Overuse of Overdrafts: The Most Expensive Form of Legal Credit

Overdrafts can be a financial lifesaver for individuals and small businesses alike. Many use overdrafts as a readily available and convenient form of credit, especially when more traditional sources of personal credit More »

Helpful tips for saving a business

One of the first, proactive steps that you can take in order to save your business is to identify the areas in which you can save money, or the company assets that More »

Compare the Market to Avoid Overpaying

“It is easy to pay too much in fees and interest rates for home loans. Those with a damaged credit history may feel it is worth accepting the first offer. That would More »

Here’s the Deal with Bank Accounts Rewards. Are They Worth the Monthly Fee?

Are you checking out some different banking options? Understandably, you want to ensure you research the best current accounts offering rewards. However, you also see that you need to pay a monthly More »

Being financially prepared for university

Going away to university can be a tough experience. For most students, this is the first time they are leaving home. This new found independence is a heady feeling. You are no More »

 

Reading And Analyzing Forex Charts

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When there were no computers and data feeds, the use of Forex charts to prepare Forex trading strategies was outside the mainstream of Forex and CFD trading techniques. The main reason for this constraint was the difficulty in creating the charts without the aid of computers. Every Forex chart had to be created by hand and the manual process was time taking and harder. But with the technology advancements and the increased popularity of technical analysis in Forex, the use of Forex charts has seen a great rise recently. Now they have become one of the most important technical tools used by the technical traders today.

Patterns on Forex charts
Patterns give signal to traders that the price of a currency is more likely to move in a direction based on the pattern when completed. The patterns are of two types – reversal and continuation. A reversal pattern gives a signal that the trend will reverse when the pattern is complete. On the other hand a continuation pattern signals that the trend will continue again on the completion of the original pattern. Therefore, it’s quite obvious why it’s important to learn how to read Forex charts.
Identifying the chart patterns in Forex and CFD trading is an art more than science. Though there is a good probability and signals given by every chart pattern, the price movement may not necessarily correspond to the pattern suggested by the chart. But this should not be a discouragement factor for the traders because once the basics of Forex charting are understood; the quality of Forex chart patterns can be enhanced by studying larger volumes and using secondary indicators.
A single chart can display a lot of important information and more precisely they are the illustration of struggle between the different buyers and sellers in the market. The technical analysis in Forex trading assumes that the currency prices moves in trends and the history repeats itself. Assuming all of these assumptions are true, Forex charts can be used to formulate the trading signals and can be the only tool which a Forex trader utilizes.

Understanding trend lines
There are many concepts which need to be understood before you read chart patterns and use them for Forex and CFD trading at xtrade some other reliable service provider. Understanding trend line is important which is a line drawn on Forex charts to signal a support or resistance level for the currency price movement. Support trend lines show the level at which the currency prices have difficulty in falling below. On the other hand, a resistance trend line shows the level at which the currency prices show difficulties in going above. These trend lines can be a constant price level or a rise or fall in the trend direction with time.
Thus Forex charts are very useful for the technical traders who engage in Forex and CFD trading and rely mainly on the historical movement of the currency prices and derive trends on the basis of that.

Proven And Time-Tested Employment Tips And Advice

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When searching for a job, there is a wealth of information available to you online. You have to be sure that you’re doing whatever you’re able to do to get that information in your mind. Continue reading and you can find that job you’ve always wanted to have.

When you want a job, make certain you go to the interview dressed nicely, whatever the position. Potential employers will view a well-dressed prospect as more qualified than someone who doesn’t dress well, regardless of their actual qualifications. There may not be a need to dress to the nines every time, but always be appropriate.

Tweak your strategy for job searching if you are not having any success. There are a lot of places that may not be hiring these days but that shouldn’t stop you. You might need to expand your job search area, but make sure that you can afford the commute if you get hired.

Leave as early for work as you can. Unexpected delays could make you late, so having a buffer of several minutes is valuable! Proving that you can show up to work on time every day will have a positive impact on your employment.

