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Are staycations the best family choice for 2018?

Elliot
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Are staycations the best family choice for 2018?

“Staycation: a holiday that you take at home or near you rather than travelling to another place” is the definition from Cambridge Dictionary.

Since the Brexit referendum in 2016, there has been a 25% rise in those deciding to take a Staycation rather than travel to neighboring European countries. The main reason for this is the poor exchange rate from pounds to euros as a result of the referendum outcome. Holidaymakers now get much fewer euros for their hard-earned sterling which makes travel, hotels, attractions and eating out much more expensive.

Looking closer to home, holidaymakers are contributing to a boom in UK holiday destinations that stretches from Land’s End to John o’Groats. With a bit of research, families and couples alike can find activity holidays, city breaks and even beach breaks that will create memorable experiences without breaking the bank.

There are websites, such as breaks.com, that are dedicated to researching UK city and coastal breaks to highlight places to stay, things to do and hidden gems that you would otherwise miss out on.

Taking away the travel expense of flights, baggage fees, airport parking, taxis and care hire allows holidaymakers to make the pennies stretch further. Using that money for days out, meals out or even to extend your stay without forking out more money! One of the main perks of a UK city break is that many museums and galleries throughout the country are free to enter. Whether you want to visit the Tate in Liverpool or the Science Museum in south west London’s museum hub then there is something for everyone.

The UK is steeped in history and is home to a capital city that attracts millions of visitors from around the world due to its iconic buildings, bridges and history and culture. With events on daily in major cities, search online to see if there are any music or theatre events on during the dates that you plan to visit. An event is a superb way to create extra special memories for the whole family.

If you are looking for some inspiration then start your search with the Lake District, Bath, Manchester, Liverpool and Cornwall. Make 2018 the year of the staycation!

How can you protect your precious gadgets

Elliot
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0
How can you protect your precious gadgets

In the past twenty years technology has completely revamped the gadgetry and paraphernalia we carry when travelling to work, the pub or school. In the 1970’s the most any man would carry was a wallet, a comb, car keys and perhaps a briefcase. Fast forward and our pockets would bulge if it wasn’t for smart clothing and bluetooth accessories.

I’ve lost the keys to the house before and I’ve lost a mobile phone too. Did you know the average person carries with them three to four digital devices wherever they go? This might include a mobile phone, a handheld gaming device, a smart watch, MP3 player and wireless headphones / earbuds, the lack of cable meaning it’s even easier to forget one or t’other.

Until some clever chap invents a device which can tag other devices and give a proximity alert if you walk more than a metre away from them – well there’s always the Tile Item Finder, protecting these quite often invaluable devices is paramount. Not only is it costly to replace the units if lost or damaged but the data inside is probably more important; photographs, videos of memories, contacts and so on.

In an age where you may also carry flash drives, portable chargers, laptop or an additional tablet, or more niche but increasingly popular smart pens and fitness trackers. How do you protect electronic devices when you’re out about? How is it possible to keep all these items and more secure, and if lost more easily found?

I know what you’re thinking, one way to go about it is to insure your product, for instance if you are buying a mobile phone on the shelf in the store, you should ask if they would cover your phone for lost or stolen, if you are buying online you can always opt for insurance while checking out, you can also opt to insure your mobile phone with the third party insurance companies. Though if you have tried to get an Apple product fixed by a third party and outside of the in-house servicing you should discuss the details and make sure you are not signing up for an expensive deal.

They are popular because they are designed in pretty colours and attractive fabrics and materials but a protective case for your mobile phone, laptop and table is still the most secure addition you can envelop your device with. Protecting against impacts and drops. Gorilla glass can break, and mobiles sink fast in a toilet.

If you walk through my home with a UV light and check all my electronics you’ll will find a number on the back and my name. These have been marked with a Security Marker Pen. Ink which is invisible to the naked eye until introducing a little Ultra Violet light. While it may not prevent a theft, it will allow the police and others to identify stolen goods.

