Ever since the Brexit vote, the UK economy has been suffering, much to the concern of business owners. With SMEs facing a hard time because of the insufficient workforce, finances and lack of resources, there is a fear of the country descending into yet another recession like situation.
To prevent any such situation from happening, the mighty UK government has decided to step-in. The government is very certain on their decision of helping SMEs, who are the driving force of the country’s economy, in attaining sustainability.
For this purpose, they have started encouraging alternative finance funding options. The UK government is urging businesses to opt for this alternative finance source to secure funds when required. This level of encouragement coming from the government itself has not only flourished the success of the alternative finance industry, but is also decreasing the financial crisis that SME’s face.
Similarly, the government has now collaborated with leading business leaders in the country to improve the lives of the UK’s freelancers. This step of improvement hopes to change the face of workforce in the country.
By encouraging the self-employed workers in the country, we will be able to manage the workforce and eventually the sustainability of the small businesses.
On the National Freelancers Day (June 28), the UK government released a set of policy recommendations. The proposal was released with a hope that the new approach will be considering the overall life satisfaction of the freelancers across the UK.
The 7 Policy Recommendations
The following seven key policy recommendations is said to improve the overall well-being of the self-employed workers of the country.
1: Abolish the New Enterprise Allowance
It is highly observed that the use of the New Enterprise Allowance is pretty low. This either calls for its abolition or to put efforts to make it better by involving several other individuals in the scheme. According to us, acceptance of the scheme could be achieved by incorporating a new ‘confidence building measures’ in the scheme.
2: Create a Culture Where Business Failure Are Considered Normal
It is essential that we adapt a culture that accepts failures of entrepreneurial life and not consider them as personal failures of self-employed workers. We believe that one way of achieving such a culture is by restructuring bankruptcy procedures to something that allows for good faith in business failures.
3: Broaden Access to Mentoring
It is important that the self-employed workers have mentors not only at the start-up level of their business life but also in various stages of business lifetime. Mentoring overall reduces stress and improves confidence in a person.
4: Improve Access to Skills Development Resources Tailored to the Self-employed
The government and business leaders have also requested the Treasury to extend tax breaks for covering skills development. They have also requested to introduce training vouchers for the self-employed workers.
5: Introduce Savings & Related Schemes Tailored Specifically To the Self-employed
In fact, the pension providers can certainly build a product or service specifically for freelancers. If you observe the pension model, you will realise that the contribution made to it is divided between a ‘rainy day’ fund and a pension pot. And once the rainy day funds cross the limit provided, the savings are diverted into the pension.
6: Build More Co-working Spaced to Combat Isolation
With increase in the number of co-working spaces, self-employed workers can work together and find support. These co-working spaces could be built by anyone from the government, co-operatives or profession organisations.
7: Introduce ‘self-employed friendly banking strategies’
Ultimately, the proposal states the effects of the late payments on the cash flow. This urges the financial institutions to develop a product or service which is designed specifically for self-employed people and their personal needs.
The banks can promote existing funding and emergency credit initiatives.
Viewing self-employment from an income or job creation perspective is too narrow and can also be mis-leading. It is important to consider the overall life satisfaction of the self-employed people. This will give us a better picture of how they are performing, beyond just their incomes.
If we aren’t able to consider everything, then what is the point in encouraging the self-employed people if they end up being anxious, stressed and miserable?
4 Questions you should ask your traffic ticket lawyer before your court date
If you are a person who is involved in a traffic ticket case then you will have to take help of the attorneys of these traffic ticketing. These traffic ticket lawyer San Francisco will help you out in getting out of these problems and cases. They will do every possible thing that they can do to help you in getting rid of these cases. But before going to a court case you must ask your lawyers some questions. The questions that you will ask are as follows:
Whether they will fight for your traffic ticket with the help of the adorable law firm.
If you are involved in such a case then you must be aware of all the problems that can be faced by you. Even the safest drivers that drive safe find themselves sometimes for paying for the traffic ticket. Even sometimes the ticket has higher price tag then what the piece of paper represents. These traffic ticket cost may be faced by any kind of people. If you have the ability to fight for your case then you will definitely get success in that. For all this, you have to consult your traffic attorneys so that they will help you out in getting rid from the case. The traffic ticket fixers los angeles are the best fixtures for the people. You will ask your attorneys about all the traffic ticket fixtures of Los angles. Also before fighting for the case you will have to ask your lawyers about all the things and documents that are to be needed for fighting a case. This is what you will ask your lawyers before you start up a case.
Fines and Costs.
If you are involved in a case then you will take the help of the traffic ticket attorneys and before you start up a case you will ask your lawyers about the fines and costs that are to be paid by you during the procedure of the case. The traffic ticket fixers that are to be paid by the person who is involved in a traffic ticket case are as follows:
- County penalty assessments are the first thing that should be paid by the specific person who is involved in such a case.
- State penalty assessments.
- Emergency medical services penalty assessments.
- Court facility services penalty assessments.
- DNA identification fund penalty assessments.
These are the fines and costs that are to be paid by the person who is involved in a traffic ticket case or problem.