Continue to learn and grow. There is always something new to learn when it comes to technology. Therefore, continue to upgrade your skills. Therefore, attend seminars and take classes on a new piece of technology. Knowledge is truly power when it comes to job hunting or promotions down the road.

Amenities are something that can attract employers who want to work harder. Many businesses from many different niches offer certain amnesties that their employees love, such as indoor pools, gyms, or saunas. These little improvements will drive the demand for your position higher and increase the supply of workers that apply for the job. This ensures that you as the employer get to select only the best of the best to work for you.

You always want to look your best when attending a job interview. Be sure you are wearing the proper clothing and spruce up the small things, like your nails or hair. Potential employers will probably judge you on what they see, so be sure to leave them with a positive impression.

You should avoid being set on a single position. Though the job may be promising, you do not have the job until you are fully hired. Stay persistent and apply to various jobs. If you apply to multiple places, you will be much more likely to get a job.

Apply for unemployment benefits quickly once you learn you are losing your job. Do not wait for your severance to end, or until the last day you work. The sooner you’re able to sign up for this, the better chance you’ll have at being approved quickly.

Create a schedule at work that you and others can count on. Include family time, job search time and time to network. When they’re able to expect good things from you, you’ll be on their good side. Show up and leave at the same time each day and take a predictable lunch period. Should adjustments need to be made, good communication, as early as possible, is suggested.

Because the digital world is ever advancing, you have to be mindful of your presence online. It is imperative that you search for your name online to see what comes up from time to time. You must always know what companies will see about you when they look for your name online as well to check up on you.

Before you go to your interview, practice your interviewing techniques with someone. You can do this with a relative or a friend. When you role play, you can practice how to answer those interview questions on the spot. Request feedback or suggestions for ways to improve both verbal and nonverbal cues so as to effectively deliver your message.

Have letters of reference ready before you begin your job search. It’s one thing to claim to have references. It’s entirely another to pull out a sheaf of letters of reference. If you do this, your interviewer can read right away about your great contributions and will not have to chase down your references.

You should never put false information on your resume, no matter how small it may be. If you are worried about exposing an issue in your past, it is better to omit it completely than to lie about it. Your future boss may have ways to discover if you are being truthful.

Stay away from making extremely rude or negative comments about your previous employers online, even if it is through your personal social networking profiles. Employers are sure to research the online persona of any potential employee. Abstaining entirely from posting explicit and potentially offensive content is your best bet, more so than simply setting it to ‘Friends Only’.

Find out what different departments are for. There is much more to your company than your personal tasks. Knowing how and why the departments coexist will help you do your job. It’s important then to ask questions of your colleagues in other departments. Understand their job well and you will be more successful at yours.

Take the time to do a little research about the employer you are interviewing with. The more you know about the organization and its image, the more impressive you will appear. That will put you above other candidates. This means you may have a greater chance at getting the job.

Relevant experience is going to help you get that job. If you’ve worked part time, seasonally or even volunteered in a relative capacity, put it on your resume. Try mentioning any clubs you participated in during high school, too.

You need to use your resources and skills to their fullest. Use what you now know to help you find the right job. You’ll find that this information you’ve learned will be helpful when you want to change careers.

Overuse of Overdrafts: The Most Expensive Form of Legal Credit

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Overdrafts can be a financial lifesaver for individuals and small businesses alike. Many use overdrafts as a readily available and convenient form of credit, especially when more traditional sources of personal credit or additional operating capital are unavailable. The individuals and businesses who rely upon overdrafts to cover cash shortages often view the fees they are charged for overdrafts as an unavoidable cost of doing business, but those fees can get to be awfully expensive – more expensive, in fact, than other personal and business costs that the individual would reject as being altogether exorbitant.

Banks have a love/hate relationship with overdrafts…

To be sure, overdrafts and the fees they generate are a pretty sweet deal for the banks, as they are able to collect many millions of pounds in overdraft fees every year. Despite the inordinately high profit potential that overdraft fees represent to the banks, however, roughly £5million worth of overdraft services are being taken away from small and medium enterprise (SME) owners every day, according to a Bank of England report that came out in October 2015. The elimination of overdraft services often amounts to a significant reduction in the working capital upon which many SMEs rely for their business to function.