Other ways to keep your devices safe are, keeping them out of the way of temptation and don’t leave devices on a table top, in a back pocket and don’t use full light on a mobile phone screen at night. Consider attachments that lock your devices to a belt while in the pub or desk while at work. If a device does get stolen consider software that both locates via ringing or GPS and wipes drives should such an action be necessary as soon as it is turned on, password broken or comes into wifi range.

Lastly, while cash is still king, banks and businesses are pushing the use of debit cards with swipe payment in the form of RFID chips without really considering how secure your money is. Did you know that thieves can walk past you with an electronic device, pretend they’re a shop and take an amount as you walk past? Investing in a RFID blocking slim wallet can do wonders for keeping your bank balance maintained.

What really happens in an economic minute?

Elliot
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0
What really happens in an economic minute?

With the UK economy continuing to be volatile, inflation increasing and uncertainty surrounding Brexit, Solution Loans analysed exactly what happens in an economic minute in the UK.

Looking at areas including personal debt, household income and expenses, as well as Government spending they’ve created a 60-second snapshot of our nation’s finances.

As a nation we continue to purchase on credit, racking up a whopping £60,312 every 60 seconds in consumer car credit – that’s £1000 a second. While students go £20,396 further into debt, the UK’s consumer credit bill increases by £14,346 each minute.

We’re continuing to take out more credit while meeting existing interest payments, to the tune of £94,910 every single minute of every day.

When it comes to household spending, £30,649 leaves the nation’s wallets every minute to be spent on alcohol, tobacco or narcotics, compared to just £19,358 on health. With the cost of food continuing to increase we’re spending £152,706 every minute just to feed our families, as well as £194,916 on housing expenses and to meet rising costs of energy and fuel.

The gap between the highest earners and the rest of the country continues to grow. While the average UK household brings in just 5p every minute, a CEO of a FTSE 100 company would earn 170 times more at £8.50. In that same period, £323,439 is being held in off-shore tax free accounts – over six and a half times the amount the entire country pays in mortgage debt each minute (£47,716).

It’s not just ordinary people that continue to borrow, the general Government Gross debt is increasing by £129,556 every minute, while the Pension’s Deficit also increases by £922,849. Interestingly there is £23,592 of benefits left unclaimed every minute of every day.

 

Credit: http://www.solution-loans.co.uk/blog/moneyminute/

2018 for Trade Finance in Africa

Elliot
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0
2018 for Trade Finance in Africa

Just a couple of months ago, the Asian Development Bank reported a $1.5tn USD trade finance shortfall, that is, thousands of businesses needing access to finance to export or import overseas could not access finance. Given that trade accounts for roughly 7% of total global GDP, it’s a big issue. But what does this mean for Africa, and what does 2018 look like for trade finance?

Is Africa the new player on the block for trade finance?

Trade finance is the umbrella term for the financing of goods, products or services overseas, incorporating many finance structures and other services such as insurance and foreign exchange.

Global growth tends to be focused on Asian markets, yet according to the African Development Report, Africa has seen huge growth, over 2% consistently in the past 20 years, thanks to a surge in imports and exports, trailing just behind Asia.

80% of this trade is outside of the continent, to the EU, US and China.

Trade finance is critical to Africa’s growth, given it’s reliance on intra-regional trade, yet according to the Asian Development Bank’s report on 45 African countries, there is a significant deficit in trade financing from international banks.

Why is there a shortfall of trade finance provision in Africa?

  • Underdeveloped banking infrastructure – trade finance relies on law firms, advising and confirming banks, sophisticated risk assessment and risk mitigation processes, insurance and legal infrastructure in order to function smoothly, much of which is still at infancy in many African markets
  • Poor creditworthiness – despite the presence of local banks in Africa, their ability to assess risk when issuing a Letter of Credit, banks still reject around 10% of trade finance applications
  • Lack of US dollar liquidity – because many local African banks have low foreign exchange reserves in their local currency, access to capital and liquidity is a barrier for trade finance with international banks
  • Retraction from risky markets – due to the perceived risks around trade finance and working in riskier markets in Africa, many global banks are shrinking their presence in countries such as Zambia, Nigeria and Tanzania which is preventing those markets to access trade finance

The result of the above is a general lack of trade finance for African business, and now the World Development Bank and African Development Bank are driving initiatives to counter this, by introducing measures, sharing financial risk and incentivising banks and funders to finance trade.