You will ask the attorneys about how will get rid of these case or problems.
They will help you out in every possible way they can do before their help they will tell you how you have to deal out with this problems. Following are the tips to deal with these problems.
They will tell to represent yourself properly in court and not plead with guilty.
Plead not guilty and hire representation this will help you to navigate the legal process of the ticketing case that you are suffering from.
These are the tips that the officers will give you to get rid of the case. These are the following things that you can ask your attorneys before starting up a case.
VAT Fines and Penalties in UAE
A full list of penalties has been approved by the authorities in UAE regarding VAT. Now, nobody will be able to avoid VAT registration in UAE no matter what he does. If he is eligible to pay, he will have to pay it without finding any other way of escape.
Pay VAT or pay penalties
If someone is having enough amount of taxable goods and supplies, he becomes eligible to PAY vat. If such a person doesn’t register for VAT, after getting caught, he will get punished or he might have to pay fines as well. this is why it is better for the person to pay VAT tax Dubai rather than finding escape ways. Always keep ready vat accounting and auditing / VAT bookkeeping. Go to this link https://farahatco.com/blog/methods-vat-accounting/ and find more info.
A proper list of the penalties has been approved which will be implied on the ones that will get caught violating the tax laws.
No penalty will be less than 500AED and it will not more than the triple value of the transaction of the business that is under consideration at the moment.
List of penalties
If someone fails to keep the records that are needed for the procedures of the tax, he will have to pay the fine of AED10,000 at is first time violation whereas he will be fined AED50,000 if he repeats the violation again.
If a person is not able to submit the data in the Arabic language to the authorities who asked for it, he will be fined AED20,000
If the person is not able to submit the application of registration within a specific time period, he will be fined AED20,000
It is as important to submit a deregistration form than it is to submit a registration form in a specific time period. If someone doesn’t comply with the commands of the authorities, he will be fined AED10,000
Amendments in the tax record are also to be informed to the authorities. If nobody does that, he will have to pay AED5,000 at his first attempt to violate the tax law. If he does the same again, he will be fined AED15,000
A legal representative will be fined AED20,000 if the authorities are not notified about the appointment of a legal representative.
If the tax representative doesn’t file a tax return in a particular time limit, he will be fined AED1,000 for is the first-time violation but if he repeats it again, he will be charged AED2,000 within 2 years.
People need to understand how important it is for them to pay tax and comply with the tax laws no matter what. If they do not do so, they will have to face penalties which they wouldn’t like at all. so, they should make sure that they comply with all the rules and regulations of tax laws. Contact Farahat & co. for free advice.
All mentioned above is not just it. there is a lot more people might face I they do not pay the tax to obey the rules of the tax laws. so, if you want to be safe, obey the rules. It is your duty being a resident in UAE.
Strategic Financial Tips for Successful Enterprises
Every company needs solid financial management to stay in business. This entails planning, controlling and effective management of the financial aspect of the market. This is because it takes more than a good business impression to stay in business. There tactical financial management tips that include;
This requires an accurate record of all resources available in the company. Every enterprise needs to have a capital budget for purposes of proper financial planning. This enables the company to allocate resources in order of priority. Several aspects need to be considered when planning finances they include
Actual financial supervision requires an enterprise to invest in a reliable system that meets the specifications of the business it operates. This enables the observation of vital data in the company. The system should be easy to understand and for other staff to perform. It is critical to keep checking if the required data is being collected over time for purposes of studying your financial trends and making decisions.
Another important aspect of financial planning is the management of financial risks. Through a well-documented risk management framework. This can be complied with by the help of a governance and risk compliance team. It contains a list of all risks related to the business.Their financial implications and how to mitigate these risks for instance through insurance.
Use of Financial Information to Manage the Enterprise
These are financial statements that every company needs to have.These should be accurate and precise to the enterprise. They include;
- Cash flow statements
- Balance sheets
- Profit and loss figures and statements
- Changes in equity statements
- Wages and salaries statements
A qualified employee will come in handy in the interpretation of these statements. Alternatively, the company may contract a qualified GRC team to read and interpret the reports and give financial advice. For example, the company might have made so much profit, and there is the need for expansion.
All the employees working for the enterprise should have some financial performance of their firm.This enables them to get motivated and build confidence especially if the company is making a profit. All employees should be allocated financial targets so that they have a direction of working towards success. For instance, the head of human resources could be assigned an economic goal to reduce the wages by 2%. Performance evaluation within a stipulated period is necessary to keep the team members on course. They also help to evaluate how the company is performing financially.
This is action based on reliable and well researched financial data and interpretation. The enterprise can use tools that are not capital intensive to provide financial information. Cloud-Based software is such one tool.It offers real-time data relevant to the business, for instance, daily sales and expenses. Besides, it provides actual time data anywhere; this can guide the company in decision making. There are other aspects of financial control namely;
Tracking of Invoices
The company should have well-stipulated terms and conditions for payment of invoices.They should be communicated to all their clients for awareness especially when there are any legal aspects related to the fees. The cloud-based software can be used to track payments of invoices according to the set deadlines.
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