Small businesses are seeking out alternatives to replace their lost overdraft services
In response to the loss of this relied-upon source of working capital, small business owners have sought out and used alternative funding and finance options, including secured loans from the Bank of England, an increase to the tune of £76 billion in 2015 alone. Ironically, the same banks that have been eliminating the highly lucrative overdrafts are beginning to offer those same business customers more traditional, less expensive forms of credit.

Individual account holders are being hurt, both by high overdraft fees and the removal of overdrafts

It’s not just businesses that are suffering; individual consumers are having overdraft woes as well. Individuals often get too dependent upon overdrafts, and some don’t even realise how much they are actually paying for what they thought was “free” banking. Part of this has to do with the “culture” in UK banking, which includes a lack of transparency about the real costs, but part has to do with consumers not educating themselves about these matters. In some cases bank customers are actually trapped with bank accounts that offer poor value, but they can’t switch because they have to pay off their overdraft debt. And even if they could switch banks, there is no guarantee that the new bank will offer the same – or any – overdrafts on the new accounts.

Breaking the overdraft cycle

Small business owners and individuals alike can free themselves from the seemingly unbreakable cycle of overdrafts, but doing so can be difficult. The most obvious solution is to avoid spending more than you have, but that is not always an easy course. The account holder who runs out of money before they run out of month might actually be unable to break the cycle, as the added cost of overdraft fees often equals or even exceeds the amount of shortfall in a given month, which ensures that the following month will also find the account in overdraft status. In worst-case scenarios, such as when the bank removes the overdrafts, the account might even go into default, resulting in its being closed and processed for collection.

There does exist a sort of saving grace that is becoming more available as banks are getting more liberal in their lending policies. For customers who lack the funds in savings to pay off their overdrafts (which would seem to constitute a majority of those who rely upon overdrafts), yet are still in good standing with their credit card accounts, a money transfer from the credit card to cover the overdrafts might be a viable alternative. While credit card debt typically carries a higher interest rate than other more traditional types of loans, that interest rate is still likely to be less expensive than the fees charged for overdrafts.

As a last resort, it might be possible to convince the bank to refund overdraft service fees that are deemed to be excessive or inappropriately applied. This is admittedly an unreliable process, as the lack of transparency into banking operations makes it difficult to prove that the charges were inappropriate.

Whatever method you choose to break free of the overdraft cycle, it is imperative that greater focus and commitment be made to ensuring that you don’t slip right back in. If nothing else, emerging from what amounts to a compounded cycle of overdrafts can be even more difficult to emerge from than was the original situation.

Looking For Information About Bankruptcy? Try These Tips!

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It’s hard to make the decision of filing for personal bankruptcy; however, sometimes there’s no choice. Arming yourself with valuable insights helps when filing a claim. Continue to read this article to learn what has helped others who have filed for bankruptcy.

If you are in a position where you are unable to pay your debts, bankruptcy may be the only option for you. If this is your case, you should do some research about bankruptcy laws in your state. Each state has their own bankruptcy laws. For instance, some states protect you from losing your home in a bankruptcy, but others do not. Before filing for personal bankruptcy, be certain that you are familiar with the laws.

Make sure that you understand everything you can about personal bankruptcy by visiting websites that offer information. The United States Department of Justice, the American Bankruptcy Institute and the National Association of Consumer Bankruptcy Attorneys, all provide valuable information. The greater your body of knowledge, the better prepared you will be to make the decision of whether or not to file and to make certain that if you do file, the process is a smooth one.

Never give up. You can often have property returned to you. Autos, jewelry and even electronics that have been repossessed, could be returned. If it has been 90 days or less between the repossession of your property and your filing, you might be able to get your property back. Speak to a lawyer who will be able to help you file the necessary paperwork.

