Category Archives: Profit and loss accounts

Have YOU thought about renting out, your driveway?

Home owners and driveway rentals, Landlords & tenants, Profit and loss accounts, Property Auctions, Self employed, Tax services, ,

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 info@virtualtaxuk.com or call Jane on 07801 287 213

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