself all those boxes can be daunting. When it comes to business tax returns, whether that’s corporation tax, VAT or the ins and outs of the Construction Industry Scheme (CIS) all this paperwork can be a major headache and take over your life.

Tax services                                                         Tax photo Jan 2012

  • Prepare income and expenses for sole traders, partnerships in order to complete your personal self assessment tax return and file on line.
  • Landlords – Property income and expenses.
  • Prepare and file your VAT returns and advise on the best VAT scheme for your business.
  • Prepare the paperwork for corporation tax, if youre a limited company, and ensure you are getting the best tax option for your situation and file through IXBRL.
  • Company formation.
  • complete your self-assessment forms if youre an investor or city trader and ensure you don’t pay tax on anything you don’t need to – and that you claim all the allowances you should.

Let’s be honest, you’d far rather be doing what you do best, rather than poring over sheets of numbers, let alone working into the wee small hours trying to make sense of it all hoping for the best which can cost you in the long run.

If you need help with your paperwork or have managed to get yourself in a pickle, feel free to contact us on: Mb: 07801 287 213or Email: info@virtualtaxuk.comor visit our Website: www virtualtaxuk.com

 

 

 

NEW YEAR & A NEW VENTURE

Business start ups and advice, Business structure, Self employed, Taxation & Self Employment, UK Tax Self Assessment, , , , , ,

 

NEW YEAR & A NEW VENTURE

Starting a new business venture can be a very exciting and thrilling time but have you thought about investing in any advice before you launch. It’s important to speak to the right people when it comes to structuring your new venture because at times you will need to exercise caution and shield yourself from any sudden misfortune.

Nurturing your strength of spirit so that you are strong enough to manage others and write a good pitch when winning business is just as important for you “The owner” as running the business on a daily basis.

So before you leap into your new venture here are some tips & thoughts to consider

TIPS & THOUGHTS

  • What research have you undertaken to check if there is a market for what you are offering which, will supply you with an indication that your venture is a viable one and has potential for growth?
  • Will your new venture be a seasonal business and what provisions have you built in for the other seasons to ensure you have a healthy cash flow?
  • win_icon(3) Pitch ImageWhen you have an opportunity to rent a room from someone on the high street already under a lease with a land lord make sure by proof of disclosure that they have the provision to sub- let. Failure to check and comply can lead to many problems for all parties concerned. This situation can be a costly one and should check before you leap.
  • When pitching and winning business ensure that you present yourself in a professional manner, dress professionally which will help you feel the part when selling your services to others which will put you ahead of your competitors.
  • Pitching your business requires you to practice, practice and practice until you can speak confidently. Videoing yourself in order that you can see how you come across can be a very useful tool because it will allow you to see what others see. If, you don’t like what you see or hear – change it.

You only have one chance to make a great impression so keep it simple and to the point and remember to deliver with confidence.

If this sounds like something you can do with some help with contact Jane by Calling Mb: 07801 287 213 or send her an email at: info@virtualtaxuk.com

Residential Care Homes- Staying clued up!!

Author tax return service, Care Benefits, Paying for Care, Planning for Care, Publishing, Residential & Nursing Care, Uncategorized, , , ,

Residential Care Homes-  Staying clued up!!

cover3When you spend time with your loved ones, it is often the time when you suddenly realise that they’re changing. It’s not just a bit of forgetfulness; whole episodes in your shared experiences have vanished.

It can be tempting to ignore it and hope it will just go away or write it off as ‘old age. It can be hard to imagine what life will be like as your loved one gradually forgets everything about you and your shared life.

Despite all your efforts, if a care home is on the cards, take a leaf out of this book and gain some insight into what you need to understand and what questions you need to ask in order to make sure you stay on top of the situation before it’s too late and you are riddled with guilt.

Transparency is key and any good reputable care home will embrace these questions.