Why is 2018 an opportunity for growth in Africa?

Both private and public initiatives are continually driving trade finance in Africa, given the size of the economy and its growth through trade.

Speaking to James Sinclair at Trade Finance Global, they have marked Africa as a gateway for trade and hub for export growth in 2018:

‘The rise of alternative funders in the trade finance space who are looking to bridge the $1.5tn USD trade finance gap are slowly taking market share due to the profitability and opportunity related to trade financing.

‘When you look at the data, trade finance has in fact one of the lowest default rates of commercial and consumer finance products, yet yields high returns, especially when you take into account the potential for cross sell and the lifetime value of customers. Once more sophisticated KYC / KYG and AML infrastructure is established within Africa’s banking system, we will see liquidity flow into these markets as investors seek (less risky) higher returns by financing African markets to trade internationally. These ecosystems are starting to establish in Lagos, Cape Town and Nairobi, and we don’t see it stopping.’

Deutsche Bank recently announced a new head of trade to assist African growth through its Lagos operation, as a key focus for trade finance growth between the EU and Sub Saharan Africa.

Standard Bank and Barclays are also leading the way in Africa through Blockchain technologies facilitating trade finance.

Another revolution in Africa is the rise of financial technology (fintech) platforms and smart contracts which have been earmarked to disrupt trade in 2018.

The nimble and agile fintech companies are helping bring down the ever increasing compliance / know your customer costs involved with trade finance.

Despite the inherent barriers to entry around access to liquidity, banking infrastructure and risky markets within Africa, we see a rise of fintech platforms facilitating and disrupting many areas of trade finance, and the support from Development Banks gives hope to making 2018 the year of trade for Africa.

Save money when buying auto parts

ABC Staff
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0
Save money when buying auto parts

Auto parts can become rather pricey, especially with having to constantly update them, and make sure that you are not missing anything. Just one small part missing from your car can change everything.  But what can you do? How can you save money when buying auto parts?  Well, you’ll be pleased to here that you really do not need to such an expert on cars and trucks in order to save tons of money on repairing and maintaining your car. However, having just a small amount of information and knowledge on how this whole auto part industry works can help save you a ton of money! See here how and start putting that hard earned money to better places.

For one, what you can do to start out is to read the owner’s manual of your vehicle. Even if you are not the biggest fan of reading, this is the one thing you are going to want to make sure to invest the time in reading.  Owner’s manuals often tell you when the manufacturer of the vehicle suggestions when to give it some maintenance updates. By reading, you’ll find out exactly when the best time to spend some money on your car is, and also how to do it in the best way possible.

Another very useful way to save money on your auto parts is to find yourself a highly reputable auto repair shop.  You can look for recommendations through others, such as your family members, friends and even your co-workers.  They are most likely to have a specific shop that they like and trust, and have been going to for several years and have been getting results they are satisfied with. It can also be useful to look for a shop that specializes specifically in your make of car.

Any good auto repair shop will have certified technicians that are in house and ready to help you. Most good car technicians should be certified in at least one of the eight car repair categories. These include, Brakes, Steering, Engines and Suspension, and are given their certification through the ASE, the Automotive Service Excellence.  In order to make sure you will not waste money on parts and other car maintenance, it is important to check which training the car technicians have, and that they know what they are doing. It is also useful to note that the cleanliness of the floor area plays a large role in the service they will provide. If the shop is dirty, full of trash bags and dirty rags, you probably are better off not having them work on your car.

