Great finance articles to help you with your financial situation

Could Bodysuits also play a role in the new Local Economy?

Admin BCE — Mon, 12 Mar 2012 10:59:18 +0000

The subject of stimulating our local economy cropped up recently at our BNI meeting and we were discussing a local business fair. The idea being to stimulate cashflow locally by bringing together businesses that are run by businesses set up locally for consumption locally using regionally produced products and services. There could be a b to b section where connections could be made to help locally based organisations get to know exactly what was being made in their own region and how their own business might get involved in helping to keep transactions moving around in their own region. And there could be a b to c section so that members of the general public could find out what they could buy that hadn’t travelled half way round the globe to reach them.

By and large it sounded like a great idea but when we came to examine what types of local business were actually sourcing their products from local producers we began to wonder if there were any of these left. Yes, there are still some local manufacturers on a small scale in the regional environment. We have a local industrial park but that sources its raw materials from other parts of the world on the global market. What about clothing? Do we have any textile producers locally? Could anyone find underwear, such as knickers and bodysuits, that had been made in the UK or is it all shipped from asian locations where labour costs are cheap? As long as fuel remains relatively cheap then the tendency will continue to source materials worldwide. But how long will it be before the price of fuels skyrockets and by then, will we have discovered the scientific breakthrough that will provide us with unlimited fuel cells to power the changeover to electric vehicles and electric aeroplanes?

Stimulating the regional economy at different locations with a local currency, as they have been doing in Totnes and Brixham, needs local organizations to join together to keep that money circulating locally. If it just escapes as soon as it gets spent with a local trader because their own purchases have to be paid in a foreign currency then we will continue to have a financial road heading downhill.

Expenses a Contractor Accountant Can help You to Claim

Admin POK — Fri, 09 Mar 2012 16:06:50 +0000

While many contractors claim the usual expenses through their own limited companies, a good contractor accountant can provide insights and advice to help you claim an even wider range of expenses to make your business more cost effective.

Most accountants for contractors will be able to tell you what you can claim – as long as the goods purchased are wholly for the purpose of running your business, this can be claimed back as a company expense.

The HM Revenue and Customs website clearly states that you must keep records of any expenses and benefits you provide to your employees. And that you will need these records to make sure that your forms P11D, P9D and P11D(b) are accurate at the end of the tax year, and to ensure that you and your employees pay the correct amount of tax and NI Contributions (NICs).

You will also need to keep your receipts on goods purchased for your company should HMRC decide they need to see them as supporting paperwork in the future.

So be sure to keep accurate records of all your accounts, expenses and hold on to your receipts just in case.

Some of the expenses you can claim as a limited company contractor, outside IR35 include accountancy fees, business travel, stationary and postage for work, business calls, work equipment, fuel for your company car, computer software, company bank charges and interest, employer’s NI Contributions and even a meal allowance for when working on a remote site.

These are just a few of the expenses that can be claimed. As suggested, speak to any good accountant for contractors and they can advise you further.

Alternatively, if you are working inside IR35, you can also claim expenses, but these are fewer, but an accountant will be able to advise you on these.

Disputing the IR35 Tax Legislation

Admin POK — Mon, 20 Feb 2012 17:10:10 +0000

If you find yourself, your contract and working practices being challenged for a piece of legislation entitled IR35 – the process always starts with an initial Employer Compliance Review.

Employer Compliance Review

If you come under an Employer Compliance Review, it basically means – according to HM Revenue and Customs – which the contractor, you, will have to submit your books to be reviewed to check that you are paying the correct amount of tax (NI and PAYE). Also, you will be checked as to the completed status of your P11D form, and that is correct. In the result of discrepancies, the status will get a whole deal worse – moving to a thorough investigation of your practices. Sometimes though, it is unclear that a few limited companies are investigated for IR35 – but it can be put down to a couple of reasons.

Paperwork

Paperwork might be requested by the HMRC, and then the local status Inspector will receive all of your details. In the event of an impasse being reached, HMRC will bring about Regulation 80 Determinations (for tax) and something called Section 8 notice, which are both judged upon the said calculation.

You can then disagree with the decision made by the HMRC; you make your dispute with the IR35 unit. This is not a quick process, and it will take lots of paperwork to be supplied as additional evidence from your side to legitimate your claim. If you do indeed have enough evidence, you can request (this is stated by the HMRC) “a formal section 8 NIC’s decision against which you have a right of appeal”.

