The Business Anarchist

How the 2011 Budget will affect your business

2011-04-27T11:34:00.000+01:00

The 2011 Budget was presented by the Chancellor of the Exchequer, George Osborne, on 23 March. Building on the announcements in the 2010 Spending Review and the June 2010 Budget setting out a package of measures with the intention to focus on key themes of Growth and Fairness, launching the Governments ‘Plan for Growth’. But what do you think of the budget?

Does the package do exactly as it says on the tin? And will it support enterprise, innovation and private sector investment? Will the measures reduce the burden of regulation? provide incentives for investment in business? and increase the ‘competitiveness of the UK tax system”?

See Mr Osborne’s Key measures for business for yourself:

• A 1p per litre cut in fuel duty. With inflation only increases on Fuel Duty deferred until 1st January 2012 and the April 2012 increases not implemented until 1st August 2012.

• For businesses and start-ups, a moratorium has been introduced exempting them from new domestic regulation for the next three years.

• Venture Capital Trusts and the Enterprise Investment scheme will be reformed. This includes raising the rate of EIS Income Tax relief to 30%, again subject to State Aid approval.

• Rates for Heavy Goods Vehicles will be frozen and Vehicle Excise Duty will increase by RPI indexation only during 2011-12.

• Corporation Tax reduction to 26%, with further yearly reductions of 1% until 2014 when it will reach 23%.

• The rise in National Insurance will go ahead.

• The Small & Medium Enterprise Scheme Relief is set to increase to 200% from April 2011 and 225% from April 2012, subject to approval.

• The tax system will be simplified with the abolition of 43 out-dated tax reliefs.

• The Government will consult on options for merging Income Tax and National Insurance Contributions.

• From next April, the Personal allowance for income tax for under 65s will be increased to £8,105.

• Planning application will be streamlined and a new fast-track process introduced for major infrastructure.

• The lifetime limit for Entrepreneur's Relief will be doubled to £10 million.

• The recommendations of Lord Young's review of Health and Safety regulations will be implemented.

• New Controlled Foreign Company rules will be introduced to allow UK based groups to compete more effectively with overseas groups.

• 21 new Enterprise Zones will be established.

• An additional 80,000 work experience places for young people and an additional 50,000 apprenticeship places will be created during the next four years.

• The Small Business Rate relief holiday will be extended by one year from 1st October 2011.

• Over 10,000 first time buyers will receive assistance to purchase new build property.

What are the attributes of an Entrepreneur?

2011-03-09T12:24:00.000Z

Attributes of an Entrepreneur

It was so wonderful last Saturday to see so many young hungry entrepreneurs determined to forge their way in the world. And one of the resounding thoughts we were all left with from the day was this, ‘with so many graduates now out of work and with no such thing these days as a job for life, it is time for us to start taking our lives, our destinies and our financial security and wellbeing into our own hands’.

So what attributes make an entrepreneur?

Contrary to popular opinion I do not believe that talent or intelligence has everything to do with it. Alternatively I would support the idea that tenacity plays a far more superior role to either talent or intelligence. After all, the definition of an entrepreneur is ‘the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits’.

Risk & Initiative

It is therefore suggested that an entrepreneur as opposed to a salaried worker is someone who is prepared to take more risks, to strive, to recognise that niche in the market, that potential and take their ideas and turn them into reality.

One example is that of Frederick W Smith the originator and CEO of Fedex. Frederick entered university in 1962 where he received a C- for his project thesis outlining his business plan for Fedex, apparently his lecturer advised him he would only get a C if he made it something feasible. Needless to say he went on to set up one of the largest and most successful businesses in the world.

It is a fact that not everyone has what it takes to take these brave steps to entrepreneurialism; it is also a fact that many of the richest people in the world are successful businessmen and entrepreneurs. But it is not always just about making huge amounts of money, far more often entrepreneurs are ordinary people who chose to work for themselves, to start a business that they believe will work.

And we need our entrepreneurs. It is they who provide the services and products that we want, that employ the people who aren’t prepared to take the risks or do not have the initiative to do something on their own.

Tenacious & Brave

So if being a great entrepreneur is all a state of mind, then the question you really need to ask yourself is ‘what do I want from my life?’ Do I want to carve out my own path or am I happy to work for someone else who is prepared to take the risks that I am not?

