The average cost for a nursing home is now £41,000 a year. Funding is available from the local authority but only if the assets of the elderly person are less than £23,250. If their assets are between £23,250 and £14,350 they will have to be means tested. Some people choose to give their assets to…
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Advice for Small Business LeeP Clients for the end of the Tax Year The end of the tax year is the 5th April 2017 and everything is pretty much done and dusted right? Wrong – this time of year means a lot of things for small businesses. It’s not only time to start thinking about…
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LeeP tip #10: #assets are what your business owns, #liabilities are what your business owes. The difference between the two = owners #equity
Read MoreWith the 5th April tax year end coming thick and fast. NOW is the time to talk to your accountant about how best to legitimately optimise your tax situation for your sole trader business. I say “Now” because you have just about enough time and options still available to you before 5th April to reduce…
Read MoreMost people will know that certain costs can be expensed against your sole-trading revenue or income to reduce taxable profits and ultimately reduce your tax liability and help you save tax. Here is a helpful guide to allowable business expenses that HMRC will normally allow. The Inspector of Taxes (HMRC) will allow revenue expenditure as…
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If you have a spare room in your home (applies to tenants also) and you don’t mind living with someone who is not family (of course, you can vet them first!) then you could be earning up to £7,500 completely tax free. The government Rent a Room Scheme lets you earn up to a threshold of £7,500…
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