Reducing the financial burden as a care home owner
With care homes reeling from the previous budgets, it is vital that care homes look at every opportunity to reduce the financial constraints that they now face.
With employer obligations to comply with auto-enrolment, the new national minimum wage and restrictions to migrant labour, the care home cost continues to rise substantially. With this in mind, it is vital that care homes are aware of the up and coming changes in order to reduce some of the financial burden as follows:
- Abolition of employers’ national insurance for apprentices under the age of 25 from April-2016.
- From April-2016 there will be an increase in the employment allowance from £2,000 to £3,000.
- Annual investment allowance of £200,000 will be available from the 1st January 2016.
Furthermore, care homes must ensure that they are maximising the capital allowances they can claim on items of plant and machinery. While claims for your usual furniture and fittings are familiar, integrated items which can be more difficult to identify are usually ignored. For example, items of equipment for electrical installations and heating systems are often overlooked.
With this is mind, it is crucial that care homes take time to ensure they take advantage of all opportunities available to them. If you would like to find out more about the up and coming changes, please contact us for more information.