Be certain that you can differentiate between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 involves the elimination of all of your debt. This type of bankruptcy ends any relationship you might have with creditors. Filing Chapter 13 differs by requiring you to agree to a 60 month plan to repay your debts before they are totally eliminated. To make the wisest choice, you will need to understand the consequences of each of these two options.

It is important to understand clearly the benefits of a Chapter 7 or 13 bankruptcy. Be sure you go on the Internet and do your research to see what’s best for you. If you have trouble understanding the wealth of information, talk to your lawyer so he or she can help you make an informed choice.

Before filing for bankruptcy ensure that the need is there. Consolidation could be the avenue you need to get your finances back in order. Filing a claim can take a long time and cause much stress. It will also make it tough for you to secure credit after your filing is complete. You have to make certain that you absolutely have no other choice.

Nobody wants to file for bankruptcy, but in some cases the situation becomes necessary. Now that you have read this article, you have been exposed to some ideas, insights and advice from those who have gone down this road before. If you can understand the path that others have followed, your journey will be more successful.

Know What To Look For On Auto Insurance

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It is the law that car owners must have auto insurance. Getting insurance for the first time can seem a bit overwhelming. Your goal should be to obtain an insurance policy that covers all your needs at the lowest cost possible. Become educated on what you need from a car insurance policy before purchasing one. Here are some helpful hints of what you should consider when searching for automobile insurance.

See if your auto policy will cover aftermarket additions before buying any. Insurance companies usually will cover only the value these parts add to your car, and that is probably not much.

Before you buy a car, you should research the insurance rates on the vehicle you are considering. An insurance agent can let you know which models have the lowest rates. You can make a better decision in buying a new or used car based off this information. You won’t pay as much on car insurance if you buy a car with a solid safety rating.

You should always strive to keep your insurance from lapsing as a means to keep your rates low. If you keep switching insurance policy providers, your coverage will lapse, and rates will increase. To protect themselves, the insurance companies will raise rates when they discover a lapse in coverage.

Avoid having more than one driver listed for each car. By assigning a single driver to each vehicle, you will get more affordable rates.

When purchasing auto insurance, be sure to get quotes from a number of different companies. Rates can vary dramatically from one provider to the next. An annual review of your policy and its premium price against comparative firms is important to ensure that you are always paying the best price available. Make sure all of the quotes you compare are based on similar amounts of coverage.

Think carefully about buying after-market add-ons if you really do not need them. Luxuries in your vehicle, while nice, are not a necessity. If your car should happen to be stolen or totaled, those cost of those additional items will not be covered.

Think about buying an economy sedan and getting rid of your sports car. You will spend far less on auto insurance for an economy sedan as opposed to a sports car. A car with a lower profile on the street will be a better decision. The better the engine, the more you will pay for insurance. Sports cars are more expensive to insure since they are stolen frequently.

Keep your driving record clean. A car accident will increase your auto insurance rates the most. When driving, be aware of your limitations and weaknesses and avoid any risky situations you can. If you have a hard time seeing at night, you shouldn’t drive during this time.

Car insurance rates depend on geography, so if you are moving, it might be time to reevaluate your coverage. Insurance rates can vary among geographic areas, and are affected by local crime rates. Suburbs and rural areas tend to have lower insurance rates than major metropolitan areas.

Having appropriate insurance saves a lot of money for someone involved in a serious accident. After paying the predetermined deductible, anything above that amount is generally covered by the policy.

It’s possible you could remove a few of the coverage items from your insurance policy. The comprehensive and collision coverages are worth reconsidering for an older car. You may benefit from adjusting these downward, or even drop them entirely. You may find that you save a significant amount of money by eliminating unnecessary coverage. Furthermore, comprehensive and liability coverage are unnecessary for many people, so determine if they are required for your particular situation.

Don’t cancel your original insurance plan until you’re sure you have another auto insurance company that will insure you. You want to make sure that you are insured at all times simply because accidents can always happen. Do not risk going without insurance even for a couple of days.

You shouldn’t buy new cars for teens. It is a good idea to let them drive one of the family cars. You’ll save money by adding a teenage driver to your current insurance policy. Good grades at school can actually give an insurance discount.