From the Author- Jane Cooper

Choosing a CARE HOME is not a decision that should be taken lightly. Some of these questions would not even have crossed your mind because in this whole journey, we lose our energy, confidence and ability to cope and can be only too grateful and believe that someone else knows what is best for us and our loved one.

In that exhausting process we can find ourselves at our wits end as we forget  to manage those individuals effectively and fail to ask those very important questions we need answers to as our brain floods with despair.

The insights and questions in this book will, prepare you for what you may come up against and or situations that have the potential to be presented to you.
From my own personal experience I wish I knew what to ask for example:

  1. Are these the same carer staff that work here in the day time the same care staff that work here at night or are they agency staff?
  2. Do the G P’s that visit this home prescribe anti-psychotic medication and do you understand what effect they have on your loved one?
  3. Where is the day care book kept and do you have access to it at all times?

I did not know that the care home employed agency night staff and nor did anyone at the care home seem to believe that it was appropriate to tell me either.”

Care is very expensive. We all hear on the news today the bad press that some care homes receive. Make sure you obtain the answers to your questions in order that you understand how the care home operates. There is no price tag on having “piece of mind”
It is not enough to just find a care home, abdicate without questioning nor understanding what takes place there, with whom and when.

Available on Amazon, download on Kindle ; Type Reg Alzheimer’s direct to the link

or buy in print at http://www.justcallmereg.com

 

 

 

 

LANDLORDS – WHO IS LIVING IN YOUR PROPERTY!!!

Care Benefits, Disabled or disability allowances, Landlords & Rental Income, Landlords & tenants, Legal documents, Mental Capacity Act, Paying for Care, Planning for Care, Professional services, Residential & Nursing Care, , , , ,

 

LANDLORDS – WHO IS LIVING IN YOUR PROPERTY!!!

Make sure you know who is living in your property because if you don’t you could be in for a nasty surprise.

If you rent a property to a tenant and find out that they have registered themselves disabled and not told you- what do you do?

Well, what you need to know is when or should a “carer” move in to your property without your consent or knowledge which is quite possible in today’s society, the “Carer” becomes what is known as “A Licence of tenancy only”, meaning that the carer is the Licensee of your tenant.

tenancy_agreement_large- Image

Whilst they may enjoy similar status they have different rights.

You need to consider if your property lends itself to the system in terms of installing care aids as not all properties lend themselves to such.

Whilst initially you may have no objection to a tenant who has engaged the services of a “Carer” in the first instance you might want to keep an eye on the situation and put a formal letter in place as to your wishes, especially if a third party has been given a key to your property without your written consent or prior knowledge or alternatively seek legal advice.

While it remains one thing for a genuine tenant to require the needs of a carer make it quite clear in a letter to your tenant that they are there only on the basis of “Licensee of Tenancy only” and that they are only there to supply the services of care to your Tenant. You have no interest or intention of granting them a tenancy. Basically in essence this means that should anything happen to your tenant the carer’s will have not  be able to live in your property.

As a landlord you have a right to know who is living in your property and on that basis may wish to see the value in obtaining the full details of the carer and their qualifications.

Care, at this time is an unregulated industry, however, as legitimate carer would have the following qualifications as listed below:

  1. Person Centred Care.
  2. Has been CRB checked by the Care company
  3. First Aid
  4. Manual Handling (depending on the severity of the needs of tenant)
  5. Effective Administering of Medication.
  6. To be able to read and write to a good standard.
  7. Keep a good record of events.
  8. Finally, make sure that you never take money from the carer.

If you are not sure if you have a potential problem feel free to email us on Email: info@virtualtaxuk.com or Call on 07801 287 213

Starting a business- speak to Virtual Tax

Business start ups and advice, Professional services, Self employed, Who needs to file a Self Assessment Tax Return?, , , ,

Starting a business can be very exciting and thrilling. Investing in the right advice from the beginning can save you a lot of heart ache down the line.But it’s important to speak to the right people when t come’s to structuring a new venture. The local man in the pub will not do.