Preventive maintenance is another great way to test out a shop and see whether or not you should invest in their services. Go in to the shop when you want an oil change, which is one of the best steps that you can be taken for preventive maintenance. It is also a perfect chance to speak to the technicians and ask the right questions that you learned to ask by reading your car’s manual.

If a shop gives you an estimate of how much their services will cost for what you need, ensure that they can provide you with a detailed list that is for your own car and that it matches up with the current mileage on your car.  If for whatever reason their quote is too expensive for you at the moment, find out which services are the most crucial, and cut the list down to what is comfortable for your budget.  It is also helpful to consult with a friend or someone else that you trust and believe is knowledgeable in this field.

There are even some websites that can give you estimates and what the usual charges for car repairs are in your area. These websites such as RepairPal and AutoMD provide a large range of reasonably priced estimates based on your location. Based on the lowest price and the highest price, you can find out what a fair price is considered for a specific service. Another great saving tip for private number plates, use leading private number plate brokers, they often have the best prices.

After your car has been started up, check if the engine light goes on, and if so, it is important to check it as soon as possible. Even if it is something that seems quite simple, it could turn into something more problematic, and expensive.  Have your car towed to your repair shop in order to avoid engine damage.

One thing that you can in fact check on your own is that the gasket is in place on the underside. All you need to do is remove the fuel filler cap, and make sure that you replace it tightly.  If the cap was not tightly screwed back on then the warning light will go off once you restart the engine.

And always keep in mind, that you do not need to run to a repair shop right away, Sometimes, you can the work yourself, such as changing the wiper blades or changing the air filter of your car. Just make sure you buy the right kind, the shop should be happy to help you.

How Payday Loan Regulations Differ Between Countries

Elliot
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0
How Payday Loan Regulations Differ Between Countries

Certain things are universal — popular and widely used not only in the UK, but around the world.

Payday loans are one of them. Since the 2008 financial crisis, payday loan usage has risen both in the UK and in the United States, with US-based lending outlets outnumbering Starbucks and McDonald’s in the wake of the economic downturn.

In the UK, an estimated 40% of young people have used either payday loans or pawn shops as a source of credit, part of a rising trend in borrowing.

Despite the growth in payday loans on both sides of the Atlantic, there are several differences in regulation between payday lenders in the USA and UK. Below, we’ve listed some of the biggest differences in lending culture, regulations and payday loan usage.

In the USA, loan regulations occur primarily at the state level

Not surprisingly, many payday loan-related regulations in the USA occur at a state level, rather than at a federal level. This means that lenders are often subject to local rules — a lender based in Florida, for example, may face different regulations from one based in California.

In many parts of the USA, lenders and borrowers face significant restrictions designed to limit problematic borrowing.

For example, in California, the law states that lenders can provide a maximum of $300 (approx. £225) to borrowers per loan, and that fees are capped at a maximum of 15% of the value of the loan. There are even more restrictive fee rules for loans made to members of the military.

In Florida, the limit for a payday loan is $500, with borrowers able to take out one loan at a time for a period not exceeding 31 days. Loans and borrowers in Florida are tracked via a statewide database, allowing the state government to monitor borrowers’ usage of payday loans.

In some states, payday lending isn’t allowed at all. For example, New York does not allow any form of payday lending, and advises consumers in need of credit to consider alternatives such as credit cards or a salary advance.

In the UK, loan regulations are implemented at a national level

In the UK, payday lending regulation is very different. Instead of state laws regulating payday loans, loans governing payday lending are made at the national level by the government.

This means that payday lending regulations are consistent across the UK, with lenders in all regions held to the same  standards. Payday lending in the UK is regulated by the Financial Conduct Authority (FCA)

Prior to the  FCA  , payday loans in the UK were regulated by the Office of Fair Trading (OFT).

Regulations from the FCA require UK payday loan interest rates to be capped at 0.8% per day, with a maximum default fee of £15. There is also a 100% cap on total costs, meaning a loan of £200 cannot cost more than £400 in total repayments.