It is important to remember that if you are contracting within IR35, you are entitled to the same tax as a permanent employee. If you are outside IR35, you will pay the same as the regulated tax price of a contractor for a limited company. In most circumstances, people that try to do their best to avoid paying required limited company contractor taxes that come a cropper and become challenged. Accountancy firms can advise you upon IR35 contract status, which give you a bit more clarity.

The Best Reward Credit Cards

Admin JHS — Mon, 06 Feb 2012 14:14:41 +0000

Many are asking if what’s the best reward credit card that offers 0% APR transfer offers that would simply help you to avoid some of the interest and will give you more low offers. It is very hard to find a credit company this days that will have a great quality use of the card with low interest and fees. So here is the some credit card companies that will help you find what you are searching for. The first on the list is the HSBC credit card. Its payment network is Visa. Its balance transfer is 3.3%. The balance can be transferred for 30 days after it is use. The balance transfer is 0% for 23 months. You can use it for 3months with 0% interest on you purchases. Isn’t that a good offer. Here’s more .The second on the list is Halifax Balance Transfer Credit Card. Its payment network is Master Card. Its balance transfer is 3.5%. The balance transfer is 0% for 22 months. You can also use it for 3months with 0% interest on you purchases. The third on the list is the Barclay Platinum. With this credit card there is 0% interest on balance transfer for the 21st months. They are also offering 2.6% refund for everyone. 0% interest on purchases is given on the first 3 months. You can also apply with this card without your statements, which simply means you can manage your accounts online. The fourth on the list is the Virgin Credit Cards. With this credit card there is 0% interest on balance transfer for the first 20 months. There is a handling fee of 2.99% with this card. You can also use it for 3months with 0% interest on you purchases. The fifth on the list is Halifax 20 Month Balance Transfer Credit Card. Its pay network is Master Card. You can use it for 3 months with 0% interest on you purchases. Balance transfer is 0% for 20 months. You can choose the colour of your card. It also covers online fraud. The Sixth on the list is the Natwest Platinum. When you get this card you will received free text/ email reminders. You will also received a hundreds of discounts with this card. The disadvantage of this card is that you can not transfer from other RBS group cards. They offer 2.9% fee on balance transfer but for the first 20 months there will be 0% interest to balance transfer. They offer 0% interest on purchases for the first 6 months. The Seventh on the list is the Royal Bank of Scotland. They offer new improved online services. They offer special shopping deals for the cardholders of this card. They offer 2.9% fee on balance transfer but for the first 20 months 0% interest to balance transfer is offered. They also offer 0% interest on purchases for the first 6 months. These are some of the 0%APR Credit cards that gives the best offer. Let me just remind you that this is not the best way to get out of debt. It is just one way of getting out of it. Don’t use this credit cards if your not stable on paying it. Your debt will only blow up if you use this cards for wrong purposes.

I use the Permanent Health Insurance website to see if I’m paying too much.

Admin BCE — Fri, 27 Jan 2012 06:41:56 +0000

I have worked in the same company as my partner for a number of years. In fact we have both worked there for longer. However we only started dating after a number of years and yes, I should have made a move earlier but I didn’t. Nor did she, so we are equally to blame for not starting the rest of our lives earlier. Still, as they say, you can’t change the past so I’m not going to beat myself up too much; suffice to say, I wish I had. Society would describe me as a professional, like my partner and we live a pretty comfortable life with a number of holidays and have savings to fall back upon should the need arise.

Financially I have always tried to keep a tight ship and regularly review my spending, keeping abreast of any new savings policies that have been released, trying to utilise my tax free allowance that the chancellor allows in the budget. I have spoken to both my parents and my partner’s parents about possible inheritance tax liabilities and the best ways of mitigating any potential liabilities there are, given the increased likelihood of their deaths before ours. However, where I feel I do make most of an impact on things is to keep an eye on where we have arrangements for our regular outgoings. Clearly our major outgoing is our joint mortgage and fortunately we have a tracker mortgage which has allowed us to enjoy relatively low monthly payments for some years now. I also keep an eye on the comparison websites such as Permanent Health Insurance to check on the cost of gas and electricity providers and telephone and broadband providers.