Tenacity is about being prepared to take 10 rejections and still come back for more.

The reality is that in this day and age where jobs are not guaranteed for life and a university education does not guarantee employment that we need more people prepared to get out there and take these risks. You may not be the next Frederick Smith, but there must be something out there that you feel passionately enough about, and whatever that is pursue it. And make your career, your business, your life everything that you would want it to be.

The Business of crippling UK petrol prices

2011-02-14T11:34:00.002Z

What I am about to say is hardly anything new, but I thought that with the next increase in fuel duty set in just over one month’s time (1st April) that now is the time that we at the Business Anarchist addressed the ever growing burden of UK petrol prices on not only the individual, but on the economy in Britain today.

No-one today can escape from the effects on their household and business budgets of this ludicrous and apparently never ending rise in fuel prices.

A 76p increase on the 1st January 2011 brought the duty rate on main road fuels up to 58.95p per litre, coinciding with the 2.5% increase in VAT rate, which is now at record high of 20%!

I am sure I have no need to remind you that the cost of fuel effects the transportation of just about everything, and therefore the cost of just about everything.

And what really rubs salt in the wound is ridiculous comments from some of the oil giants themselves, such as the boss of Oil-Giant Shell who sparked fury by stating that his firm were “suffering like motorists”, despite its recent announcement of a $18.6bn profit for the last year.

$18.6bn!!! Many of us today are used to hearing governments and big business make throw away comments regarding millions here and billions there. It is time to stop desensitising ourselves to this and recognise just how much a billion is. Did you know that 1 million seconds is the equivalent of almost 3 months? And 1 billion seconds (that is 1,000,000,000 seconds) works out at just over 32 years. 32 YEARS!!! So 18.6bn seconds is approximately 595 years!!!

So I think to compare the hardship of honest hardworking people, of our businesses, of our families to the apparent ‘hardships’ of these Oil-giants is ludicrous. Stop taxing us and start taxing them!!!

Business New Year’s Resolutions for 2011

2011-01-21T13:23:00.000Z

The beginning of a New Year is the perfect opportunity to review various aspects of your business or enterprise. Here are just a few that we suggest may be of benefit specifically to 2011.

1. Tidy up your website

Currently only 30% of small businesses have a website – this is a surprisingly small number, as the internet is one of the fastest ways to grow your business outside of its local area. And with one of the most touted predictions for 2011 being that small businesses will concentrate on upgrading and improving their websites, make sure that you get an on-line presence and make sure that you don’t get left behind! Valuable upgrades to your on-line presence will ensure you keep a competitive edge.

2. Focus your social media efforts

Many sites today are littered with an overwhelming number of social media site icons that are often underutilised and are often not of any benefit to the business they are trying to promote. You must be aware that not every type of social media will be of benefit to every type of business. Choose carefully and do not spread yourself too thin. Having just one or two icons on your website to carefully chosen and popular social media sites that you regularly maintain will present a much better image than if you connect yourself with several unmaintained and perhaps even inappropriate sites.

3. Get involved in the smart-phone revolution

Today nearly half of all small businesses that have an online presence use smart-phones and with more money predicted to be invested in smart-phone development and mobile advertising many entrepreneurs are already choosing to tweet on the move, so why not get in on the action?

4. Adopt cloud computing

Without the need to be tied to your desk or computer system, cloud computing has already enabled many businesses and entrepreneurs to work while they are out and about and enable them greater freedom by living and working mostly from web-based or mobile applications. Cloud simplifies business processes such as hosting and collaboration of spreadsheets, forms, presentations and makes online file sharing and collaboration far easier.

5. Keep a close eye on your on-line reputation

Sadly it has come to light that there are some less than reputable online review sites that hold small businesses to ransom over the removal of less than favourable reviews and there have even been occasions when good reviews have been deleted unless merchants pay up. Despite this there are a number of excellent and very reputable review sites, and it is important to check your review regularly, after all even one bad review from a disgruntled customer who has received an experience uncommon to the usual good practice of your company could deter future clients.

6. Use video-marketing

The use of videos on website for marketing has been a growing trend in 2010 and this is set to grow further in the coming year. So don’t get left behind! And the trend in the increased use of smart-phones will only help to bolster the appeal of on-line video advertising.