Before you choose a new car, think about the impact on your insurance premiums. It is important to note that car choices with high safety ratings will ultimately offer cheaper insurance rates. Sports cars are notorious for high insurance premiums. You should always include this expense as a part of your budget whenever you are purchasing a vehicle.

Investigate the various levels of coverage, especially if you’ve got a nice car with some assets to protect. It is important to have sufficient liability coverage on your car since most states require specific minimum levels.

This site should have a list of providers that meet consumer standards, and any customer complaints lodged about the company. This statistic provides the percentage of an auto insurer’s claims that result in complaints.

Always research the auto insurance company before purchasing a policy with them. Lower rates are not the only factor to consider when shopping for car insurance. If the premiums being offered by an insurance company seem too good to be true, they probably are. Companies that offer suspiciously cheap rates can be a nightmare to deal with if you ever need to make a claim.

Be sure you are aware of your recent driving record when considering changing your insurance provider. If you recently received a ticket you may want to wait to do this. A new insurance company will always review the driving records of everyone on your policy. If there is an easy fix you can make to improve your record, get it done before looking for your new policy. While it is obviously the notable thing to do, is also has the added benefit of lowering your insurance premiums.

Do you research and find out just what type of insurance is right for you. If you know enough you should find insurance at a good price. Use the information and tips provided to decide what insurance suits your needs the best.

Keep It Simple! Repair Your Credit With These Tips

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There are a lot of ways to damage your credit score, from falling for a credit card scam to just being unlucky with the recent economy. Thankfully, there are methods in the below article that can help you mend this problem.

If your credit is such that you cannot get a new card to help repair it, apply for a secured one. Most likely, a secured credit card will be easy for you to get, but you have to fund the credit account before you purchase so the bank knows that you won’t miss any payments. If you get a new card and use it responsibly, it will help to improve your credit score.

Having a lower credit score can lower your interest rate. This can help lower your monthly payments, and help you pay them off quicker. Take advantage of special offers and favorable interest rates to secure manageable credit payments and a good credit rating.

Having a good record allow you to qualify for things like a home mortgage. Fulfilling your mortgage obligation in a timely fashion does a great deal of good for your credit rating. Home ownership also means you have assets that you can rely on to increase your credit score. Having a good credit score is a key factor if you ever need to take out a loan.

Getting an installment account can help you earn money and provide a boost to your credit. With an installment account there is a monthly minimum you need to keep, so only open an affordable account. By successfully handling the installment account, you will help to improve your credit rating.

Paying your bills is something you need to do to repair your credit. You need to pay your bills off on time; this is very important. Your credit score starts to improve immediately upon paying off some of your past due bills.

Try joining a credit union to begin a credit score. Due to their focus on community finances rather than national ones, credit unions may provide better interest rates and more credit services than typical banks.

Do not spend beyond your means any longer. You will have to change the way you think in order to do this correctly. In many cases, people are using credit cards to buy things they want, rather than focusing on things that they need. Be sure to assess your finances and find out the things that you can afford.

It is important to read all credit card statements you receive. Check to be sure that you actually purchased the things that are listed on your statement, so that you are only paying for things you bought. The responsibility lies with you to verify that each charge is accurate.

To keep your credit in good standing and get a better score, maintain a low balance on revolving accounts. Lowering your balances is one way to get a better credit score. The Fair Isaac Corporation, FICO system tracks how much of your available credit you are using in 20 percent increments.

Work with a credible credit repair service. The credit repair industry does have its fair share of agencies that do not live up to their promises. Some people have turned over all of their financial information to people who turned out to be scam artists, and they wound up in worse shape than before they started. Take the time to read reviews of different agencies. This will allow you to find an honest one to work with.

Don’t use credit cards a lot. Purchase with cash. If you absolutely have no other choice but to use a credit card, pay off the balance in full as soon as possible.