Source: http://www.permanenthealthinsurance.uk.com/blog/2012/01/27/i-use-permanent-health-insurance-website-see-if-im-paying-too-much/

Getting Around IR35

Admin POK — Thu, 19 Jan 2012 11:24:15 +0000

IR35 has always been an area that contractors want to avoid dealing with. For contractors IR35 is like a spot full of pus which you know is there, but are hesitant to pop it – because mother told you never to pop your spots. The fact of IR35 is that many contractors find it unjust – with no facts or figures since 2010 to actually prove the effectiveness of this piece of legislation. Contractors just do not like IR35 for obvious reasons, but it leaves a bitter taste in the mouths of contractors nationwide when the ‘Office of Tax Simplification’ calls upon the new coalition government to be culled or reviewed in 2011 – just for the government to ignore the request ( the conservative party had previously stated that they would abolish IR35….). So in the year 2012, any contractor must ask themselves, ‘how to I work around IR35?’

IR35, Do I fall under it?

Any contractor must make sure that they do not fall inside IR35 legislation, and the way to avoid this is to clearly provide all the necessary paperwork and documentation that you are a ‘self-employed contractor’. If any contractor is unclear as to what the terms of IR35 are, it is possible to go to the HRMC website and find out all the facts there – straight from the source. However, sometimes looking at all the legal technicalities can be slightly perplexing and overwhelming – which is where contractor accountants come in. Speaking to a specialist contractor accountant can really lift the hazy complex of IR35, giving you understanding and perspective upon how to deal with it.

Specialist Contractor Accountants

With most good contractor accountants, they will give you the option of having a free verbal IR35 contract review – which is of much use to any contractor in the UK. On top of this, you can ask for a written report of your IR35 situation – which will highlight your areas of weakness, showing the areas you need to improve on. Remember that no-one can fully insure you against IR35 though. Buying ‘IR35’ insurance will only cover legal fees to help and defend your case, but ultimately it is down to the judgement of HMRC.

It is possible to cut the amount of tax you pay from 100% to 95% by working through your own limited company, which is a way to maximise ‘take home’ money. Yet, also with this it is always best to seek the advice of a specialist contractor accountant who will be able to supply you with solid legal advice as to how to keep as much money as you can.

IR35 is always out to get contractors whether you like it or not. IR35 is essentially very simple, but having a contract which words your way out of it is not enough – you must implement all the things your contract states into practice to really avoid coming a cropper to the dealings of the HMRC.

The Truth about the Best Credit Card Deals

Admin JHS — Mon, 19 Dec 2011 16:04:20 +0000

You might be planning to get the best credit card deals as of the moment. However, just before you close any deal, you have to be aware of the fact that tens and thousands of people have already been burdened by these credit card transactions. They have messed up their credit scores, big time and now they could hardly move on from what they have suffered. However, if you are still decided to get this, there are a few things that you have to remember. By then, you will not be able to suffer the same fate just like what these people had.

To begin with, do not just read the larger prints. When you see offers and promos, you might want to seal the deal right away. The best thing to be done is to read the smaller prints and be aware of the details of the transaction. If possible, do not be lured by 0% interest rate, which is one of the most popular offers made these days. There are those who get to this in the belief that it will not make them suffer. However, even if it has no interest, you might have lots of upfront payments and surcharges to be paid later on. There might also be a possibility that this will last only for a few months. The next months will then be bigger interests coming along the way. It might also be a contractual type wherein you have to borrow a specific amount over a certain period of time. With this type, in no time, you will really be buried in a sea of debts.

If you want to avoid this, try to compare notes first. Find out which of these companies will give you better offers. Try to compare the interest rates along with the terms and conditions that come with it. Try to also read some reviews and compare what these people have to say about their credit cards. When you have already read what you need to read, you can now make a decision. Just make sure you know your rights and responsibilities and you keep a copy of all the documents that are necessary. You also need to make sure that you partner with a legitimate company. This is true if your transactions are all done online.

Finally, you have to make sure that once you close a deal with any of these credit card companies, you are a responsible payer. Avoid extra charges, penalties, and other payments by paying on or before the due date. Again, you have to remember that if you mess this up, you will mess up all your other financial transactions in the future. You also need to cancel it if you think you are on the verge of becoming irresponsible. You also have to keep all the receipts of payments and other important documents as you might be using them in the future. Remember that there is no “best” from these credit card deals if you are irresponsible to begin with.

It only took 5 minutes, but after taking part in a Life Insurance Comparison I saved over £200!