If you’re based in the UK, you can view interest rates and apply for payday loans online using a lender such as Mr Lender.

In closing, while payday loans are widely used in both the USA and in the UK, each country has very different regulations. In the UK, payday loans are regulated nationally, while state-specific regulations mean the industry is managed on the state level in the United States.

Beat the January blues this month with these top tips

ABC Staff
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Beat the January blues this month with these top tips

Christmas is over, New Year seemed like a lifetime ago, your bank balance isn’t looking too healthy and nor is your figure and to top it off, you are back at work. And, if you’re anything like us, then getting up and out of bed in these dark January mornings is more difficult than ever with your motivation levels are at an all-time low. So, with Blue Monday (the most depressing day of the year) behind us, our friends at Simply Education the leading education recruitment agency, have put together some top tips to help you start the year on a more positive note and look forward to the rest of 2018.

There’s no question about it, ditching bad habits and adopting good ones can be incredibly challenging. We are all a little stuck in our ways and change can feel difficult to incorporate in our lives without a little bit of guidance and help. The key is setting yourself up for success.

As you read through these top tips, really try and think about how they could be applied to you and your lifestyle. Think about your weaknesses and strengths and how in 2017 you might have handled things differently, what you would have changed and what you wouldn’t.  You then try to apply the following tips and tricks to your life plan in 2018 and make you’re that you are looking forward to the year ahead whether it is your work life, personal life or a life you’re hoping to create for yourself in the next 12 months. There is no time like present!

Seeking Advice for Making Financial Investment

ABC Staff
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Seeking Advice for Making Financial Investment

If you have earned enough money in your life then you are probably thinking about investing in some attractive venture. However, if you do not have any previous knowledge about investing you might get confused by the so many things that need to be considered. In that case you should seek a professional advice from expert financial advisors that will be able to point you out in the right direction. That way your funds will be spent much better and you will increase your chances to earn profits in the future

When you plan to invest, first thing you need to do is to give your financial advisor a clear picture about your finances

Today a lot of people are investing in the financial market, which is very attractive place for investing and generating income. However, they are not doing that all by themselves, but they get help from people who know the sophisticated details of these markets. You need to have a quality financial advisor at your side with which you can work together on creating a good plan for making some investments. No matter whether you are thinking about investing in a new youtube mp3 business or something else, you surely need to surround yourself with good people.

Independent financial advisors and other experts have proper knowledge and know different strategies about how to approach different investment markets. They can offer you a quality advice of which you can benefit a lot. They can guide you throughout the entire process of financial investing and can help you with all your investment projects. They are always on the look for good investment possibilities, so make sure you follow their advice if you want to be successful investor.

When you plan to invest, first thing you need to do is to give your financial advisor a clear picture about your finances. Make sure you tell him your main idea and what you want to achieve. That way they will be able to create the best strategy for your needs and will know what should be done and what should be avoided. Never risk your money by planning everything by yourself, because if you hire experts you will benefit long-term. Together you can set some financial targets to achieve and think about different projects for making investments. Your financial goals will be much more achievable with the insight and help of a financial expert.

Today you have many options and possibilities when it comes to making investments. The rapid development of modern technology has contributed to opening of many new business fields and investment opportunities. You might get overwhelmed with so much information available out there, so do not risk anything and hire a financial professional to guide you. Talk openly about different aspects and details regarding your investment and go step by step. Proper financial planning is crucial when it comes to investing on the market. With a good financial plan, achievable goals in sight and different strategies applied, you will surely reach success in due time. Consider your needs and hire a financial advisor for making valuable and profitable investments.

5 tips to increase your personal finances

Elliot
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0
5 tips to increase your personal finances

With life seeming to get more expensive almost by the minute – the majority of us would enjoy having a little more cash to line our pockets. There are lots of ways to improve your personal finances without having to spend every waking minute at work. Today we’re suggesting five ways to make some extra money in 2018…

1. Have a flutter

Are you constantly beating the boys on poker night? If so, that skill could see you win big, if you know where to play. Websites like the World Series of Poker are a great place to start out in the world of online poker. Always play for free until you feel confident enough to play for money. It’s good to set a budget, so you never over-spend, and treat it like a job – dedicate a certain number of hours to it a week and cash out every win.

