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haringdyke · 4 years

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How to Generate Business Ideas Through The Brainstorming Technique

Generating promising business ideas isn't easy, especially if you're alone and you do not know how to start doing it. However, through brainstorming, you can come up with great ideas that could lead you to begin a terrific business. Brainstorming is just a method of producing a group of individuals to consider something the exact same time, usually with a goal of solving a problem or producing good thoughts.

If you're really stuck and you can't generate decent business ideas independently, you can engage your colleagues to encourage you. Do not forget that the combined brainpower of a bunch of individuals, coming together to deliberate on a specific problem, can spark off ideas and solutions better than you working independently. I'd so like to share with you some of the suggestions on ways to use brainstorming to create good business ideas.

1. The first issue would be to scan the environment to identify the issues that will need to be solved along with the demands that people have. As you're the one spearheading the whole exercise and the principal beneficiary, you should have the ability to pose the problem to the group.

2. Secondly, identify people which are going to be a part of the brainstorming group. The way to identify them all depends on you and the people you surround yourself. The identification method is followed by an invitation for them to take part in the exercise. You may engage your friends; state on Facebook, to take part in brainstorming. You can even carry out online surveys.

3. Get as many ideas as the group could create. The more ideas generated the better for you. No thoughts should be blocked. All ideas should be permitted whether good or bad, whether wise or foolish. All members must be left free to develop ideas which are as funny or as absurd as you can. Bear in mind that all ideas are great because from the poor or silly ideas, good ones can be found. In any case, the term"GOOD" makes sense since there's also"BAD".

4. Respect all thoughts from the folks in the group. By regard, I mean you need to respect them as precious and you should therefore avoid criticizing them or assessing them. It can spoil the entire process and people become uncomfortable distributing openly what they have in their thoughts. In the brainstorming stage, all ideas are equally valid. It is therefore a good practice to keep enjoying each and every member of this group that generates a notion.

5. Do not repeat ideas previously mentioned. While I say this, I don't mean that if one repeats an already mentioned thought, you stop them. It will sound as if you are just too much restrictive. And that doesn't bring out the expected benefits. What you need to do, when somebody repeats an idea, would be to use the identical notion to jump into other new ideas. You use it as the foundation for to other new ideas.

6. Clarity is important in creating business ideas. Ideas shouldn't be complex and detailed. Individuals shouldn't inform winding stories that end up making people confused and eliminate time. Members need to be properly guided to precisely and concisely bring out their thoughts.

7. Avoid being judgmental. When you do that, it will obviously have a negative effect, especially on shy individuals or on those that are not knowledgeable about the thought of letting their thoughts flow and expressing them openly. You'll be spoiling the entire procedure.

Finally, I want to remind you that in the event you've been finding it hard to generate ideas to begin a small home business, consider applying this technique of brainstorming. It can work wonders for you. Don't suffer alone when you're surrounded with a number of resourceful people and when you can also get them over the internet. Wish you good luck!

Good Business Ideas For The Home Business Entrepreneur

The notion of creating an income from home is very attractive, especially when you've got the drive and ambition to start your own business. However small or large your entrepreneurial dreams, there are loads of great business ideas to be explored.

Forget the"Get Rich Quick" schemes or the promises of steady income for very little time commitment and"all you need to do" is invest in an upfront program (if something appears to be too good to be true, it likely is), and concentrate on making your own business doing something you love. When there are great business ideas which have made money for some you want to discover a business that excites and energises you. With the proper motivation and a solid business idea you will have the tools for success, and the ability to continue with your business over the long run.

Superior business ideas for home business entrepreneurs fall into three broad classes:

1. Virtual Services

With the gigantic growth in outsourcing of certain tasks or tasks, there are lots of opportunities to provide your services virtually. This means that you can work at home and provide services like admin, writing, marketing, design, information technology or social media to businesses. Either on a project basis or as their digital PA (personal assistant), marketing officer or social networking expert.

As a digital PA you'll handle all of the tasks a PA would, logging costs into a spreadsheet, booking trips, organising calendars, booking training, preparing materials for presentations and events, but based at your home.

With systems and tools like google Docs, Dropbox and other online sharing programs, it is easy to share information and supply spreadsheets, documents and reports remotely to your customers.

As a freelance writer you may offer to write reports, articles, edit articles, post blog comments, manage forum marketing, provide blogging, tweeting or HubPages content, the choices are limitless.

In case you have knowledge of SEO (search engine optimization ) you can offer a service building traffic to your customers' sites and blogs.

Locate clients by promoting your services on a Facebook fan page and by contributing to relevant discussions on Facebook, forums and blogs. Or you can discover freelance work through websites like Elance, Guru or PeoplePerHour.

2. Local Services

Use your skills and expertise to provide services to local businesses. In case you have even the most elementary marketing, online or social networking skills you can offer to be their marketing or social networking expert. Charge on a per job, hourly or monthly retainer speed, depending upon your regional market and the experience you're offering.

Many regional businesses are great at what they do but struggle to find new customers and market their business effectively online. Stop in and talk to some regional businesses and show them the way to help them get more customers, by enhancing their online marketing or social websites.

A good suggestion is to get the regional newspapers, church, school and parish newsletters and determine which firms are advertising. Contact them and talk to them about ways to help them get more business, or spend less.

3. Online Business

Online businesses are flourishing as demonstrated by the explosion in the numbers of individuals online and using Facebook. Home business entrepreneurs are discovering opportunities online like never before. Begin with a hobby, skill or something you feel passionate about and look at ways to generate income from it.

Superior business ideas include becoming an infopreneur. Create information products to discuss your ideas and experiences with others to help them resolve a problem, or fulfill a need. This can be by means of a blog, forum or community site, membership website, ebooks, reports, newsletters or online training.

Information can be given in downloadable formats so clients receive the information they want straight away, and you make money each time your merchandise is downloaded.

An information business isn't hard to set up, low risk and you can test your ideas on a small scale prior to producing more comprehensive products. Promote affiliate products to check your market or make money selling goods on eBay or Amazon.

If you are selling physical products that you may use drop-shipping to automate the fulfilment and shipping of your goods so you don't need to take care of products. The drop-ship company will handle the invoicing, payment and shipping of the goods. All you do is promote the product to the client.

The aim with an online business is to automate as much of it as possible, so you set up the systems and leave them to operate. That way you will have a truly automated business which makes money even while you are sleeping or away on vacation.

I'm a huge fan of small niche websites which you set up and forget. They will not make you rich but you can create as many little niche sites as you like and multiply your income. A niche site will concentrate on solving a single problem for a particular market, such as weight loss, caring for bearded dragons or betta fish, or eliminating acne.

Superior business ideas are all around. Start looking at the possibilities everywhere you go. See what the hot topics are in magazines and newspapers, listen to what people are talking about (or whining they are missing) and begin with your own home business now.

#business #good business ideas #business ideas #online business #business entrepreneur #home business entrepreneurs #generate business ideas #brainstorming business

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freenewstoday · 4 years

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New Post has been published on https://freenews.today/2020/12/18/us-military-service-members-likely-to-pay-double-in-fica-taxes-for-deferment-payback/

US military service members likely to pay double in FICA taxes for deferment payback

Service members in the U.S. military will get a rude awakening in the new year when they see their taxes increase over four months to pay back a deferment given to them back in September.

President Trump’s payroll tax deferral policy was intended to provide financial relief and was applied automatically to some U.S. military salaries.

The deferral was automatic for civilian employees with wages less than $4,000 per pay period and service members with a monthly rate of basic pay of less than $8,666.66, according to the Defense Finance and Accounting Service. There was no opt-out option for civilian or military employees.

MILITARY MEMBERS UNABLE TO OPT-OUT OF TRUMP’S PAYROLL TAX DEFERRAL

FICA taxes, which fund Social Security and Medicare, were deferred from the payroll tax, which is paid separately from federal income taxes. The executive order applies only to the Social Security obligation of 6.2%. Unless the deferment is forgiven by Washington before the end of the year, many service members will be forced to start paying a total of 12.4% on Jan. 1.

Veteran and military advocate Garrett Cathcart said the increase in taxes will put a strain on service members and their families who are already feeling the financial squeeze from the effects of the COVID-19 pandemic.

“It was well-intentioned, right,” Cathcart, a U.S. Army veteran who now serves as the executive director of Mission Roll Call, told Fox News. “How do we help service members and federal employees out during this COVID pandemic? But it was a FICA tax deferral and so service members had no choice. It was applied automatically.

“A lot of folks never even knew what happened. And starting Jan. 1, federal taxes will double to call all that back.”

Cathcart and his organization are calling upon lawmakers in Washington to lift the mandate on baying back the taxes before the end of the year.

“It’s kind of common sense,” he says. “Let’s not have them pay taxes, but then, you know, because of Congress not acting and not working with the executive, now we’re going take it all back.”

“It’s one of that kind of wonky, bureaucratic thing. But at end of the day, it’s you know, the young soldier is the one we’re going to get hurt.”

Cathcart said Mission Roll Call surveyed nearly 900,000 veterans and discovered that nearly 90% agreed that their paychecks should not be docked by the IRS.

“We’re trying to keep the government open, but this should be one thing everyone should agree on,” he said. “I kind of feel like Uncle Sam is being a Grinch right now before Christmas.”

Officials for the IRS did not immediately respond to requests for comment.

President Trump said back in September when he enacted the order that he would likely forgive all deferments, but only if he was reelected.

Officials for President-Elect Joe Biden’s transition team did not immediately respond to a request for comment.

Back in September, a group of over 20 senators urged the Trump administration to allow federal workers and military service members the option to opt out of the deferral.

“Federal workers and service members should not be used as pawns for a payroll tax scheme that many private sector employers are unlikely to join and where key questions remain unanswered,” the senators wrote in a letter addressed to Treasury Secretary Steven Mnuchin and Office of Management and Budget Director Russell Vought.

SENATORS URGE TRUMP ADMINISTRATION TO MAKE PAYROLL TAX DEFERRAL OPTIONAL FOR FEDERAL WORKERS

Active service members tell Fox News the increase in taxes could make things tough for military families.