Top Tips on how to profit from trading abroad

2010-06-09T12:58:00.000+01:00

No matter how you may feel about trading abroad, there is still money to be made from expanding your horizons. And it need not be a scary as you may think. So here are our tops tips on how to profit abroad.

Establish and advertise your Credibility & Reputation

Establishing your credibility to International clients, may not be as daunting as you might think. Work on your company strengths. Are you a long established company? Do you have any recommendations via clients or better sill in the press that you could use to your advantage? Establishing and developing reputation and credibility is the first step to encouraging clients on an International scale. It will help you to advertise anything that adds to your credibility. Therefore it is well worth listing anything that lets your potential buyers know that you are decent and legal. Advertise that you comply with the legal and tax regulations and list anything else that you have done to comply.

Use the internet

Perhaps a bit of an obvious one, but the internet really has made global marketing easier than ever before. It is a global communication medium and its potential to impact on international trade is phenomenal. So think carefully about your website and use it.

Provide clients with currency conversion

Although your credit card or bank statement will always display your own currency after an international transaction, you will make your product or service far more appealing and accessible to international clients if you are able to provide the sale price in multiple currencies or ideally if you provide a currency converter on your website.

Use a well known international courier

Using a well known international courier will help to eliminate much of the concern regarding shipping abroad, and they will also be able to advise you of any issues relating to the dispatch, such as completing a customs declaration.

Get your head around international tax rules

It is paramount to seek advice on tax issues, and it is your responsibility to comply. However here are a few basic tips on international tax issues. However I stress that these should not be taken as definitive, it is your responsibility to make sure that you get the right advice.

· Within the EU you are bound to comply with EU regulations.

· If selling to the US, individual states may apply taxes, however these are generally applied to the US buyer as ‘use tax’ by the state and are not of concern if you are selling. Therefore if you are selling to the US you are doing so effectively tax free.

· When you sell into the EU you will generally need to charge VAT, and a exceed a VAT threshold in an individual country further rules and regulation apply.

· If you are a UK tax payer and sell to another EU country the buyer will be able to quote their VAT number so that they don’t have to pay UK tax.

Take care to avoid fraudsters and scammers

Unfortunately frauds and scammers are part and parcel of trading with anyone internationally. Generally speaking, the police will not be interested in small scale fraud, especially so when it isn’t within their jurisdiction. And if a person uses a stolen credit card, the costs are likely to be charged back to you once the true owner of the card reports the fraud. If in doubt you can always cover yourself in a number of ways:

1. Ask for a fax copy of the front and reverse of the credit card.

2. Ask for proof of name and address to be faxed over.

3. Call them back to check the phone number is genuine.

Here are some tips on how to spot scammers:

1. They have a tendency to select the most expensive products.

2. They have a tendency to choose the most expensive shipping method on offer.

3. They also have a tendency to use free email addresses, such as hotmail or yahoo.

4. They tend to give up very quickly, especially if you ask for additional security checks such as the above suggestions.

Check out where you stand on customs and import duties

For trade sales it is necessary to find out exactly where you stand on customs and import duties. However, for the majority of the retail world customs and import duties tend to be the responsibility of the buyer. But it is always worth making this explicitly clear in your own terms and conditions by stating that any applicable customs and import charges are the responsibility of the purchaser.

BIG BUSINESS FORCED OUT OF UK BY BURDENSOME BUSINESS OF TAXATION

2010-04-26T14:18:00.001+01:00

A further demonstration of the insane and burdensome business of UK taxation was highlighted recently with the departure of Jim Ratcliffe’s multi-billion pound company from the UK to Switzerland. Ratcliffe took the decision to join the ranks of British entrepreneurs and high net earners leaving the UK in droves to avoid paying substantial percentages of their income to HM government and revenues. Among those leaving the UK include names such as Lewis Hamilton, Formula One Driver and Guy Hands, City Financier and owner of many companies among them the record giants EMI, as well as pharmaceutical group ‘Shire’ and advertising giant ‘WWP’.

Ratcliffe and his other directors were forced to make the move after needing to clear debts built up over the recession of some 6 billion pounds. The move is even backed by the company’s debtors, banks which include RBS and Lloyds both of whom were bailed out by the government and are now 84% and 41% owned respectively by the state, despite the very fact that the move is set to cost the UK Treasury hundreds of millions of pounds.

