Category Archives: Business structure

Helping YOU keep your business on track

Accountant, Business structure, Cis, Construction Industry Scheme Cis, Self Assessment & Tax Returns, Self employed, Tax services, Taxation & Self Employment, UK Tax Self Assessment, Uncategorized, Vat returns, , ,

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!

Care Planning consider this

Accountant, Business owners, Business structure, Care Benefits, Entrepreneurs, Mental Capacity Act, Paying for Care, Planning for Care, Professional services, Residential & Nursing Care, Tax specialists, , , , , ,

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!

 

 

The impact of the living wage on our care homes

Accountant, Business structure, Commercial property, Financial forcast, Planning for Care, Profit and loss accounts, Uncategorized, , , ,

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?

Business structure, Commercial property, Landlords & tenants, Legal documents, Professional services, Property Auctions, Rental accounts, Self Assessment & Tax Returns, Tax filing dead lines, , , , , , , , ,

 

 

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

Email: info@virtualtaxuk.com

Run your business & focus on growth!!!

Accountant, Book kepping, Business structure, Commercial property, Corporation Tax, Income & Investments, Landlords & Rental Income, Landlords & tenants, Partnerships, Professional services, Self employed, Tax services, Tax specialists, Taxation & Self Employment, Vat returns, Who needs to file a Self Assessment Tax Return?, , , , ,

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: info@virtualtaxuk.com or visit our Website: www virtualtaxuk.com

 

Happy New year from your flexible tax expert!

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

Tax Tips Renting out your own car space- taxable or non taxable?

Accountant, Book kepping, Business structure, H M Revenue & Customs, Legal documents, Professional services, Rental accounts, Self Assessment & Tax Returns, Self Assessment-uk, Self employed, Taxation & Self Employment, UK Tax Self Assessment, Uncategorized, Who needs to file a Self Assessment Tax Return?, , , , , , ,

TAX TIPs

How many of you who have rented out your own car park space knew the consequences?

Did you know that renting out your own car space and receiving income from that source is deemed as taxable income, even if that means that by doing so you have to rent a space yourself.

Renting out your own car park space on your own driveway means you are responsible for declaring that income on your own personal self assessment tax return when you file it to  H M Revenue and Customs. The entries should be made on the Land & Property pages

Remember to consider that should you enter into this type of arrangement make sure you prepare a contract and include a break clause in case the situation changes.

How care aware are you?

Business start ups and advice, Business structure, Landlords & Rental Income, Mental Capacity Act, Professional services, Rental accounts, UK Tax Self Assessment, Uncategorized, , , , , , , , , ,

CARE AWARE

In todays society amd from personal experience, I know how difficult it can be to decide what to do when a loved one is taken ill or diagnosed with chronic disease and the impact it can have on day to day running of your business.

The benefit of my experience is that I know what questions need to be asked to ensure YOU make the best decisions and what to consider, plan and structure for in the changing times ahead in regards to those old age problems and rising Care Costs. 

THIS NEW service “CARE AWARE” covers various topics such as:

  • Considerations of what you may have to prepare for when older family members need help and how it may affect you and or your business.
  • Health- Social Care – It’s impact.
    know the difference.
  • Lasting Power of Attorney Finance & Health & Wealth fare
  • The importance of making a will.
  • Considering A Care Home, Ask the right questions.
  • How to manage and cope and structure for changing times ahead when dealing with loved ones who are losing or have lost Mental Capacity.

Considering leasing space.

Accountant, Business start ups and advice, Business structure, Self Assessment & Tax Returns, Self employed, Taxation & Self Employment, Who needs to file a Self Assessment Tax Return?, , ,

Here are some thought and considerations on what questions you maywish to ask before it’s too late.

Consider that they have in their lease writen in their terms and conditions that they are able to sub let before they are in breach of contract.

Read the small print

I wish I had read all the terms

For new businesses consider building in to your agreement a break clause after say 6 months.

This protects both parties as not all businesses fly straight away. Life has a terrible way of bringing about unexpected changes. One can always re negotiate.

Consider terms of payment for rent and requires agreement from both parties concerned. Make sure you obtain a receipt for rent paid if it is cash as it will be required by your accountant for your year end accounts. A petty cash receipt should be sufficient.

Is your rent for space inclusive or light, heat and rates?

Remember information is free, advice is paid for

If some of these questions startto ring a bell in your ear and you are thinking of starting a business and wish an appointment to see how I can help you and save you money, please contact me on 07801 287 213. or email me on infor@virtualtaxuk.com. Fees to structure your business apply.

Capital Allowances on Commercial property

Accountant, Business structure, Capital Allowances for Commercial Property, Commercial property, H M Revenue & Customs, Landlords & Rental Income, Professional services, Taxation & Self Employment, UK Tax Self Assessment, , , ,

A new directive soon to be released in the next few years on Capital Allowances on Commercial properties.

Training for my business commences with Simeon Parker on the 22nd November to help us stay ahead of the curve. If you want further information on this contact us through our website http//www.virtualtaxuk.com

Are you caliming the correct allowances?