“Having a tax deferment didn’t help or hurt me,” a US Army major based in Kansas told Fox News. They asked that their name not be published due to media restrictions placed on service members.

“Majors, lieutenants, colonels, even some captains, really should be unaffected by this because they make enough money, and they tend to be a little bit better educated with how to handle money. When this happened in September, my gut reaction was this is going to crush junior enlisted soldiers.”

“A private that makes six hundred dollars a month before taxes like an 18-year-old kid — maybe a little bit older — they don’t know how to manage their money,” the major added. “So, the fear is that when the payroll tax comes back, and everyone has to pay it back. In an ideal world, everyone has kind of had that money sitting in a savings account just to give back to the government. But that’s not the case. “

Fox News’ Megan Henney and FOX Business’ Brittney De Lea contributed to this story.

Source

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officedistrict1 · 4 years

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How to invest in Vietnam – Taxation

The tax system in Vietnam includes the following main taxes:

Corporate Income Tax (CIT);

Import – Export Duties;

Value Added Tax (VAT);

Special Sales Tax (excise tax) or (SCT); and

Personal Income Tax (PIT).

Each of these taxes is administered by the General Department of Taxation (Ministry of Finance) minus import and export tax (General Department of Customs). In Ho Chi Minh City, the Tax Department is responsible for collecting taxes and settling taxes. Customs will be responsible for import and export taxes.

1. Corporate Income Tax

Enterprises that produce and trade in goods and services and earn income are subject to CIT. The standard CIT rate is 25%. 10% and 20% preferential corporate income tax rates for businesses investing in geographical areas with socio-economic difficulties, economic zones, or high-tech parks or in encouraging investment sectors. Encourage for a certain period of time. When the preferential interest rate term expires, the CIT rate usually returns to the standard tax rate.

We illustrate in the table below the preferential tax rates and CIT conditions.

The duration of application of tax rate incentives is counted from the first year an enterprise has turnover.

The tax exemption or reduction duration is counted from the first year an enterprise has taxable income; In case the enterprise has no taxable income in the first three years from the first year of turnover, the tax exemption or reduction period is calculated from the fourth year.

In addition, businesses will be exempt from corporate income tax in the following cases:

Production, construction or transport businesses employing a large number of female workers are entitled to a reduction of the corporate income tax at the additional cost for female workers.

Enterprises employing a large number of ethnic minority laborers are entitled to a reduction of corporate income tax at the additional expense for ethnic minority laborers.

2. Import and export duties

2.1. Export duties

Exports are encouraged and therefore, most exported goods and services are exempt. Export duties are only calculated on a few items, which are basically natural resources such as minerals, forest products and scrap metals. The ratio ranges from 0% – 45%.

The price for calculating the export tax is the Free-On-Board (FOB) price of the invoice.

2.2. Import duties

a. Goods subject to import duties

Typically, all goods that cross Vietnam’s border are subject to import duties. Especially:

Goods imported through Vietnam’s border gates by road, river, seaport, international railway, international post office and other places where customs procedures are carried out;

Goods transferred from the local market to non-tax areas or vice versa; and

Other goods allowed for trading or exchange.

The following goods are not subject to import duties:

Goods in transit and transport by mode of border gate transshipment via Vietnam’s border gates or borders;

Humanitarian aid goods, non-refundable aid goods;

Goods imported from abroad into non-tariff areas and only used therein;

Goods brought from another non-tariff area.

b. Import duties rates

Consumer goods, especially luxury goods, are subject to high import duties, while machinery, equipment, materials, and supplies necessary for production, especially those that are not domestically produced, enjoys lower import duties, or even a 0% tax rate. Tax rates on imported goods include (i) standard tax rates, (ii) preferential tax rates, and (iii) special preferential rates depending on the origin of goods.

The preferential duty (“MFN”) will be applied to imports originating from countries or groups of countries that have signed agreements with Vietnam to achieve the most preferred national position in trade relations. ;

Standard tax rates will be applied to imports originating from countries that have not signed an agreement with Vietnam to achieve the most preferred National position in trade relations. The standard-duty rate shall be applied at a uniform rate that is 150% of the preferential duty rate,

Special preferential tax rates apply to imports originating from countries or groups of countries that have signed agreements with Vietnam on special preferential import duties on the basis of free trade areas or customs union or facilitate trade exchange across borders. (e.g., the ASEAN Common Effective Preferential Tariff (“CEPT”) Scheme and the ASEAN-China Free Trade Area (“ACFTA”)).

c. Exemption from import duty

FIEs and foreign parties to BCC who invest in the List of encouraged investment or the List of specially encouraged investment are exempted from importing raw materials, raw materials and semi-finished products that have been produced domestically. manufacturing in preferential industry investment projects.

In addition, import duty exemption will be granted to other cases, particularly imported goods for direct use in scientific research and technological development and technologies that cannot be produced domestically and ( ii) raw materials, materials and components imported to produce projects on the Specially Listed Investment List or the List of Specially Encouraged Areas.

Imports used for export activities (raw materials and goods, intermediate inputs, finished goods used in the production process) are usually exempt from import duties; The tariff is not paid for the imported goods if the foreign-invested enterprises are located in the special export processing zones.

If foreign-invested enterprises are located elsewhere, they must pay taxes within 275 days from the date of importation and will be refunded the import tax paid upon the export of processed goods at the rate of exported goods.

d. Opening Bonded Warehouse by FIE

An FIE manufacturing products for export to set up “bonded warehouses”, in which import inputs for export processing can be kept in stock with import duties levied only on a fraction of unused inputs. in export processing.

Foreign-invested enterprises are allowed to set up bonded warehouses under the following conditions:

The warehouse must be located in an appropriate area of the city, allowing customs control (ports, airports);

Products in stock cannot be sold on the Vietnamese market and after paying the corresponding import tax; and

Stocked products in a bonded warehouse are damaged have to be re-exported or destroyed.

2.3. Customs Valuation

Customs valuation must be done simultaneously with the customs declaration of imported goods registered with the customs office. Customs valuation is calculated in Vietnam dong. The exchange rate for determining the customs value of imported goods is the average exchange rate announced by the State Bank of Vietnam.

The main basis for the customs value as prescribed is the transaction value of Argentina, which is defined as the actual price to be paid or paid for goods when sold for export to Vietnam subject to mandatory adjustment including ( or exclude) certain payments set out in (or from) such price.

The following customs valuation methods will be applied alternately in which the customs value cannot be determined based on the transaction value of imported goods:

The method of determining the customs value according to the transaction value of identical imported goods; or

The method of determining the customs value according to the transaction value of similar imported goods; or

The method of determining the customs value according to the deducted value (including the selling price in Vietnam market minus reasonable expenses and profits earned after import); or

The method of determining the customs value according to the calculated value (including costs and profits for producing imported goods but subject to some adjustments such as transaction value); or

Method of assumption.

3. Value Added Tax

VAT applies to goods and services circulated and consumed in Vietnam. VAT is collected through production, sales, and service provision.

When providing goods and / or services subject to VAT, the business must charge VAT on the value of goods or services provided. In addition, VAT applies to the taxable value of imported goods. Importers must pay VAT to Customs at the same time they pay import duties.

Applicable VAT rates are 0%, 5% and 10%, respectively. The 0% rate applies to exports of goods and certain services including sales to EPZs. VAT is calculated by multiplying the taxable price (net tax) by the applicable VAT rate. For imported goods, VAT is calculated by adding the import price with the import tax and special sales tax (if any).

The VAT system of Vietnam is also characterized by two types of VAT payers: the method of deducting VAT payers and the method of paying VAT directly. Most companies and business organizations are VAT deductible. This means businesses will have to pay the output tax (that is, VAT collected from their customers) after deducting the input tax (that is, VAT businesses have paid their suppliers). surname). Businesses must declare monthly VAT to the tax authorities. The tax authorities in turn will process tax returns and issue tax assessment notices to taxpayers. The payable VAT must be submitted to the State budget in the following month.

The direct method usually applies to small business households that do not keep appropriate accounting records (currently more than 1 million family businesses). For these businesses, VAT is calculated at a rate that is considered to be the total revenue.

4. Special Sales Tax (Excise Tax)

Special sales taxes are levied on the following products and services:

Cigarettes, cigars;

Spirits;

Beers;

Automobiles of less than 24 seats;

Assorted types of petrol, naphtha, reformat components, and other components to be mixed in petrol,

Air conditioners with a capacity of 90,000 BTU or less,

Playing cards,

Votive paper and

Some special services, including dancing halls, massage lounges, karaoke parlors, casinos, jackpots betting entertainment, golf, and lotteries.

Special sales tax rates range from 10% to 75%. Goods and services subject to special sales tax are also subject to 10% VAT. Special sales tax on imported goods is calculated on the basis of taxable import prices plus import duties plus VAT.

5. Personal income tax

Currently, the following individuals are subject to personal income tax:

Vietnamese citizens who are in Vietnam, or working or on business trips abroad;

Other individuals without Vietnamese nationality but residing indefinitely in Vietnam; and

Foreigners working in Vietnam.

The payers of personal income tax (“PIT”) are Vietnamese citizens and foreigners working in Vietnam, earning income. Taxable income includes salaries, wages, wages, bonuses, and allowances (excluding severance allowances that do not exceed the minimum level prescribed by law as discussed above). Below is the progressive tax rate table:

Unit: 1,000,000 VND

Foreigners residing in Vietnam for a total of 183 days or more for a period of 12 consecutive months from the first date of arrival, or in subsequent calendar years, will be considered tax residents in Vietnam. .

Foreigners staying for less than 183 days (please note that the arrival date and departure date together are counted as one day) for a period of 12 consecutive months after the first arrival date, or in subsequent calendar years, are considered tax-free residents in Vietnam. Residents are not subject to PIT with a tax rate of 20% on income derived from Vietnam in the tax year.