2. Special delivery!

All you need is a bike and a smartphone and you can commence a lucrative side-career as a delivery rider or driver. Apps like Deliveroo are always on the hunt for new drivers, as are places like Dominos. You’ll be able to choose hours that work around the rest of your life and can make a decent wage – plus, if you’re cycling, just think how fit you’ll get!

3. Share your wisdom

Do you have a specific set of expertise that you could share online, via articles, an ebook, or perhaps even an online course? Although writing a book or course materials will take a while, once it’s up and out in the world, you’ll be able to earn a steady stream of additional passive income for years to come. On Amazon, you earn 70% of the sales of your ebooks – which is far better than the traditional publishing route!

4. Become an extra

Have you always fancied rubbing shoulders with the stars? If so, being a film or TV extra would be a dream come true. There are lots of agencies out there supplying extras to sets – jobs are flexible and all sorts of people are needed. While it involves a lot of waiting around, you often get to wear fun outfits and the day rate is a welcome addition to the piggy bank.

5. Sell, sell, sell!

They say, ‘clean house, clean mind’, and we tend to agree. If you have lots of music, CDs, DVDs, electronics and even clothes clogging up your drawers and shelves, you should sell them and make some cash. There are lots of great sites online that allow you to flog these items, or you could go the traditional route and hold a garden sale or take a stall at a local market. One person’s trash is another person’s treasure after all!

What could paying too much tax cost a business?

ABC Staff
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What could paying too much tax cost a business?

Paying tax is something that all businesses have to do, ensuring that you pay the right amount is crucial as overpayment can put some businesses into financially precarious situations.

Understanding what to do in order to ensure you pay the right amount of tax, and knowing what steps to take if you think you might have paid too much are key to avoiding potential financial difficulties within your business.

Ensuring you pay the right amount

Businesses pay tax based on their taxable income or profits. There are a number of ways a business can ensure they pay the right amount, including:

  • Tax relief – for smaller businesses it is important to be aware of the different aspects of tax relief which are available. These can vary depending on your businesses size, sector and location.
  • Tax deductibles – much like with tax relief there are a range of tax deductible items which businesses can list in order to lessen their tax bill. For example, the self-employed, particularly those who work from home, being able to claim the energy costs associated with work as tax deductible.

One way to help ensure you don’t over pay on your taxes is to enlist the help of a qualified accountant.

An accountant, while potentially costly, can help you fill out any paperwork, help with tax self-assessment and ensure your tax bill is calculated as accurately as possible.

Ignoring the potential to reduce the amount you pay in tax can leave you paying more than you need to. For smaller businesses, this can lead to a variety of problems, hindering cash flow, slowing growth and preventing you from investing in your own business as much as you’d like.

What if you pay too much in tax?

If you suspect that you might have paid too much in tax, either by reviewing your financial information for the year and discovering something you’ve overlooked, or because your tax bill seems higher than other years for example, it is important that you take steps to at least double check you haven’t left your business out of pocket.

Seeking advice from a tax expert such as Brian Alfred can help you to work out if you might qualify for a tax rebate and help you to make a claim to HMRC.

Working with a tax advisor can help you work out what you may have overlooked when filing your taxes and point you in the right direction to recoup some of what you paid in tax.

While the amount will vary on a case by case basis, smaller businesses and sole traders are likely to benefit from the extra money, especially if it can be reinvested back into their business, helping to offer improved services, promote itself or fund future expansion.

Giving yourself time to focus and ensure that you fill in a tax return correctly and in good time to avoid rushing and potentially overlooking possible deductions or tax relief options open to you, can help your business to save money and avoid overpaying on your tax bills.

 

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