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:
- 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.
- 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.
- 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 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.
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
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: firstname.lastname@example.org or visit our Website: www virtualtaxuk.com
Happy New year from your flexible tax expert!
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?