A foreigner residing in Vietnam for 183 days or more in a tax year will be considered a tax resident unless the tax treaties between Vietnam and other countries provide otherwise.

Foreigners or foreign individuals working in Vietnam are allowed to transfer their income abroad after income tax and other salary deductions have been paid.

Source: GOV

To find more about guide for business and investment in Vietnam, you can click here: https://lookoffice.vn/economy-business-investment/guige/

For Foreign companies want to start or expand businesses and look for an office in Vietnam:

We offer a free consultation to support you to find an suitable Office For Lease In Ho Chi Minh:

Phone: (+84) 398 716 459 – Available via Whatsapp/ Viber/ Zalo

Email: [email protected]

Facebook: https://www.facebook.com/lookoffice.vn/

published at https://officedistrict1.wordpress.com/2020/06/24/how-to-invest-in-vietnam-taxation/ or from LOOKOFFICE or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1

#Office For Lease In District 1 HCMC Vietnam

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officetanbinh · 4 years

Text

How to invest in Vietnam – Taxation

The tax system in Vietnam includes the following main taxes:

Corporate Income Tax (CIT);

Import – Export Duties;

Value Added Tax (VAT);

Special Sales Tax (excise tax) or (SCT); and

Personal Income Tax (PIT).

1. Corporate Income Tax

We illustrate in the table below the preferential tax rates and CIT conditions.

The duration of application of tax rate incentives is counted from the first year an enterprise has turnover.

In addition, businesses will be exempt from corporate income tax in the following cases:

Production, construction or transport businesses employing a large number of female workers are entitled to a reduction of the corporate income tax at the additional cost for female workers.

Enterprises employing a large number of ethnic minority laborers are entitled to a reduction of corporate income tax at the additional expense for ethnic minority laborers.

2. Import and export duties

2.1. Export duties

The price for calculating the export tax is the Free-On-Board (FOB) price of the invoice.

2.2. Import duties

a. Goods subject to import duties

Typically, all goods that cross Vietnam’s border are subject to import duties. Especially:

Goods imported through Vietnam’s border gates by road, river, seaport, international railway, international post office and other places where customs procedures are carried out;

Goods transferred from the local market to non-tax areas or vice versa; and

Other goods allowed for trading or exchange.

The following goods are not subject to import duties:

Goods in transit and transport by mode of border gate transshipment via Vietnam’s border gates or borders;

Humanitarian aid goods, non-refundable aid goods;

Goods imported from abroad into non-tariff areas and only used therein;

Goods brought from another non-tariff area.

b. Import duties rates

c. Exemption from import duty

d. Opening Bonded Warehouse by FIE

Foreign-invested enterprises are allowed to set up bonded warehouses under the following conditions:

The warehouse must be located in an appropriate area of the city, allowing customs control (ports, airports);

Products in stock cannot be sold on the Vietnamese market and after paying the corresponding import tax; and

Stocked products in a bonded warehouse are damaged have to be re-exported or destroyed.

2.3. Customs Valuation

The following customs valuation methods will be applied alternately in which the customs value cannot be determined based on the transaction value of imported goods:

The method of determining the customs value according to the transaction value of identical imported goods; or

The method of determining the customs value according to the transaction value of similar imported goods; or

The method of determining the customs value according to the deducted value (including the selling price in Vietnam market minus reasonable expenses and profits earned after import); or

The method of determining the customs value according to the calculated value (including costs and profits for producing imported goods but subject to some adjustments such as transaction value); or

Method of assumption.

3. Value Added Tax

VAT applies to goods and services circulated and consumed in Vietnam. VAT is collected through production, sales, and service provision.

4. Special Sales Tax (Excise Tax)

Special sales taxes are levied on the following products and services:

Cigarettes, cigars;

Spirits;

Beers;

Automobiles of less than 24 seats;

Assorted types of petrol, naphtha, reformat components, and other components to be mixed in petrol,

Air conditioners with a capacity of 90,000 BTU or less,

Playing cards,

Votive paper and

Some special services, including dancing halls, massage lounges, karaoke parlors, casinos, jackpots betting entertainment, golf, and lotteries.

5. Personal income tax

Currently, the following individuals are subject to personal income tax:

Vietnamese citizens who are in Vietnam, or working or on business trips abroad;

Other individuals without Vietnamese nationality but residing indefinitely in Vietnam; and

Foreigners working in Vietnam.

Unit: 1,000,000 VND

A foreigner residing in Vietnam for 183 days or more in a tax year will be considered a tax resident unless the tax treaties between Vietnam and other countries provide otherwise.

Foreigners or foreign individuals working in Vietnam are allowed to transfer their income abroad after income tax and other salary deductions have been paid.

Source: GOV

To find more about guide for business and investment in Vietnam, you can click here: https://lookoffice.vn/economy-business-investment/guige/

For Foreign companies want to start or expand businesses and look for an office in Vietnam:

We offer a free consultation to support you to find an suitable Office For Lease In Ho Chi Minh:

Phone: (+84) 398 716 459 – Available via Whatsapp/ Viber/ Zalo

Email: [email protected]

Facebook: https://www.facebook.com/lookoffice.vn/

Website https://lookoffice.vn/ published at https://officetanbinhhcm.wordpress.com/2020/06/24/how-to-invest-in-vietnam-taxation/ or from https://lookofficevn.tumblr.com/ or from https://lookofficevn.weebly.com/ or from https://lookoffice.wordpress.com/ or from https://lookoffice.blogspot.com/ or from https://officedistrict7.blogspot.com/ or from https://officedistrict7.tumblr.com/ or from https://officedistrict7.wordpress.com/ or from https://officedistrict7.weebly.com/ or from https://officedistrict7.tumblr.com/ or from https://officeforleasedistrict7.tumblr.com/ or from https://officeleasedistrict7.wordpress.com/ or from https://officeforleasedistrict7.weebly.com/ or from https://officedistrict2.weebly.com/ or from https://officedistrict2.tumblr.com/ or from https://officedistrict2.blogspot.com/ or from https://officedistrict2.wordpress.com/ or from https://officeforleasedistrict2.weebly.com/ or from https://officeforleasedistrict2.blogspot.com/ or from https://buildingd2.tumblr.com/ or from https://officeforleasedistrict2.wordpress.com/ or from https://officebinhthanh.blogspot.com/ or from https://officebinhthanh.tumblr.com/ or from https://officebinhthanh.weebly.com or from https://officebinhthanh.wordpress.com/ or from https://officetanbinhhcm.blogspot.com/

#Office For Lease Tan Binh HCM #Office Space For Rent Tan Binh District #lookoffice #office for rent

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officebinhthanh · 4 years

Text

How to invest in Vietnam – Taxation

The tax system in Vietnam includes the following main taxes:

Corporate Income Tax (CIT);

Import – Export Duties;

Value Added Tax (VAT);

Special Sales Tax (excise tax) or (SCT); and

Personal Income Tax (PIT).

1. Corporate Income Tax

We illustrate in the table below the preferential tax rates and CIT conditions.

The duration of application of tax rate incentives is counted from the first year an enterprise has turnover.

In addition, businesses will be exempt from corporate income tax in the following cases:

Production, construction or transport businesses employing a large number of female workers are entitled to a reduction of the corporate income tax at the additional cost for female workers.

Enterprises employing a large number of ethnic minority laborers are entitled to a reduction of corporate income tax at the additional expense for ethnic minority laborers.

2. Import and export duties

2.1. Export duties

The price for calculating the export tax is the Free-On-Board (FOB) price of the invoice.

2.2. Import duties

a. Goods subject to import duties

Typically, all goods that cross Vietnam’s border are subject to import duties. Especially:

Goods imported through Vietnam’s border gates by road, river, seaport, international railway, international post office and other places where customs procedures are carried out;

Goods transferred from the local market to non-tax areas or vice versa; and

Other goods allowed for trading or exchange.

The following goods are not subject to import duties:

Goods in transit and transport by mode of border gate transshipment via Vietnam’s border gates or borders;

Humanitarian aid goods, non-refundable aid goods;

Goods imported from abroad into non-tariff areas and only used therein;

Goods brought from another non-tariff area.

b. Import duties rates

c. Exemption from import duty

d. Opening Bonded Warehouse by FIE

Foreign-invested enterprises are allowed to set up bonded warehouses under the following conditions:

The warehouse must be located in an appropriate area of the city, allowing customs control (ports, airports);

Products in stock cannot be sold on the Vietnamese market and after paying the corresponding import tax; and

Stocked products in a bonded warehouse are damaged have to be re-exported or destroyed.

2.3. Customs Valuation

The following customs valuation methods will be applied alternately in which the customs value cannot be determined based on the transaction value of imported goods:

The method of determining the customs value according to the transaction value of identical imported goods; or

The method of determining the customs value according to the transaction value of similar imported goods; or

The method of determining the customs value according to the deducted value (including the selling price in Vietnam market minus reasonable expenses and profits earned after import); or

The method of determining the customs value according to the calculated value (including costs and profits for producing imported goods but subject to some adjustments such as transaction value); or

Method of assumption.

3. Value Added Tax

VAT applies to goods and services circulated and consumed in Vietnam. VAT is collected through production, sales, and service provision.

4. Special Sales Tax (Excise Tax)

Special sales taxes are levied on the following products and services:

Cigarettes, cigars;

Spirits;

Beers;

Automobiles of less than 24 seats;

Assorted types of petrol, naphtha, reformat components, and other components to be mixed in petrol,

Air conditioners with a capacity of 90,000 BTU or less,

Playing cards,

Votive paper and

Some special services, including dancing halls, massage lounges, karaoke parlors, casinos, jackpots betting entertainment, golf, and lotteries.

5. Personal income tax

Currently, the following individuals are subject to personal income tax:

Vietnamese citizens who are in Vietnam, or working or on business trips abroad;

Other individuals without Vietnamese nationality but residing indefinitely in Vietnam; and

Foreigners working in Vietnam.

Unit: 1,000,000 VND

A foreigner residing in Vietnam for 183 days or more in a tax year will be considered a tax resident unless the tax treaties between Vietnam and other countries provide otherwise.