It is the worst when you have many debts that you are unable to pay. To make sure everyone gets a share, spread out your money distribution. Regardless of whether you are making the minimum payments or a little more, getting some money will keep your creditors at bay and may stop them from calling collection agencies.

In order to rebuild your credit, take baby steps to start improving your score. Prepaid or secured credit cards can help to rebuild your score without late payments or going over your limit. This will make you appear responsible to future potential lenders.

Note down any threats you receive from creditors or collection agencies because they are breaking the law by threatening you. Find out more about laws specific to your state regarding the protection of customers.

If you’re having trouble with creating, or living within, a budget, consult a highly regarded consumer credit counseling agency. These agencies frequently work with credit companies to help negotiate payment plans. Working with them can help you slowly repair your debt. A credit counselor can give you the best advice on how to be in control of your finances, and pay off your debts.

If you foresee that you will have problems making your monthly payment, contact your creditors immediately. Many times, a creditor will let you pay in installments and not report the debt to credit reporting agencies if you just ask. This is also a good idea because it lets you shift your attention to your more inflexible debts, where you don’t have the option of negotiating your payments down.

The best way to begin a credit repair project is to pay off outstanding debt, and pay future bills on time. Your credit score is damaged by large amounts of existing debt along with a history of late payments. Create a budget that you can live with and devote as much of the rest to paying off debts, starting with the ones with the highest interest rate first. The less debt you have, the better your credit score will be.

It can seem impossible to repair your credit score, but just knowing what the steps are and making a plan can make it seem much less intimidating. The advice offered in this article can help to get you back on track to repairing your credit.

Get Snow Tires to Qualify for New Insurance Discount

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This one is for all our Canadian friends out there! As you may know there has been a lot of talk about how to reduce auto insurance rates throughout Ontario. Though some companies already offer discounts for vehicles with snow tires, a province-wide mandatory reduction will achieve this on a larger level. It also helps make the region safer, and will likely have a huge impact on the number of collisions and fatalities Ontario sees during the colder months.

The New Rules Take Effect January 1
The mandated discounts begin January 1, 2016, but residents are advised to take action much earlier. Now is the time to be pricing the tires and planning ahead for purchase, so that the added safety benefits may be achieved as the first snows start coming. Each insurance company may offer a different reduction rate, and will have a slightly different application process for the discount. In other words, the sooner an individual gets in contact with their insurance company, the more-likely he is to see a reduced rate come January.

Benefits of Choosing a Snow Tire
Minister of Financing, Charles Sousa, visited Canadian Tire earlier this month to highlight some of the benefits and features of snow tires. All-season tires are designed to perform well under most circumstances. They handle heat, rain, and sometimes do well in light snow. However, the rubber that they are made from hardens when it’s cold outside, which reduces the tread’s ability to grab the road. The tread is also designed differently, to perform better when the roads are covered in snow or slush. Furthermore, winter tires have been shown to reduce the amount of time it takes to stop by as much as 25%.

How to Choose and Maintain a Snow Tire

  •  All four tires must be replaced. Regardless of whether a vehicle is all-wheel drive (AWD) or 4-wheel drive (4WD), vehicles still benefit from better tread while breaking, turning, and accelerating. Moreover, using different types of tires makes it impossible for them to work together, and the benefits are reduced.
  • Look for the mountain and snowflake symbols. Regular tires usually just have the letters “M” and “S” on them, for mud and snow. While they may perform adequately under traditional warm-weather driving, they’re not designed to handle Ontario winters. Those with the mountain and snowflake symbols have been approved for “severe snow service,” and are a much safer choice.
  • Check the air pressure at least monthly. Tires have to be inflated well to work properly, and cold air decreases tire pressure. This is why newer vehicles with tire pressure sensors will illuminate warning lights during a cold snap. For every incremental decrease of 10 degrees Fahrenheit (about 12 degrees Celsius), tires drop by about 1 psi. Even vehicles without modern monitoring systems see the same decrease in pressure, so owners must be vigilant in checking it independently.
  • Replace the tires when they’re worn or the season ends. Although snow tires can technically be used throughout the year, they don’t wear as well, and they don’t operate the same when it gets warmer out. Switching tires with the seasons has been likened to trading out snow boots for running shoes. While running shoes work during the winter months, they don’t provide the same protection and grip as boots do. The inverse is also true. Snow tires won’t likely wear out in one winter season with normal driving, so they can be kept for a second season and may be reused if properly stored. Monitoring tread-wear indicators, and changing tires as they reach the end of their life-cycle, is essential for safety.