Surely we have to ask ourselves, what on earth can be going so badly wrong with Gordon Browns government and the current tax set up in the UK, that instead of supporting and encouraging entrepreneurialism, it is actually driving it out of the country and overseas?

A steady stream of new taxes, including the 50% top earners tax rate, the £30,000 levy on non-domiciled tax payers and Pension tax relief cut for those receiving more than £130,000 per annum are all rather obviously going to push at high net earners to leave the country and take their business elsewhere.

Surely Mr Brown must realise that we need these high net individuals in the UK? That entrepreneurialism and big business MUST be supported? Without them, we will continue to head towards becoming a nation of civil servants.

And as the example of jim Ratcliffe serves to highlight, (despite Ratcliffes early claims to remain committed to a UK base of operation), that the move of its headquarters could potentially risk the jobs of 3,700 UK employees and a further 1000 contractors. However with a saving of some £400 million in tax predicted over the next four years alone, who could blame him?

SUPPORT OUR ENTREPRENEURS OR LOSE THEM!

I can only hope that you will get behind me and support our British Entrepreneurs.

THE CRAZY BUSINESS OF UK TAXES

2010-04-06T11:53:00.000+01:00

Consider this, regardless of whether you earn it, spend it, save it or inherit it - you will pay tax on it.

Also consider that the average person works almost one third of the year just to pay their tax bill. Every year.

In the UK the list of taxes seems never ending... Income Tax, National Insurance, Capital Gains Tax, VAT, Corporation Tax, Airport Taxes, ... to name only a few.

One recent study even went so far as to demonstrate that out of every £100 earned that after 10% is taken in National Insurance and a further 22% is taken in Income Tax (Or a staggering 50%, following the recent Budget if you are a higher earner), that out of your £100 only £68 remains. Not only that but the study went on to demonstrate that the average person spending their £68 in every hundred goes on to pay an average further £32 to the taxman. Not unrealistic when you think of 17.5% for every high-street purchase or meal out, 35% of your well-earned drink and a staggering 85% of the money you spend on petrol all going to the tax man!

Therefore of the £100 earned, the average person has only approximately £36 in goods and services to show for all their hard toil, and only approximately £21 worth for those on a higher income.

So, what can you do about it?

If you are one of those like me who thinks that the oppressive, burdensome business of taxation has got way out of hand, then take heart, because there are alternatives.

Tax evasion is of course illegal, and of course in all cases you should take the appropriate professional advice, as there are still many legal ways to avoid giving everything to the tax man and protecting your assets, such as:

· Consider the benefits of being self employed – it could cut your tax bill in half.

· If you are planning to improve your home, there are certain tax breaks for building and improvements.

· Alternatively you could seriously consider moving your nest egg abroad.

· Consider the use of offshore companies and trusts. Something that can be utilised as a company and as a private individual.

· Consider the use of completely confidential offshore bank accounts.

But most importantly consider, the one day that you spend sorting out your money, could be the most profitable day you ever have!

Is it likely that the UK tax position will ever improve?

We could all well live in hope that the next government will improve the tax situation – but I bet it doesn’t!

And what is more, it seems likely that taxation is set to get even worse! We already pay £11 per person to the irrational lunatics in Brussels, with experts suggesting that proposed tax ‘harmonisation’ will see inevitable increases in Income and Purchase taxes, making it likely that items presently exempt from taxes in the UK such as food, books and children’s clothes could increase over night, by up to 20%!

Of course we all accept that tax is a necessary evil, to support health and defence, but don’t you think it is about time we thought about protecting our assets and putting our family and business first? After all, just look at the example of Geoffrey Robinson, MP for Coventry North West since 1976 and our ex-Paymaster General no less. Who hit the headlines in November, when it was revealed that he had placed £12 million in an Offshore Trust just six days after the last election. If avoiding paying tax is acceptable to a Paymaster General, then why should it not be acceptable to the rest of us?

BUSINESS START-UP MISTAKES AND HOW TO AVOID THEM

2010-04-01T10:24:00.002+01:00

So many people have amazing ideas that never make it to fruition. So if you want to ensure that your business idea has a fighting chance, just take a look at these commonly made mistakes.

1. Poor Research

It is paramount that adequate research is carried out before valuable time and energy and most importantly money are invested into a venture. It is essential that you get to know your market and the potential profitability of your service or product before you take it any further. Get to know your competition. Get to know your market. Never assume that your service or product is unique. You must never enter blindly into something.