Foreigners or foreign individuals working in Vietnam are allowed to transfer their income abroad after income tax and other salary deductions have been paid.

Source: GOV

To find more about guide for business and investment in Vietnam, you can click here: https://lookoffice.vn/economy-business-investment/guige/

For Foreign companies want to start or expand businesses and look for an office in Vietnam:

We offer a free consultation to support you to find an suitable Office For Lease In Ho Chi Minh:

Phone: (+84) 398 716 459 – Available via Whatsapp/ Viber/ Zalo

Email: [email protected]

Facebook: https://www.facebook.com/lookoffice.vn/

published at https://officebinhthanh.wordpress.com/2020/06/24/how-to-invest-in-vietnam-taxation/ or from LOOKOFFICE or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1

#Office For Lease Bình Thạnh #office for rent in binh thanh district ho chi minh viet nam #LOOKOFFICE

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lookofficevn · 4 years

Text

How to invest in Vietnam – Taxation

The tax system in Vietnam includes the following main taxes:

Corporate Income Tax (CIT);

Import – Export Duties;

Value Added Tax (VAT);

Special Sales Tax (excise tax) or (SCT); and

Personal Income Tax (PIT).

1. Corporate Income Tax

We illustrate in the table below the preferential tax rates and CIT conditions.

The duration of application of tax rate incentives is counted from the first year an enterprise has turnover.

In addition, businesses will be exempt from corporate income tax in the following cases:

Production, construction or transport businesses employing a large number of female workers are entitled to a reduction of the corporate income tax at the additional cost for female workers.

Enterprises employing a large number of ethnic minority laborers are entitled to a reduction of corporate income tax at the additional expense for ethnic minority laborers.

2. Import and export duties

2.1. Export duties

The price for calculating the export tax is the Free-On-Board (FOB) price of the invoice.

2.2. Import duties

a. Goods subject to import duties

Typically, all goods that cross Vietnam’s border are subject to import duties. Especially:

Goods imported through Vietnam’s border gates by road, river, seaport, international railway, international post office and other places where customs procedures are carried out;

Goods transferred from the local market to non-tax areas or vice versa; and

Other goods allowed for trading or exchange.

The following goods are not subject to import duties:

Goods in transit and transport by mode of border gate transshipment via Vietnam’s border gates or borders;

Humanitarian aid goods, non-refundable aid goods;

Goods imported from abroad into non-tariff areas and only used therein;

Goods brought from another non-tariff area.

b. Import duties rates

c. Exemption from import duty

d. Opening Bonded Warehouse by FIE

Foreign-invested enterprises are allowed to set up bonded warehouses under the following conditions:

The warehouse must be located in an appropriate area of the city, allowing customs control (ports, airports);

Products in stock cannot be sold on the Vietnamese market and after paying the corresponding import tax; and

Stocked products in a bonded warehouse are damaged have to be re-exported or destroyed.

2.3. Customs Valuation

The following customs valuation methods will be applied alternately in which the customs value cannot be determined based on the transaction value of imported goods:

The method of determining the customs value according to the transaction value of identical imported goods; or

The method of determining the customs value according to the transaction value of similar imported goods; or

The method of determining the customs value according to the deducted value (including the selling price in Vietnam market minus reasonable expenses and profits earned after import); or

The method of determining the customs value according to the calculated value (including costs and profits for producing imported goods but subject to some adjustments such as transaction value); or

Method of assumption.

3. Value Added Tax

VAT applies to goods and services circulated and consumed in Vietnam. VAT is collected through production, sales, and service provision.

4. Special Sales Tax (Excise Tax)

Special sales taxes are levied on the following products and services:

Cigarettes, cigars;

Spirits;

Beers;

Automobiles of less than 24 seats;

Assorted types of petrol, naphtha, reformat components, and other components to be mixed in petrol,

Air conditioners with a capacity of 90,000 BTU or less,

Playing cards,

Votive paper and

Some special services, including dancing halls, massage lounges, karaoke parlors, casinos, jackpots betting entertainment, golf, and lotteries.

5. Personal income tax

Currently, the following individuals are subject to personal income tax:

Vietnamese citizens who are in Vietnam, or working or on business trips abroad;

Other individuals without Vietnamese nationality but residing indefinitely in Vietnam; and

Foreigners working in Vietnam.

Unit: 1,000,000 VND

A foreigner residing in Vietnam for 183 days or more in a tax year will be considered a tax resident unless the tax treaties between Vietnam and other countries provide otherwise.

Foreigners or foreign individuals working in Vietnam are allowed to transfer their income abroad after income tax and other salary deductions have been paid.

Source: GOV

To find more about guide for business and investment in Vietnam, you can click here: https://lookoffice.vn/economy-business-investment/guige/

For Foreign companies want to start or expand businesses and look for an office in Vietnam:

We offer a free consultation to support you to find an suitable Office For Lease In Ho Chi Minh:

Phone: (+84) 398 716 459 – Available via Whatsapp/ Viber/ Zalo

Email: [email protected]

Facebook: https://www.facebook.com/lookoffice.vn/

published at https://lookoffice.wordpress.com/2020/06/24/how-to-invest-in-vietnam-taxation/ or from LOOKOFFICE or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1 or from LOOKOFFICE1

#Office For Lease #LOOKOFFICE

0 notes

officedistrict4 · 4 years

Text

How to invest in Vietnam – Taxation

The tax system in Vietnam includes the following main taxes:

Corporate Income Tax (CIT);

Import – Export Duties;

Value Added Tax (VAT);

Special Sales Tax (excise tax) or (SCT); and

Personal Income Tax (PIT).

1. Corporate Income Tax

We illustrate in the table below the preferential tax rates and CIT conditions.

The duration of application of tax rate incentives is counted from the first year an enterprise has turnover.

In addition, businesses will be exempt from corporate income tax in the following cases:

Production, construction or transport businesses employing a large number of female workers are entitled to a reduction of the corporate income tax at the additional cost for female workers.

Enterprises employing a large number of ethnic minority laborers are entitled to a reduction of corporate income tax at the additional expense for ethnic minority laborers.

2. Import and export duties

2.1. Export duties

The price for calculating the export tax is the Free-On-Board (FOB) price of the invoice.

2.2. Import duties

a. Goods subject to import duties

Typically, all goods that cross Vietnam’s border are subject to import duties. Especially:

Goods imported through Vietnam’s border gates by road, river, seaport, international railway, international post office and other places where customs procedures are carried out;

Goods transferred from the local market to non-tax areas or vice versa; and

Other goods allowed for trading or exchange.

The following goods are not subject to import duties:

Goods in transit and transport by mode of border gate transshipment via Vietnam’s border gates or borders;

Humanitarian aid goods, non-refundable aid goods;

Goods imported from abroad into non-tariff areas and only used therein;

Goods brought from another non-tariff area.

b. Import duties rates

c. Exemption from import duty

d. Opening Bonded Warehouse by FIE

Foreign-invested enterprises are allowed to set up bonded warehouses under the following conditions:

The warehouse must be located in an appropriate area of the city, allowing customs control (ports, airports);

Products in stock cannot be sold on the Vietnamese market and after paying the corresponding import tax; and

Stocked products in a bonded warehouse are damaged have to be re-exported or destroyed.

2.3. Customs Valuation

The following customs valuation methods will be applied alternately in which the customs value cannot be determined based on the transaction value of imported goods:

The method of determining the customs value according to the transaction value of identical imported goods; or

The method of determining the customs value according to the transaction value of similar imported goods; or

The method of determining the customs value according to the deducted value (including the selling price in Vietnam market minus reasonable expenses and profits earned after import); or

The method of determining the customs value according to the calculated value (including costs and profits for producing imported goods but subject to some adjustments such as transaction value); or

Method of assumption.

3. Value Added Tax

VAT applies to goods and services circulated and consumed in Vietnam. VAT is collected through production, sales, and service provision.

4. Special Sales Tax (Excise Tax)

Special sales taxes are levied on the following products and services:

Cigarettes, cigars;

Spirits;

Beers;

Automobiles of less than 24 seats;

Assorted types of petrol, naphtha, reformat components, and other components to be mixed in petrol,

Air conditioners with a capacity of 90,000 BTU or less,

Playing cards,

Votive paper and

Some special services, including dancing halls, massage lounges, karaoke parlors, casinos, jackpots betting entertainment, golf, and lotteries.

5. Personal income tax

Currently, the following individuals are subject to personal income tax:

Vietnamese citizens who are in Vietnam, or working or on business trips abroad;

Other individuals without Vietnamese nationality but residing indefinitely in Vietnam; and

Foreigners working in Vietnam.

Unit: 1,000,000 VND

A foreigner residing in Vietnam for 183 days or more in a tax year will be considered a tax resident unless the tax treaties between Vietnam and other countries provide otherwise.

Foreigners or foreign individuals working in Vietnam are allowed to transfer their income abroad after income tax and other salary deductions have been paid.