Admin BCE — Fri, 16 Dec 2011 08:08:35 +0000

I have used the same insurance broker ever since I had my first car and I needed to arrange cover. They always seemed to work very hard trying to get me the most competitive premiums and the process seemed to take an hour or so and I would always walk away with a hand written cover note and a feeling that it was very expensive but I had the best deal I could get. Looking back on those days, the trust I had in the staff in that office was based on nothing other than blind faith combined with the hope that if I thought it sounded absurdly expensive I might try the insurance broker along the road. Although having already taken an hour or more to get the insurance sorted out, the last thing I would want to do is to go through the entire process again and waste my entire day off. These days of course, like virtually everyone, I no longer use an insurance broker. I use the online comparison sites and the rest of the population probably use the telephone. The online process is so advanced these days that, rather than taking half an hour, the time need to obtain a quotation is now down to 10 minutes and every form and cover notes are generated on a PDF file which arrived in your inbox within seconds. Whilst you’re on the website the system provides the facility to obtain other financial products as, from the comparisons site point of view, why stop with car insurance? Within minutes you make a Life Insurance Comparison, arrange travel insurance and arrange a hire car to pick you up from the airport. The freedom the system allows is key, as you can access for your self a list of premiums and see for yourself how much cheaper one insurance company is over another.

Please never buy mortgage protection insurance from your own bank, instead I saved more than £125 each year using a site calledwww.mortgageprotectioninsurance.uk.com

Admin BCE — Fri, 02 Dec 2011 09:21:51 +0000

Sitting in an airport lounge waiting for a flight connection is probably the dullest way of spending time I know, apart from waiting for the AA which is also up there in my list of things I would do less than go to have root canal work done by an inexperienced dentist. The process of waiting for a plane however can be transformed by WiFi which if you are lucky enough to be able to access from one of the comfy seats rather than the wooden seats in the Starbucks franchise is all the better almost making the whole process bearable. With two hours to kill I sat down and decided to work though as many emails I could, so reducing the time I would have to spend doing this at home. On this occasion this was all going pretty well with the delete button being pressed at an ever increasing rate until I came across an email from my travel insurance provider letting me know that the cost of my renewal would be about ten pounds more than I had paid the previous year, although the increase was affordable I thought that it would be worth spending a couple of minutes getting an alternative quote as, lets face it, what else did I have to do for a few minutes? As it turned out I could save myself ten pounds on the annual premium I was currently paying. Once you’ve saved a few pounds you get a taste for it. On another table along the top of the web page I could make a comparison using a website referred to as Mortgage Protection Insurance, find critical illness cover and other financial products. Saving money or rather stopping yourself wasting any more money is a tremendously empowering feeling and rather addictive.

Source: http://www.mortgageprotectioninsurance.uk.com/blog/2011/11/25/please-never-buy-mortgage-protection-insurance-your-own-bank-instead-i-saved-more-125-each-year-using-site-called-wwwmortgageprotectioninsuranceukcom/

Critical Illness Cover is a product which should be compared on the illnesses covered

Admin BCE — Mon, 14 Nov 2011 13:21:41 +0000

When I met my wife to be she was a tenant living in a friend’s property. We hit it off immediately and I knew that she was the person I was looking for. Fortunately for me she felt the same and we were married the following year. Since I remember both my parents had educated me about money, the need for saving, insurance and above all the need to get a career that would provide an income sufficient that would be able to support a family. My father had always dealt with a financial adviser and he was the man who arranged our critical illness cover that was very reasonably priced as I was taking it out at quite an early age. In recent years my wife and I have had a couple of children and my own business has flourished allowing me to delegate many of the mundane tasks to others allowing me to enjoy the fruits of success that I had planned for all those years ago. Clearly the education I received has enabled me to make the right decisions I have needed to or at least provided me the tools to know to spot an opportunity when it occurs.

Source: http://criticalillnesscover.uk.com/blog/2011/11/14/critical-illness-cover-product-which-should-be-compared-illnesses-covered/

Great finance articles to help you with your financial situation

Could Bodysuits also play a role in the new Local Economy?

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Expenses a Contractor Accountant Can help You to Claim

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Disputing the IR35 Tax Legislation

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I use the Permanent Health Insurance website to see if I’m paying too much.

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Getting Around IR35

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The Truth about the Best Credit Card Deals

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It only took 5 minutes, but after taking part in a Life Insurance Comparison I saved over £200!

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Please never buy mortgage protection insurance from your own bank, instead I saved more than £125 each year using a site calledwww.mortgageprotectioninsurance.uk.com

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Critical Illness Cover is a product which should be compared on the illnesses covered

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