Always do your research first!!!

2. Omitting to write up a proper business plan

Never dismiss the value of putting together a proper Business Plan, it really is something that will contribute to your business success. It is a vital step to putting together your business, as it will enable you to get your ideas down on paper in a way that is structured and will help you to visualise exactly how your business will work in theory, and will make you think about things you may have forgotten. A well written business plan will include things such as; your company objectives, mission statement, company summary and ownership structure, your market analysis, sales strategy, sales forecasts, management and payroll summary, marketing strategy, continued research, financial plan, profit, loss and projected cash-flow.

3. Failing to give your business a strong identity or brand

It is not too strong to put it that there are occasions when your company name and logo can make or break your company. Your companies name and your logo should be able to tell your customers everything that they need to know about your companies services or products. And if you give it a lot of careful thought, you could well turn it into a brand.

4. Not giving careful thought to money & finance

It is a complete fallacy that it is possible to start up a business without any capital. Make sure that you have enough money to cover all of your initial start up costs and overheads for the first few months (or until you start making enough money from your business to cover these) and never underestimate marketing costs. Do the ground work and be completely realistic about how much your business will cost to get off the ground. This includes marketing your product or service at a realistic price, to ensure it sells and to ensure that you make enough profit to keep the business moving. Always pay careful attention to cash flow, profit and growth.

5. Not listening to your customers

You need to listen to your potential customers before you launch your product or service and you need to keep listening to them. Their feedback whether positive or negative if listened to and acted upon will only help to improve your product and service. Ignore the feedback of your customers at the cost of your companies growth and reputation. Engage with your customers and you can resolve any problems quickly, maintain and grow your reputation and see your business grow also.

6. Allowing yourself to lose focus

It is important to keep focussed on your goals. There will always be times when business is slow, whether that be at the start of a venture or several months or even years into it. To keep focussed on what is important and not to give up and feel despondent is key to success. Go back to your initial business plan, keep reminding yourself of what is working and persevere. I am not suggesting that you stay with an initial business plan that is losing you money hand over fist, but to not feel knocked at the first hurdle and having the right attitude could keep your business on track and get it through tough times.

7. Limiting your business

By the same token as the above point, you mustn’t be so rigid in your business that you allow other related opportunities to pass you by. The point of business is to allow your company to grow and not to stagnate. Listen to your customers, is there an additional service or related product that you could offer that you currently do not? Always remain open to suggestion, being open doesn’t necessarily mean implementing every piece of advice, but it doesn’t mean discounting everything either. Remember that sometimes it is possible to be to close to something to be able to see possibilities that people looking in are able to.

8. Taking on staff for the wrong reasons

You must always only employ staff based on their skills and competence. Never ever hire on the basis of family or friendship. By all means if your daughter has the right skills and is committed to working towards the interests of the business then hire her, but to hire out of obligation or even convenience, as a cost and not benefit will not help your business to grow and may well stunt or hinder company growth.

9. Not continuing to learn your business

Never assume that you know everything about your business, your market or your competitors. Do whatever it takes to stay on top of your game, whether it be to continue your education in that area, or just keep yourself up to date by other means. After all, if you don’t your competitors will!!

10. Ignoring the legalities

Every business, no matter what type will have requirements under law and it is paramount that you keep your tax, business premises, hiring of staff and business dealings to name just a few up to scratch. Learn what you need to know and keep up to date on the latest legal requirements of your business. Ignorance will not save you in the face of prosecution or law suits. Employ the advice of legal advisors on all matters.

The Legal Use of Offshore Companies

2010-03-09T09:32:00.001Z

The Legal Use of Offshore Companies by, Charles Farran, The Business Anarchist

A great deal of the bad publicity around today is aimed mainly at private offshore Bank accounts. Many western governments use this publicity to great effect, but this is mostly used as a smoke screen to please public opinion and a great way to cover up their own in inabilities to control their countries budget deficits.

It has been our Companies policy for the last five years not to recommend Private offshore Bank accounts to avoid or minimise tax liabilities as this is clearly illegal.