Source: GOV

To find more about guide for business and investment in Vietnam, you can click here: https://lookoffice.vn/economy-business-investment/guige/

For Foreign companies want to start or expand businesses and look for an office in Vietnam:

We offer a free consultation to support you to find an suitable Office For Lease In Ho Chi Minh:

Phone: (+84) 398 716 459 – Available via Whatsapp/ Viber/ Zalo

Email: [email protected]

Facebook: https://www.facebook.com/lookoffice.vn/

published at https://officedistrict4.wordpress.com/2020/06/24/how-to-invest-in-vietnam-taxation/ or from https://lookofficevn.tumblr.com/ or from https://lookofficevn.weebly.com/ or from https://lookoffice.wordpress.com/ or from https://lookoffice.blogspot.com/ or from https://officedistrict7.blogspot.com/ or from https://officedistrict7.tumblr.com/ or from https://officedistrict7.wordpress.com/ or from https://officedistrict7.weebly.com/ or from https://officedistrict7.tumblr.com/ or from https://officeforleasedistrict7.tumblr.com/ or from https://officeleasedistrict7.wordpress.com/ or from https://officeforleasedistrict7.weebly.com/ or from https://officedistrict2.weebly.com/ or from https://officedistrict2.tumblr.com/ or from https://officedistrict2.blogspot.com/ or from https://officedistrict2.wordpress.com/ or from https://officeforleasedistrict2.weebly.com/ or from https://officeforleasedistrict2.blogspot.com/ or from https://buildingd2.tumblr.com/ or from https://officeforleasedistrict2.wordpress.com/ or from https://officebinhthanh.blogspot.com/ or from https://officebinhthanh.tumblr.com/ or from https://officebinhthanh.weebly.com or from https://officebinhthanh.wordpress.com/ or from https://officetanbinh.tumblr.com/ or from https://officetanbinhhcm.blogspot.com/ or from https://officetanbinhhcm.wordpress.com/ or from https://officedistrict4.blogspot.com/ or from https://officedistrict1.blogspot.com/ or from https://officedistrict1.tumblr.com/

#office space district 4 #lookofficel

0 notes

magzoso-tech · 5 years

Photo

New Post has been published on https://magzoso.com/tech/the-top-ted-talks-of-2019-and-what-you-can-learn-from-them/

The Top TED Talks of 2019 and What You Can Learn From Them

December 25, 2019 11 min read

“Ideas worth spreading.”

That’s TED’s tagline, and the organization — originally launched as a convergence of the technology, entertainment and design industries — has done its best to stick to that mission since 1984. Talks cover everything from how to recover from activism burnout to quantum computing explained in 10 minutes. Every second, 17 people watch a TED Talk, on average, and the organization’s videos have garnered well over one-billion views.

If you’re looking for a spark of inspiration, here are six of the most compelling talks of 2019 so far, with key takeaways.

3 Psychological Tricks to Help You Save Money (Wendy De La Rosa)

There’s a reason saving more money ranks in the top five New Year’s resolutions each January: We all want to do it, but it’s easier said — or written down on a resolution list — than done. Behavioral scientist Wendy De La Rosa aims to change that in her TED Talk, teaching three psychological strategies for overcoming our propensity to spend-not-save.

One preliminary thing to keep in mind: “It’s not about how smart you are or how much willpower you have,” said De La Rosa. Instead, she said, it’s about the environment in which you think about saving. Exhibit A: In one of De La Rosa’s studies, subjects who were shown their income on a weekly basis were able to budget better than people who were shown their monthly income total, she said.

As for the three tricks? Number one is to “harness the power of precommitment,” said De La Rosa. We tend to see two versions of ourselves, our past selves and our future selves, and our future selves are perfect; they’ll have the motivation to wake up earlier, exercise more, save money and more. But we often forget, said De La Rosa, that the future self is the exact same person as the present self. We can use this potential shortcoming to our advantage by forcing ourselves to make saving decisions in advance through an app or automatic account deposits. In another of De La Rosa’s studies, one group of subjects received the following text in February: “If you get a tax refund, what percentage would you like to save?” The average answer: 27 percent. But when another group of subjects was asked — just after receiving their refund — how much they’d like to save, they chose an average 17 percent.

De La Rosa’s other strategies: Use transition moments to your advantage — New Year’s, birthdays, a job change, a move — and get a handle on small but frequent purchases (for most people, eating out is at the top of that list).

Why Working From Home Is Good for Business (Matt Mullenweg)

Matt Mullenweg’s employees live all over the world, from California to New Zealand. He’s the cofounder of WordPress and CEO of Automattic, which has a 100 percent distributed workforce of close to 800 employees. Why? In his TED Talk, Mullenweg said he believes that “talent and intelligence are equally distributed throughout the world, but opportunity is not,” and that the most diverse perspectives inherently come from people living and working in countries different from your own.

“In Silicon Valley, you have the big tech companies fishing from essentially the same small pond or bay,” said Mullenweg. “By making the company distributed, we can fish from the entire ocean.” A distributed workforce also offers unprecedented flexibility for employees: They can choose the food they eat at their office, noise level, temperature and more.

If you’re looking to skew your own office towards a distributed workforce, the first step is to document everything and leave a trail of your thought process in making different decisions, said Mullenweg. It’s not just efficient for people in different time zones; it’s also helpful for any company over time as people leave and join up.

Mullenweg sees the future of work as being completely decentralized. “I think that companies will evolve to be ‘distributed first,’ or that they’ll be replaced by those that are,” he said.

How to Make Applying for Jobs Less Painful (Priyanka Jain)

If the idea of sending in a resume and cover letter makes you inwardly (or outwardly) groan, you’re not alone. According to a January TED Talk, about 75 percent of people who applied to jobs using various methods in the past year said they never heard anything back from the employer, and 46 percent of people get fired or quit within the first year of starting their jobs.

“For the first time in history, we have more open jobs than unemployed people — and to me, that screams that we have a problem,” said Priyanka Jain, who’s featured in the TED Talk and is the head of product at Pymetrics, a company pairing neuroscience with recruiting.

Jain believes that a single piece of paper is the heart of the problem. Resumes can showcase someone’s past achievements, she argues, but they fall short when it comes to someone’s potential — especially in a quickly changing economy, where jobs of the future may require skills no one has yet.

As for the solution? Jain said multi-measure tests, powered by AI algorithms, can help potential employers gauge your memory strengths, levels of attentiveness and other traits. The key, she said, is to make them scalable (which, of course, is what her company Pymetrics aims to do). During her presentation, Jain showcases a brief example of a multi-measure test, in which viewers are asked to clap when a circle turns red and refrain when it turns green. Your results could inform potential employers of your strengths and weaknesses — e.g., if you clap late after the red circle appears but correctly never clap on green, you likely score high in attentiveness and restraint, similar to successful project managers and accountants. If you clap immediately upon seeing a red circle but sometimes incorrectly clap on green, you may skew towards impulsivity and creativity like some top-performing salespeople.

The caveat: If companies like Pymetrics use current industry top performers and their traits to train algorithms, that could lead to bias against women and minorities. It’s vital for diverse teams of people to monitor and review these tools before they’re rolled out on any large scale.

8 Lessons on Building a Company People Enjoy Working for (Patty McCord)

Patty McCord always wanted to be an HR professional, to speak the language of management — but after her decades-long career in HR, including a 14-year stint as Netflix’s chief talent officer, she’s learned none of the HR jargon really matters and that many companies treat their employees like children. “In fact, I’ve learned ‘best practices’ usually means copying what everyone else does,” said McCord in her TED Talk.

The job of management isn’t to control people; it’s to build great teams. The metric we should be using is customer happiness, said McCord, not arbitrary metrics like whether someone came to work on time or how many vacation days they used. Everyone in the company should understand the business, how it makes money and what success looks like there. And encourage your employees to get excited about change, said McCord: “Beware of the smoke of nostalgia.”

Everyone in your company should be able to handle the truth, said McCord, and if you find it difficult to give employees feedback, it’s likely because you don’t practice enough. “What else do you do in your whole life that you’re really good at that you only do once a year?” she said. “Here’s what I’ve found: Humans can hear anything if it’s true.” Make it a priority to tell people the honest truth about what they’re doing right and what they’re doing wrong — while they’re doing it.

One more thing to keep in mind: Careers are journeys, and it’s rare for someone to want to work towards the same goal for their entire lives. “What if we created companies that were great places to be from,” said McCord, “and everyone who leaves you becomes a great ambassador for not only your product, but who you are and how you operate?”

How to Lead a Conversation Between People Who Disagree (Eve Pearlman)

We’re living in the Information Age, but some feel it’s never been harder to find the truth. Political divides grow deeper, technology seems to create more rifts than it mends and, from sea to shining sea, it’s growing increasingly more difficult for people to talk to each other in a calm, respectful, open way.

Journalist Eve Pearlman wanted to change that, so she spearheaded Spaceship Media, a company prioritizing “dialogue journalism” — journalism-supported open discussions between people who disagree — and explained it in her TED Talk. After the 2016 election, she brought together 25 Clinton supporters from California and 25 Trump supporters from Alabama to talk about hot-button issues. The first question: What do you think the other side thinks of you? After getting those stereotypes out of the way, participants discussed guns, immigration, race and education. “What we found, remarkably, is that real dialogue is, in fact, possible — and that when given a chance and structure around doing so… many of our fellow citizens are eager to engage,” said Pearlman.

Our current state of discord doesn’t benefit anyone, said Pearlman, and people often appreciate the chance to engage curiously, openly and respectfully. They want “a chance to put down their arms.” Many of Spaceship Media’s Facebook groups have spun off into member-run groups, individual friendship and, most of all, real human connection across difference.

“We do our work in direct challenge to the political climate in our country right now, and we do it knowing that it is difficult, challenging work to hold and support people in opposing backgrounds in conversation,” said Pearlman. “We do it knowing democracy depends on our ability to address our shared problems together.”

How to Spot a Pyramid Scheme (Stacie Bosley)

In 2004, a new company called Vemma Nutrition started offering anyone, regardless of education or experience, the opportunity to earn part-time income for full-time work. The only requirements to get started: Spend $500 to $600 on a product kit and recruit two more members to do the same, explains economist Stacie Bosley in her TED Talk. By 2013, Vemma Nutrition had expanded globally and brought in $200 million per year. But it turned out that most members earned less than their initial deposit, and Vemma was charged with operating a pyramid scheme.

So how do you identify — and avoid — a pyramid scheme? The primary red flag: A founder solicits an initial group of people to buy into the company and recruit other members, with the promise they’ll earn a commission for each new person who joins or invests. The founder also takes a share. The catch: “As a pyramid scheme grows, it becomes increasingly difficult for new recruits to make money,” said Bosley. For example, the founder recruits an initial group of six, who then recruit six people each (adding up to 36), who then, in turn, each recruit six others: a total of 216. By the twelfth recruiting round, the 2.1 billion new members would be tasked with recruiting over 13 billion others — more than the world population — in order to turn a profit, said Bosley. In this example, over 80 percent of the scheme’s newest participants lose everything they paid in.