National and International Safety Improvements have Been Noted
Many jurisdictions have made it mandatory for vehicles to have snow tires, and have seen a great reduction in the number of fatalities and accidents. For instance, 96% of the population in Quebec used snow tires before they became mandatory. Afterwards, that number increased to 98%. Deaths and serious injuries were reduced by 3%, and collisions dropped by 5%. In Germany, collisions dropped by more than 50%.
Ontario has not made snow tires mandatory, as some jurisdictions have, but switching to them during the winter months is a smart decision anyway. Moreover, with new insurance reductions available for those who choose the safer option, financial concerns are mitigated. Ontario residents are advised to check with their auto insurance provider to find out how to qualify for their discount.

Your guide to corporate tax

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All businesses that are limited companies operating in or from the UK are liable for corporation tax to some degree, but there are different rules for sole traders and partnerships. For example, a business established in the UK is taxable on its profits worldwide, while a non-resident business is taxable on trading profits that can be attributed to a permanent establishment (PE) in the UK, in addition to being subject to income tax. There are various opt outs and dividend exemptions that may apply, however, depending on status and a comprehensive range of tax treaties. In essence, corporate tax is a territorial system by nature.

Organising your corporation tax

As taxation can be complicated, it is worth making sure a business is completely up to date with current government initiatives and regulations. Specialists, such as Pocket Accounts, can be invaluable in this respect as some schemes include taxes linked to Capital Gains, Restructuring, IR35 enquiries and HMRC correspondence. For example, there is no invoice for corporate tax that a business has to pay: it is up to every commercial organisation to work out the amount of tax due, report it and then pay it on time and in full.

New businesses must first register to pay corporate tax with HMRC, then keep accurate accounting records of all transactions, and finally prepare a tax return on behalf of the enterprise that details the taxable amount payable. If a business is not due to pay tax, this must be reported within a specified time period, normally nine months and one day following the end of the commercial accounting period.

Understanding corporate profits

If a business is trading, profits are taxable. If investments are sold, income from these is also taxable. The same applies to any assets you sell for more than the cost price, as these are known as chargeable gains. UK-based businesses must pay corporate tax on profits they make abroad as well as in the UK. Companies based abroad are liable only for tax on profits from UK activities. There are various formalities to observe if a business has ceased to operate and is dormant, and more again if a dormant company resumes trading.

The UK government has a useful website covering basic information. There is also a helpline for businesses that want to make general enquiries about corporate tax, however be prepared to call early in the morning (8am–9am) or after office hours (5pm–6pm) to get a fairly prompt response. A more detailed guide to corporation tax can be downloaded and printed from the website.

Getting the best advice

Tax specialists make it their business to understand the ins and outs of business taxes. For example, they can advise on how to deduct authorised expenditure from trading income so as to calculate net profit (on which corporate tax is based). As their own charges are deductible, it makes sense to use the best professional advisors available and reduce corporate tax in the process.

Helpful tips for saving a business

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One of the first, proactive steps that you can take in order to save your business is to identify the areas in which you can save money, or the company assets that could be sold or simply got rid of.

Is your business using more paper than it needs to? With cloud computing systems, email, online filing and document services, and office software, it is easier than ever to go paperless. While the initial outlay may cost more than a ream of paper, you’ll certainly notice the long-term discount and the amount of space you’ll now have in your office.

Negotiating with your service providers is also a fantastic way to save yourself a little money; from energy bills and communication systems, to the cleaning company employed to keep house, it is important to make sure you’re getting the most for your company’s money.