When people start a business they can be very consumed at how wonderful their idea is and abdicate in finding out whether ot not there is a market for what they are offering.

If there is a market for what is on offer then the likely hood of it becoming a success is a fine one. Many people today start businesses without understanding the value in taking the right advise from day one. There is value in paying your tax adviser or person who does the number crunching who is experienced in their field to ask those ever important questions that have not yet even crossed your mind.

So here are a few tips to consider

Did you know that advertising your business venture on face book without first registering with HM Revenue & Customs can lead to a lot of problems.

Renting a room from someone on the high street already under a lease with their land lord requires them to check and prove that they have the provision of sub letting built into their contract/ lease.

What research have you undertaken to prove your venture is a viable one and has potential?

Here we have your best interest at heart will ask those uncomfortable questions, why. because we want to make sure you have done your homework and wish to see you be a success at what you love to do…..

If, this makes sense to you and you can see the benefit in acquiring the right information feel free to call us on Mb: 07801 287 213 to see how we can help you best!

Helping to keep your business on track

Accountant, Book kepping

Helping to 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 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 company.

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 our 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.

Don’t wait until things get really tough – talk to Jane on 07801 287 213 for help or contact us by email for further information.

 

Landlords: Finding out that your tenants has a carer

Accountant, Landlords & Rental Income, Landlords & tenants, Legal documents, Mental Capacity Act, Rental accounts, , , , , , , ,

What can you do if you find out that your tenant has registered themselves disabled and not told you as the Landlord and you also find out that they have engaged the services of a carer and she is living in your property?

Well, what you need to know is when or should a carer move in to your property without your consent or knowledge which is quite possible in today’s society she/ he becomes what is known as “A Licence of tenancy only”, meaning that the carer is the Licensee of your tenant.

Whilst they may enjoy similar status in terms of living in your property they have different rights.

Also if may be worth checking that your tenant has aquired and errected any care aids in your property without your consent as not all properties lend themselves to such.

Whilst initially you may have no objection to a tenant who has engaged the services of a carer you might want to keep an eye on the situation and put a formal letter in place as to your wishes, especially if a third party has been given a key to your property without your written consent or knowledge.

While it remains one thing for a tenant to require the needs of a carer make it quite clear in a letter to your tenant that they are there only on the basis of Liscency of tenancy only and that they are only there to supply the services of care  to your tennant . You have no interest or intention of granting them a tenancy.

Basically in essence this means that should anything happen to your tenant the carer’s will have not  be able to live in your property.

As a lanlord you have a right to know who is living in your property and on that basis may wish to see the value in obtaining the  full details of the carer and their qualifications .

Care covers a multitude of plateforms and if the carer is a legitament carer they would have the following qualifications.

Person centered care, first aid, manual handling ( depending on the severity of the needs of tenant) qualified in administering medication, be able to read and write to a good standard.

Also make sure that you never take money from the carer.

Make sure you only pay what you HAVE to

Accountant, Book kepping, Corporation Tax, H M Revenue & Customs, Self Assessment & Tax Returns, Self employed, Tax filing dead lines, Taxation & Self Employment, UK Tax Self Assessment, Uncategorized, Vat returns, , , , ,

Even though the Self-Assessment form is supposed to make it easy for you to complete your personal self assessment tax return yourself all those boxes to complete can be daunting.

When it comes to your own personal tax return or those for your business such as corporation tax, VAT or the ins and outs of the Construction Industry Scheme (CIS) all this paperwork can be a major headache and take over your life.

If it’s all getting a bit too much for you, but you’re not ready for a fully-fledged accountancy service, you’ll find Virtual Tax UK offers a personalized service that will take the pressure off.

Returns are about making the correct declaration to H M Revenue & Customs as it can turn out to be quite a costly exercise if you get it wrong.

Feel free to contact us for a chat about how we can help alleviate any problems allowing you to get on with the daily running of your business or email us on

info@virtualtaxuk.com