As for the difference between pyramid schemes and “legitimate” multi-level marketing (MLM) opportunities? Bosley said it’s a question of whether members primarily earn compensation from selling a product or service or from recruiting new members. If you’re considering taking on a new opportunity, keep an eye out for red flags, as many pyramid schemes disguise themselves as legal MLMs.

#Miscellaneous

0 notes

investedin · 4 years

Text

Section 80TTB Deduction For Senior Citizen On Interest Income: FY 2020-21 (AY 2021-22) & FY 2019-20 (AY 2020-21)

Section 80TTB was introduced in the year 2018. According to this section, the senior citizens are entitled to tax deductions. Every citizen is a retired person. There are still multiple ways through which they can earn. Some may rely on passive sources of income, which were activated during their working years. Others may depend on the monthly pensions, income from rent, reverse mortgage, and so on.

Even after retirement, several privileges are bestowed upon senior citizens. This includes a high rate of interest on deposits, tax exemptions, and deductions on deposits. It is important that they are aware of all these financial advantages that are reserved for them. This article aims to achieve this feat and discuss all about 80TTB Deduction for the financial year 2020-21.

The Income Tax Act of 1996 has several sections. This article will educate the readers about the newly introduced section 80TTB. What exactly is Section 80TTB? What are the deductions offered under this section? Who is eligible to avail of deductions under this section?

What are some of the exceptions to this section? How to claim these deductions? What are the difference between Section 80TTA and Section 80TTB? These are some of the topics that will be discussed in great detail. To conclude, some frequently asked questions will also be answered.

What Is Section 80TTB?

On the 1st April 2018, Section 80TTB came into existence. According to this section, senior citizens can avail of a deduction of RS.50,000. These deductions can be claimed on the interest earned on different deposits. This provision enables senior citizens to lead a peaceful life by reducing stress. Many senior citizens depend on the interest income to meet their financial needs. The deduction under this section will lighten their burden of additional taxation. To avail of the benefits under section 80TTB, there are some necessary conditions.

Deduction Under Section 80TTB

The amount that is eligible for deduction under this section is not more than Rs.50,000. This amount is specified from the total income.

The sources of income that are liable for the deduction under this section are as follows.

The interest earned on deposits from the post office small saving schemes.

The interest earned on bank deposits such as fixed deposits, savings account, and recurring deposits.

The interest earned on deposits from the co-operative society.

The deductions are valid only if the interest is earned on any of the deposits mentioned above. Apart from these, several more deposits and investments are earning interests. This includes schemes like the Senior Citizen Savings Scheme (SCSS) and post office small savings schemes. This deducts the interests earned through these schemes as well. If senior citizens earn interest from other sources like a company FD then this is not eligible for deduction. The deductions under this section do not apply to interest earned on bonds and debentures.

You can calculate the amount using the tools by Income Tax Department Of India.

What Are The Eligibility Criteria For Deduction Under Section 80TTB?

Every senior citizen is eligible to apply for deductions under this section. However, they should fulfill the following condition.

He should be an Indian resident.

He should be above 60 years.

He should be holding a savings account, fixed deposit account or a recurring deposits account.

What Are The Exceptions To Section 80TTB?

There are certain exceptions under this section.This deductions can be only availed by Indian residents. Thus, NRIs are not allowed to avail of any deductions.

The exceptions under this section are as follows.

The Hindu Undivided Families (HUFs) and individuals below 60 years of age are not permitted.

The interest earned from deposits of a firm, Body of Individuals (BOI), and other associations are not exempted from deductions under this section.

How To Claim Deductions Under Section 80TTB?

Senior citizens can claim deduction under this section be filing the ITR. The applicant should add the sum of all the interests earned under the ‘Income From Other Sources’ segment. Later, they should input the same amount under Chapter VI-A to claim the deduction.

What Are The Differences Between Section 80TTA and Section 80TTB?

During the financial budget of 2018, this was introduced. Earlier section 80TTA included tax deductions for all the taxpayers. Now section 80TTA and Section 80TTB share similar specifications. Section 80TTA provides deductions only on savings account from banks and post offices. This deduction sums up to only Rs.10,000 from the total taxable interest.

Any taxpayer, irrespective of his age, could avail of deductions under section 80TTA. But once 80TTB was introduced the senior citizens were not allowed to avail of benefits under section 80TTA. Let’s look into the differences between the two sections for taxpayers today.

Related Frequently Asked Questions

1. How does tax deduction under section 80TTB benefit the senior citizens?

Senior citizens can now enhance their tax-savings because of Section 80TTD. In comparison to other taxpayers, senior citizens can save more on their interest earnings. The table below enlists the detailed savings of a senior citizen.

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As it is visible from the table senior citizens enjoy great benefits under this section of income tax act.

2. What is the amount deductible under section 80TTB for the financial year 2020-21?

The amount deducted on the interest earned under section 80TTB is up to Rs.50,000 for the financial year 2020-21. Senior citizens who are holding savings account, fixed deposits, at banks, post office, or co-operative societies are eligible for these deductions.

3. What are the tax deductions for non-senior citizens?

The taxpayers who are not a senior citizen can also avail of tax deductions. These deductions can be availed under section 80TTA of the Income Tax Act. As per this section, individuals can avail of deductions of up to Rs.10,000. For additional deductions and tax exemptions section, 80D can be availed. According to this section deductions worth, Rs.25,000 can be availed under the health insurance cover.

4. Are NRIs allowed to claim a deduction under section 80TTB?

No, NRIs are not eligible to avail of the benefits under section 80TTB deduction.

5. Is interest earned on fixed deposits and recurring deposits exempted from taxation?

Yes, the interest earned from the fixed deposits and recurring deposits is eligible for tax deduction under section 80TTB.

6. Are senior citizens permitted to avail of tax deductions under section 80TTA?

No, senior citizens are not included in the deductions under section 80TTA. They have section 80TTB, which only revolves around tax deductions for senior citizens.

7. Are the deductions under section 80TTB a part of the deductions under section 80C?

No, the section 80TTB deductions are independent of deductions available under section 80C.

Final Talk

The section 80TTB deduction has provided respite to the senior citizens. This is because of the deduction of Rs.50,000 from the taxable income. Section 80TTA was amended in 2018. Through which the tax deduction for senior citizens and other taxpayers were segregated. The segregation of sections has made the deduction procedure convenient for senior citizens.

This section is more considerate towards senior citizens who need the assistance of the government to cope up with their diminishing health and financial resources. Very often, senior citizens may find it difficult to meet their expenses post-retirement. But section 80TTB offers relief from the additional taxable amount.

During the financial year 2020-21, the deduction under this section is Rs.50,000 as against Rs.10,000 which could earlier be availed by every taxpayer under section 80TTA. The introduction of 80TTB has been a boon to senior citizens today. Thus, every senior citizen should make good use of the benefits under this section. They are solely reserved for them.

source http://invested.in/section-80ttb-deduction-for-senior-citizen/

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sinner-from-the-neverland-blog · 5 years

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Real Estate AAGency of Singapore Orangetee

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“Navis TAG has helped me list and Sell my properties Faster and more Effectively than all my competitors! My Clients are Very Impressed by my speed and efficiency!”

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“With Maxposure, I can Post my listings to Multiple Digital Platforms Quickly and Effectively. It saves me hours of work every week!”

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“With the Awesome Team Support and Navis TAG, I have achieved Better Sales and Multiplied my Income! And many of my teammates have done it too!!”

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“… The ASM Sales System has empowered me to calculate and Present Complicated Scenarios to my clients in a Detailed and Guided format.. “

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“I truly love the Culture of Navis Living Group, everyone is Willing to share and with a Positive Mindset, we can all soar to greater heights together!”

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vox · 8 years

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I voted for Donald Trump, and I already regret it

I remember the precise moment that I realized I regretted voting for Donald Trump.

It was during his 60 Minutes interview after the election. I was, like everyone else, shocked that he had won. It seemed so unlikely based on the polls and the confidence the media had that he would lose. It was a pleasant surprise, and I went to bed on election night thrilled that he would be our president.

But sitting on my couch, sipping coffee as I watched the interview, I saw with my own eyes who Trump really was as a person. He backtracked on one of his signature campaign promises: pursuing an investigation into the Clinton email scandal. It’s not that I want Clinton to be crucified or “locked up” — it’s the nonchalance with which he went back on his word after hammering it repeatedly during the campaign. The ease and quickness with which he reversed his position shook me to my core. I realized in that moment that I had voted for a demagogue. And it was sickening.

I didn’t want to vote for Trump or Clinton — but I had to make a choice

I’m a former law enforcement officer in my 50s, originally from Texas but currently living in a small Midwestern town. I’m a real political junkie, spending much of my day reading news and watching C-SPAN, and issues like immigration enforcement, pro-life laws, and health care are important to me. Though I tend to fall on the conservative end of the political spectrum, it’s important to me to remain open-minded, and I’ve cast my vote for Democratic candidates like Al Gore in the past.

Last year was a particularly tough choice. I hated both candidates, wishing every day that Washington had offered up different options. I would have voted for Marco Rubio or Bernie Sanders any day over those two. I swore I would sit out on this election, unable to vote for either Trump or Clinton in good conscience.

Most of my decision came down to my poor experience with Obamacare. In the ’90s, I was diagnosed with fibromyalgia, a chronic illness that causes fatigue, memory loss, physical aches, and soreness. I found myself increasingly unable to perform my duties in law enforcement due to these symptoms, and eventually had to leave the job completely. After a stint working part-time for the government, helping to distribute food stamps and other services, I eventually was unable to work at all. I lost employer-based health insurance when I left the workforce and had to pay my health care costs out of pocket.

When Obamacare first came into effect, I was excited to get what I thought would be financial help with my costly medicine and treatments. But when I signed up, my premium came back at an astronomical price, more than my monthly mortgage payment. This happened because I had to declare my husband’s salary as part of our household income, which put me in an earning bracket too high to qualify for any financial assistance. My husband works for a small business, and while he gets paid fairly, his company does not offer spousal insurance. I’m left with a premium of $893, so high that I can no longer afford the cost of my medicines and treatments on top of the monthly premiums. I wish I could opt out completely, but the penalty for not signing up is much too great.