We do however, recommend and use Offshore Companies and Banks, better described as IBC (International Business Companies) for many reasons. IBC Companies are perfectly legal and offer many advantages outside of tax mitigation to Companies trading internationally. I will list some of the more obvious advantages:

• Confidentiality
• Holding Companies
• Cross Boarder Tax Advantages
• Double Taxation Agreements
• No Vat
• Tax Free
• No Filing of Accounts
• Asset Protection
• Holding of Assets

IBC Companies are also ideal vehicles for Internet based businesses who wish to trade internationally.

Offshore Banks: It is essential when purchasing an offshore Company to ensure that the offshore service provider arranges a Bank account with your Company.

Amanda J Molyneux & Company provides a three currency Bank account with a Major World Bank with every Company we sell. Due to the highest level of reputation our Company holds with our Bankers we are able to supply a Bank account for your business, free of any credit score, so even if you have bad credit or even bankrupt we can still help you.

For further details see our website at: http://www.thebusinessanarchist.com

More Crazy antics from Brussels

2010-03-03T10:49:00.000Z

UK Businesses face bearing the £2billion cost of new EU Maternity Directive

Despite objection from UK politicians & business leaders, the UK government’s surrender of its Veto on Employment law may well mean the imposition of crazy EU Directives over the basic needs of UK businesses.

The latest European Parliament plan regarding Maternity pay was revealed last week, with a directive that new mothers are to be paid their ‘full salary’ for a minimum 20 week period.

The UK currently boast one of the most generous Maternity Leave policies in Europe, with women receiving 90% of their salary for six weeks, followed by a standard £123 per week for a further 27 weeks.

However, if the Pregnant Worker Directive goes ahead this could treble statutory maternity pay costing companies an estimated £1.5 - £2billion a year, with already struggling companies potentially asked to take on more of the burden. Small Business owners with only a small number of staff are already struggling to meet payroll costs, without the EU forcing them to pay for an absent member of staff and her replacement for five months.

And what is more, the very women the Directive is fighting to protect are likely to be unable to find employment in the future if the directive goes ahead. Many businesses, particularly small business would be forced to reconsider employing young women; something that could potentially harm the prospects of all women of child rearing age.

The UK government currently reimburses companies for the bulk of statutory maternity pay, however the implications of such a heavy burden being born by the taxpayer is giving businesses enormous cause for concern as the poor state of the UKs public finances could well see the government either directly or indirectly passing on the additional financial cost to employers. However with the Vito on employment already surrendered by the UK Government there is a chance that the greater interests of the UK could give way to the whims of ill considered EU Directives.

Many Business Leaders are calling for a moratorium on changes to legislation to enable employers to find their feet again. The UK focus ought right now to be creating jobs and helping to get Britain out of recession. And if passed this EU Directive will actually exacerbate the UK employment crisis.

Understanding the Tax crackdown for those wishing to leave the UK

2010-02-24T11:52:00.000Z

Understanding the Tax crackdown for those wishing to leave the UK

Following a court ruling last week, it now seems that those wanting to escape the HM Revenue and Custom’s tax net will need to cut all ties with Britain if they want to avoid paying tax. It would now seem that literally thousands of people who have moved or retired abroad will come under fresh scrutiny. And simple ties to the UK such as keeping a British mobile phone, or a club membership could land those individuals in trouble with the tax man.

What are the residence rules?

· If you are resident in the UK and are domiciled here then you can expect to pay tax on your worldwide income.
· Generally non-residents are only liable for income tax and capital gains tax on money they have earned in the UK and not on their global income.
· The latest HMRC6 Guidance states that:

Just because you leave the UK to live or work abroad does not necessarily prove that you are no longer resident here if, for example, you keep connections in the UK such as property, economic interests and social activities or if you have children in education here.

How can I be certain that I have cut all my ties to the UK?

· If you are British by birth, you need to sell up everything, not returning to the UK AT ALL for the first year.
· You must live abroad for three years AT LEAST in order to avoid UK income tax and for AT LEAST five years to avoid UK Capital Gains Tax.
· Then keep all UK visits to less than 91 days per year.
· You will need to complete a P85 form when you leave, informing the Inland Revenue that you wish to claim tax relief or repayment of UK income tax.
· If you still receive any income from the UK, you will need to still complete a UK tax return to declare your non UK resident status.
· You will have to resign from any company Directorships.
· You must take your spouse and children with you.
· You must not continue to send your children to a British school.
· You must transfer your bank accounts to banks outside the UK.
· You must give up any UK mobile contracts.
· You should resign from any clubs.
· You should ensure that the electoral register is amended, so that you are entitled to vote from abroad.