Similarly, some office supply companies will offer discounts to those who pay in advance, so explore every payment option available to you, or build a profitable credit relationship with those you use most. In terms of making money, always look at the assets you no longer need; cartridges and recyclable office waste can often be traded in for cash, while old furniture, cleaning products and electrical items can also be sold on when no longer needed.

Say you’ve sold all of your valuables, cut as many corners as you can while retaining your focus, and renegotiated every bill, but you’re still facing trouble; what now? Well, are you maximising your business’s opportunities and prioritising your spending? Simply by monitoring every payment and expenditure, you stand a much better chance of keeping afloat. Do you know exactly how much you have coming in every month, and understand the bills that have to be settled? It’s time to get to know your accounts intimately. It may also be time to assess the advantages of outsourcing staff over keeping a full-time workforce, particularly if your business operates around a skilled industry.

An international saviour: foreign investment

Merging, which is the act of two firms coming together to form one, is often hugely beneficial to both parties, throwing a lifeline to failing companies. Mergers can create numerous networking opportunities, increase the potential for research and development, reduce competition, as well as introduce new angles to business meetings.

Similarly, seeking foreign investment can reinvigorate lacklustre operations; an injection of cash often provides salvation for companies, allowing them to remain open for business far longer. Where should you start? It’s time to seek out the professionals. Businesses such as M1 Group, which was founded by brothers Taha and Najib Mikati over 40 years ago, is well versed in foreign investment, and has reinvented numerous businesses in the real estate, fashion, retail, communication and energy industries. The company’s experience and business acumen could prove vital to a smaller company beginning to flounder, while its worldwide connections are fantastic for any company to have in its address book.

Hopefully you have made contingency plans long before business took a downturn, but if you haven’t, don’t worry; from selling assets and watching every penny, to accepting mergers and foreign investment, there are numerous ways to keep your business afloat.

Ways to improve your skills when it comes to a job in trading

traders

It’s fairly well-accepted – and demanded – in the status quo that we strive to improve ourselves in order to advance in our personal and professional lives. In a highly competitive job market, it’s the ultimate must that could make or break you. Improving your skills to prepare for that sought-after job in stocks and trading isn’t something to take lightly, but it’s not unobtainable, either.

Brush up on your knowledge

Having a strong background knowledge will help you to enter the market with a greater chance of success. Consider taking business administration and trading courses either online or in class, and even take it a step further by acquiring a degree in the field. It’s not just about learning the basics but about role-playing through various scenarios, familiarising yourself with market patterns and trends, networking with other people and having access to resources and events – such as exclusive seminars and workshops – which can lead to new contacts and prospects.

Thanks to the continually growing industry, as well as greater access to education at a higher level, it’s easy to find courses that fit into budget and schedule. Forex trading courses are becoming increasingly popular and highly demanded in the field, and many experts consider them a good standard to start with.

Be diverse – look into business writing courses and other humanities-related classes where you can develop good problem-solving and creativity-building skills. These assets are more important than any trove of knowledge you might accumulate because they will help you manage the long-term plans as well as the last-minute, urgent situations where you have to think fast and think well.

Identify your niche

There isn’t always a way to predict what particular industry or market sector will work best for you – and sometimes it’s just a matter of taking a chance and jumping in at the deep end. However, the greater the passion you have for a particular market, the better. Knowledge works best in cooperation with enthusiasm.

It’s also worth assessing your own lifestyle and needs. By its very nature, trading is a highly time-sensitive industry, and knowing how to manage your time is the ultimate key. Be aware of the different time zones and when and where deals are made. Can you stay on top of this on a regular basis? Can you deal with the adrenaline associated with the rise and fall of stocks? Be prepared to make a plan, and be as economical with your time as you are with your finances. Do what you can to glean knowledge and experience from your peers and your competitors, as well as professional agencies that can help show you the ropes.

There are many opportunities available; it’s just a matter of planning ahead, managing your time, and also working on how to handle pressure in challenging situations – or in some cases, revelling in it. Academic skills and life skills both come into play here; ultimately, the best educator is experience.