In the end, I voted for Trump because he promised to repeal and replace Obamacare, and that was the most important issue to my own life. Looking back, I realize what a mistake it was. I ignored the pundits who repeated over and over again that he would not follow through on his promises, thinking they were spewing hysterics for better ratings. Sitting on my couch, my mouth agape at the words coming out his mouth on the TV before me, I realized just how wrong I was.

Trump isn’t even president yet, and already he’s not keeping his promises

Since that 60 Minutes interview when Trump went back on his promise to investigate Clinton, I haven’t been able to look at him the same way. Witnessing his open admittance that he made promises simply because they “played well” during the campaign was disturbing. He has shown himself to be guilty of all of the same things he accused Hillary of — lying to the public, refusing to do press conferences, putting himself and his business interests above the American people.

Since the election, Trump has repeatedly spat in the faces of those that cast their ballots for him. I did not cast my vote for his Cabinet members, many of them rich millionaires and billionaires, despite Trump’s lambasting of Hillary Clinton on her association with Wall Street. I did not cast my vote for his sons who sat next to him during his meeting with tech titans, potentially representing the vast business interests of the Trump company that they now run. I did not cast my vote for Ivanka, whose clothing brand was working out an ongoing deal with a Japanese clothing company when she sat in on a meeting with her father and the Japanese prime minister. I did not cast my vote to enrich the very swamp that Trump promised he would drain.

News that the Republicans in Congress are prioritizing the repeal of Obamacare is a step in the right direction. But Trump’s lack of clear plan to replace the system is troubling. He doesn’t seem to be showing any interest in the mechanics of a new policy — he’s just out there making promises to the public with nothing to back it up. It doesn’t do much to offer me faith that he really wants to fix the problem.

Trump’s retaliatory and impulsive behavior, which I think I assumed was a campaign tactic, have carried over into his actions as president-elect. He now has the power to reward companies or countries that flatter him and destroy those that don’t with a simple tweet — just look at how he praises L.L. Bean and criticizes Boeing, causing their stock values to swing like yo-yos. His tweets about foreign powers lack restraint, and his treatment of the press whenever they say something he doesn’t like shows his vengefulness. He promised that he would be a president to all Americans, but all he has done is divide us.

As I witnessed the first rally of the post-election Thank You Tour, watching him soak up the praise and applause from the live feed on my computer, I felt my heart fall into my stomach. These supporters, many of whom populate my small town and my Facebook feed, have invested so much hope in him. They believe he has their back and will put them first. But all he cares about is himself. And he will betray them, as he has already done.

I know I’ll be ridiculed for voicing my regret

It’s not easy for me to come forward and say all of this. I feel humiliated already, and I know that going public with my story will open me to ridicule. But I don’t know what else to do to try to oppose him and his actions. I’m too sick to participate in peaceful protest. All I can do is try to spread the word, publishing editorials, signing petitions, and posting on Facebook, trying to do what I can to change the minds of my friends and families who continue to support him.

I hope that by coming forward, I can encourage other Trump voters who feel the same regret to speak out as well. Together we can send a message to Washington: All of you Republicans in Congress, I know that you are excited to pass your legislation, but you need to reign in this dangerous cult of personality or I will begin advocating against your party. I’m ready to switch sides to stop him.

My peers who voted for Trump still don’t get it. They tell me to give the man a chance, that it’s still too early to tell and that I shouldn’t listen to the media. They aren’t willing to let go the hope they have that he will keep their best interest in mind. They tell me, what were they going to do, vote for Hillary, of all people?

I wish I had. I wish I had done anything else but vote for him. I know my one small vote doesn’t make a huge difference in the grand scheme of things, but this one feels so personal. The decision haunts me every day. And I’ll do whatever I can to help reverse it.

—as told to Karen Turner

Sherri Underwood lives in the Midwest with her husband, three cats, and one dog. She began her career in law enforcement shortly after high school, working her up from a dispatcher to county jailer and then peace officer before changing her career to social services as a disabled adult jobs counselor, state JOBS program case worker, and eligibility specialist, assisting clients in applying for public assistance programs. Sherri is a self-described “news junkie” and an avid reader. When her illness allows, she pursues her hobbies of painting, writing poetry, and crocheting and treasures time with family. She encourages other regretful Trump voters to visit the Facebook group I Regret Voting For Trump in 2016 and tell their story.

#election #election 2016 #politics #first person #essay #writing #Donald Trump #Hillary Clinton #vote #voting

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rightsinexile · 8 years

Text

Vacancies

StARS seeks Resettlement Legal Officer to assist vulnerable refugees in Cairo

The Refugee Legal Aid Program (RLAP) of St. Andrew’s Refugee Services (StARS) in Cairo provides advice and representation to refugees seeking recognition by UNHCR through refugee status determination procedures in Egypt, and assists refugees in accessing resettlement to safe third countries. RLAP is seeking a Resettlement Legal Officer to assist vulnerable refugees in their resettlement processes.

Under the supervision of the RLAP Director and the Resettlement Coordinator, the Resettlement Legal Officer is responsible for the provision of legal advice and representation to urban refugees in matters related to resettlement. This includes: assessment of initial requests for assistance with resettlement; the screening of refugee cases to identify those of heightened vulnerability fitting UNHCR’s criteria, specific need, or strategic importance; preparation of detailed written statements addressing accounts of persecution in countries of origin; drafting legal briefs in support of claims for resettlement; and communicating with UNHCR, the International Organization for Migration (IOM), United States Citizenship and Immigration Services, and others concerning client cases and additional support. The Resettlement Legal Officer is also expected to contribute to advocacy efforts regarding the urban refugee population and to supervise and train volunteer staff. The Resettlement Legal Officer is a member of a team of approximately twenty legal staff and reports to the RLAP Resettlement Coordinator.

For more information, please see the complete job description. Interested applicants should submit a cover letter, CV, and brief legal writing sample via email. Please write “Resettlement Legal Officer” in the subject line. The closing date for applications is 2 February 2017, and applications will be reviewed on a rolling basis.

CIVIC seeks programme coordinator for US national immigration detention hotline

The new programme coordinator for Community Initiatives for Visiting Immigrants in Confinement (CIVIC) will help shape the nation's largest immigration detention hotline and work toward a country without immigration detention. This position also provides direct services to people in immigration detention and their families. The primary focus of this position in programme development and management. It also involves a substantial amount of administrative work.

The position can be performed remotely from the San Francisco Bay Area or out of the CIVIC office in Los Angeles. Applications will be considered on a rolling basis, but the ultimate application deadline is 15 March 2017. For more information regarding the position and to apply, please click here.

London School of Economics is hiring an Assistant Professor of Migration Studies

The London School of Economics (LSE) European Institute is an internationally recognised centre of excellence for research and teaching on contemporary Europe. LSE seeks to expand teaching and research on the challenges Europe faces in the context of increased migration and refugee flows.

We seek someone with expertise grounded in a relevant disciplinary area to our focus, for example political economy, political science, or sociology. The appointee will teach on the MSc International Migration and Public Policy. Preference may be given to candidates able to contribute to other cross-disciplinary teaching within the European Institute, such as our new MSc Global Europe: Culture and Conflict.

Salary is competitive with departments at our peer institutions worldwide and not less than GBP 53,004 per annum inclusive. In addition to a competitive salary, the benefits that come with this job include an occupational pension scheme, a research incentive scheme with personal reward options, generous research leave (sabbatical) entitlement, a collegial faculty environment, and excellent support, training and development opportunities. For further information about the post, please see the how-to-apply document, job description and person specification. If you have any queries about applying on the online system, or require an alternative format for the application, please email our human resources department quoting reference 57235.

The closing date for receipt of applications is 5 February 2017 (23:59 GMT), and we are unable to accept any late applications.

Northwest Immigrant Rights Project to host QLAW paid summer internship fellow in eastern Washington state

Many LGBTQ (lesbian, gay, bisexual, transgender and queer) immigrants in the US were forced to flee and are afraid of returning to their country of origin due to their sexual orientation, gender identity, or HIV status. Others are persecuted, abused and discriminated against within the US because of their sexual orientation, gender identity or HIV status. Those in rural communities are especially vulnerable to abuse and discrimination because of a lack of support and resources in isolated areas. The Northwest Immigrant Rights Project (NWIRP) seeks a QLAW fellow to be based in NWIRP’s Wenatchee office and will provide crucial direct legal representation and outreach to this population.

The fellowship is open to all law students able to commit to at least 10 weeks, full time during the summer of 2017. Applicants must have a commitment to advancing and defending the rights of low-income immigrants, excellent written and oral communication skills, excellent organisational skills, and the ability to work in a diverse and fast-paced environment. Fluency in Spanish is required. The fellow will receive a USD 7,500 stipend.

Please send a cover letter, resumé, and list of three references via email to Vanessa Gutierrez with ‘QLAW Summer Fellowship’ in the subject line. Applications must be received by 15 February 2017 for full consideration. More information is available here.

Rights in Exile seeks volunteer editor

Rights in Exile, the refugee legal aid monthly published through the International Refugee Rights Initiative’s Rights in Exile programme, is seeking to expand the editorial team. The position requires monthly engagement with a team based remotely, impeccable editorial and proofing skills, a basic understanding of refugee law and refugee issues, and an ability to work under deadline. to apply, please email [email protected], including a CV, a writing sample, and a cover letter. The position is unpaid.

#vacancies #february #2017

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ukimmigrationmatters · 4 years

Video

youtube

Self Employed – have you claimed a grant through the Self-Employment Income Support Scheme?

This scheme allowed the self-employed trader to claim a first taxable grant, which closed on 13 July 2020.

The second and final taxable grant is worth 70% of your average monthly trading profits, and will be paid out in a single instalment covering 3 months’ worth of profits - capped at £6,570 in total.