How will the new rulings affect me if I have retired abroad?

· If you keep a property in the UK and visit regularly you will now fall under the new scrutiny. Therefore it is advisable to sell up and relinquish your right to stay in the UK.
· Keep all visits well under the 91 day threshold.
· The fresh scrutiny does NOT however consider it a tie to the UK where Grandparents who live abroad, pay their grandchildren’s school fees.

How does it affect me if I have moved abroad to work?

· Subject to certain conditions, the HMRC usually treats those who move away on a full-time contract of employment as a non UK resident for the entire time that they are away working.
· However your contract MUST span the entire tax year.
· Visits to the UK must not exceed 183 days in any one tax year, or an average of 91 days over a four year period.

How do the tax rules affect overseas earners working in the UK?

· You are treated as a UK resident the day that you arrive in the UK for tax purposes.
· If you intend to be classed as having ‘Not Ordinary Resident Status’, which means you cannot remain in the UK for more than 3 years, it is possible to only be taxed on your UK earnings and your worldwide earnings cannot be considered.
· However if HMRC rules that the UK is the ‘Not Ordinary Resident Status’ persons centre of interests, they may still liable for taxation on worldwide interests. It is therefore advisable to seek appropriate advice.

We recommend that in all instances that you seek qualified professional advice.

The Business Anarchist - How to succeed in Business or start a new Business up

2010-01-05T16:12:00.002Z

We are creeping steadily towards the 17th of January when I host my first 'Business Anarchist' Seminar of 2010. to be held in London (for details and tickets go to: http://www.thebusinessanarchist.com/) I must say I am greatly looking foward to meeting new business people and old friends alike.

The seminar will be my usual brand of hard hitting, pull no punches style. The idea of this particular day, is to help new and established entrepreneurs, survive and prosper through these difficult times. We will cover initial start up of your business, through to funding, control of your debtor/creditor position, sales and marketing, the internet and working from home on a strict budget. Even with all the disasters around us it is still exciting to run your own business.

We live in a rapidly changing world, the trouble is most of us just don't realise it! There is no longer such a thing as a 'job for life'. We have to think about providing for ourselves and our families. We are living through the start of a new world order and have to start looking at the way we run our lives and businesses. I will encourage you to start looking at the way you run your business in the most profitable manner.

I am 63 this year and I still enjoy my business life, busy running three companies. I work 12 hour days and never have time to get bored. Business must be fun. I will teach you to face up to the challenges we all face in 2010 and help you make a success of your business. A friend said to me last week "Charles your one lucky guy" My reply was simple...if luck had anything to do with it I would be bankrupt! It is sheer bloody hard work and commitment.

One of my great pleasures in life, is to see young people succeed in business, my seminars encourage people to take control of their companies and private lifes. I hope to make lots of new friends on the day so come and say hello. Wishing you all a Happy, Healthy and Prosperous 2010. Charles

Starting a Business with Bad Credit or in Bankruptcy

2009-12-03T12:27:00.000Z

The Problem
It was never easy to start a business in the UK when you had a poor or bad credit file, and certainly almost impossible in Bankruptcy, but today with the insane attitude towards such clients by the UK Banks, it is now totally impossible.

The Solutions
But there are answers to this difficult problem, and certainly a number of alternatives.

1. The ‘Offshore’ Company By far the easiest way is to form an IBC (International Business Company), sometimes known in less politically correct times as an ‘Offshore Company’. IBC Companies, despite all the bad publicity, are perfectly legal as long as you declare any tax due to our friends at Revenue and Customs!

What forming an IBC Company does for you, in one single stroke, is allow you to open up a Bank account without a UK credit score. The best specialist Company who provide this service is Amanda J Molyneux & Company (tel: 01305 853310 website www.molybank.com). Amanda J Molyneux & Co provides a great package consisting of a Tax Free IBC Company with a Guaranteed Bank account with absolutely no credit score. The account is with a major European Bank.

2. The Nominee Director. Another alternative to the problem is to use a nominee Director or a family member to enable your new business to open a UK Bank account. Of course this can only be done if the Company is a Limited Company. This option is not available to Sole Traders.

The Business Anarchist 1 day seminars cover all these issues in detail and will ensure you can start your new business on a sound footing – more details here