If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) use this scheme if you're eligible to claim the grant.

Claims for the first grant are now closed, but the new scheme is now open. If you’re eligible and your business has been adversely affected on or after 14 July 2020, you need to make your claim for the second grant on or before 19 October 2020.

Who can claim?

You can make a claim for the grant, regardless of whether or not you did not claim for the first grant, if your business has been adversely affected on or after 14 July 2020. This is for self-employed traders and you cannot claim a grant if you trade as a limited company (i.e. company director drawing a salary) or operating a trade through a trust.

You will need to qualify under the eligibility criteria, which means that your business has been adversely affected - your business has experienced lower income or higher costs due to coronavirus.

HMRC states that you should make an “honest assessment” about whether your business has been adversely affected.

What you need

To apply you must have your:

· Self Assessment Unique Taxpayer Reference (UTR) which should appear on your tax letters or returns – if you do not have this ask your accountant or follow this link - find out how to get your lost UTR

When claiming for the Self-Employment Income Support Scheme grant you should:

· keep a record of how your business has been adversely affected

· confirm to HMRC that your business has been adversely affected by coronavirus

For instance, your business could be adversely affected by coronavirus if you were unable to work because you:

· are shielding or self-isolating

· are on sick leave because of coronavirus

· have caring responsibilities because of coronavirus

· have had to scale down, temporarily stop trading or incurred additional costs because:

· your supply chain has been interrupted

· you have fewer or no customers or clients

· your staff are unable to come in to work

· one or more of your contracts have been cancelled

Important

In order make a claim for the second and final grant your business must have been affected on or after 14 July 2020.

This scheme allowed the self-employed trader to claim a first taxable grant, which closed on 13 July 2020.

If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) use this scheme if you're eligible to claim the grant.

Claims for the first grant are now closed, but the scheme is now open. If you’re eligible and your business has been adversely affected on or after 14 July 2020, you need to make your claim for the second grant on or before 19 October 2020.

Who can claim?

You will need to qualify under the eligibility criteria, which means that your business has been adversely affected - your business has experienced lower income or higher costs due to coronavirus.

HMRC states that you should make an “honest assessment” about whether your business has been adversely affected.

What you need

To apply you must have your:

When claiming for the Self-Employment Income Support Scheme grant you should:

· keep a record of how your business has been adversely affected

· confirm to HMRC that your business has been adversely affected by coronavirus

For instance, your business could be adversely affected by coronavirus if you were unable to work because you:

· are shielding or self-isolating

· are on sick leave because of coronavirus

· have caring responsibilities because of coronavirus

· have had to scale down, temporarily stop trading or incurred additional costs because:

· your supply chain has been interrupted

· you have fewer or no customers or clients

· your staff are unable to come in to work

· one or more of your contracts have been cancelled

Important

In order make a claim for the second and final grant your business must have been affected on or after 14 July 2020.

Your trading profits must be no more than £50,000 and at least equal to your non-trading income.

For further information see - https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#check

The UK is officially in the worst recession in decades with the economy shrinking by an unprecedented 20% April to June. Whilst some sectors of the job market showing signs of recovery, this latest news with not help a severely weakened economy.

The numbers of unemployment benefits claimants rose sharply from just over 1 million to 2.7 million in the first six months of this year.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

1. M&S to shed 7000 office and retail jobs

2. John Lewis and Debenhams close stores

3. Debt collectors near top of job vacancy list

4. Retail sales grew in July and GDP rose 8.7%

5. Third of UK employers plan further job cuts

6. UK economy shrinks by 20% April to June 2020

7. UK is officially in recession after successive GDP falls

8. One in three UK employers plan more redundancies

9. Redundancies soar fivefold despite furlough scheme

10. Unemployment to double 7.5% and economy slump 9.5%

11. Half as many jobs are being advertised compared to 2019

12. Base rate held at 0.1%, interest rates to stay low for 5 years

13. Lenders not passing on rate cuts and mortgage rates going up!

14. The end of furlough sees millions more unemployed this autumn

15. UK house prices reached a new all-time high in July as buyers return

16. UK property prices jumped by 3% since June following stamp duty cut

17. Why UK Property prices rising after stamp duty cut, despite the downturn?

18. New planning rules will open up more opportunities to make money in property

19. You can create a second income during the lockdown…and come out stronger

20. Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

#self employed grant scheme #coronavirus grant for self employed

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joelchristina26 · 4 years

Text

INFORMATION ON GOVERNMENT ASSISTANCE

IMPORTANT INFORMATION

I apologise for the length of this bulletin, but with things moving very quickly with various news from different sources sometimes disjointed, I have tried to lay it in some format which will be helpful to you during these worrying times and at the same time tried to explain items (as far as possible) which are of concern and will effect majority of you. In due course we will produce and streamline forms for loans and make them available those of you wishing to apply for Business Interruption Loans etc, as detailed below.

Late yesterday, detailed guidance was released on how the Coronavirus Job Retention Scheme will work and about the new Coronavirus Self-employed Income Support Scheme. As with most situations, there are those who are covered by these schemes there is also a significant minority that miss out and will be reliant on Universal Credits and welfare. The following notes have been taken mostly from the guidance released by HMRC and the government.

Coronavirus Job Retention Scheme Where it applies, the scheme provides the employer with a grant to cover 80% or £2,500 of employment costs of employees who have been furloughed. Employers can also claim for the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage.

Who can claim? Businesses and Charities.

They do not have to be a limited company so can be a partnership or sole trader BUT they must have created and started a PAYE payroll scheme on or before 28 February 2020 and have a UK bank account.

Which employees are eligible? The employee must have been on your PAYE payroll on 28 February 2020, and can be:

full-time;

part-time;

on flexible or zero-hour contracts;

the scheme also covers employees who were made redundant after 28 February 2020, as long as they are rehired by their employer;

Employees hired after 28 February 2020 cannot be furloughed or claimed for in accordance with this scheme;

Employees on unpaid leave cannot be furloughed, unless they were placed on unpaid leave after 28 February;

Employees on sick leave or self-isolating should get Statutory Sick Pay but can be furloughed after this;

Employees who are shielding in line with public health guidance can be placed on furlough; and

Employees who have more than one job can be furloughed for each job separately (being furloughed for one employment does not mean they will need to be furloughed for all).

Additional Conditions for Furloughed Workers

Please note an employee must be furloughed for a minimum of three weeks to be eligible for a claim. When on furlough, an employee cannot undertake work for or on behalf of the organisation. This includes providing any services or generating revenue although a furloughed employee can take part in volunteer work or training, as long as it does not provide services to or generate revenue for, or on behalf of your organisation. If an employee is working, but on reduced hours, or for reduced pay, they will not be eligible for this scheme.

While on furlough, the employee’s pay will be subject to usual income tax and other deductions.

Interaction with Maternity Leave, contractual adoption pay, paternity pay or shared parental pay: If your employee is eligible for Statutory Maternity Pay (SMP) or Maternity Allowance, the normal rules apply, and they are entitled to claim up to 39 weeks of statutory pay or allowance. Employees who qualify for SMP, will still be eligible for 90% of their average weekly earnings in the first 6 weeks, followed by 33 weeks of pay paid at 90% of their average weekly earnings or the statutory flat rate (whichever is lower). The statutory flat rate is currently £148.68 a week, rising to £151.20 a week from April 2020. This is not part of the Coronavirus Job Retention Scheme. However, if you offer enhanced (earnings related) contractual pay to women on Maternity Leave, this is included as wage costs that you can claim through the scheme. The same principles apply where your employee qualifies for contractual adoption, paternity or shared parental pay.

The Procedure, How to furlough an employee: The process of furloughing an employee is subject to normal employment law and regulations. The employer needs agreement from the employee to furlough them, unless it’s covered by a clause in the employment contract. They also need to select employees in a fair way to avoid any discrimination. If an employee disagrees with their employer’s decision, they’ll need to talk to their employer and try to come to an agreement.

Any furlough agreements should be in writing. It’s a good idea to include:

the date furlough starts;

when it will be reviewed; and

how to keep in contact during furlough

Again, I cannot reiterate it enough, a worker will stay employed while they’re furloughed, but they must not work.

How to calculate the claim: The employer will receive a grant from HMRC to cover the lower of 80% of an employee’s regular salary or £2,500 per month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that subsidised salary. Fees, commission and bonuses should not be included.

At a minimum, employers must pay their furloughed employees the lower of 80% of their regular salary or £2,500 per month. An employer can also choose to top up an employee’s salary beyond this but is not obliged to under this scheme.

Full time and part time salaried employees:

The employee’s actual salary before tax as of 28 February should be used to calculate the 80% (fees, commission and bonuses should not be included).

Employees whose pay varies:

If the employee has been employed for a full twelve months prior to the claim, you can claim for the higher of either:

the same month’s earning from the previous year; or

average monthly earnings from the 2019-20 tax year

If the employee has been employed for less than a year, you can claim for an average of their monthly earnings since they started work.

If the employee only started in February 2020, use a pro-rata for their earnings so far to claim.

Company Directors & Shareholders:

For directors who take a relatively low salary and dividends, it is the salary figure only that can be included in this scheme, dividends are excluded. It will be the salary as at 28th February 2020 that is used to make the calculation. Often this will be 80% of £719 a month. However, many small companies are run by just one or two directors and have no other employees.

What government financial support is available to director/shareholders during the Coronavirus crisis?

A director or company officer is an employee for PAYE purposes.

A director cannot claim the COVID-19 Grant for the Self Employed by virtue of holding the office of a director.

Although it may be possible for a company to furlough a director under the COVID-19 Job Retention Scheme there are potential issues for small companies to consider.

Company law dictates that director should be engaged under the terms of a service contract with their company.

A service contract does not automatically create an employment contract.

Many director/shareholders are remunerated in the most cost-efficient method for their company: a mixture of low salary topped up by dividends.

If the director’s company is adversely affected by COVID-19, the director may consider Furloughing for normally employee type duties, so, If as a director you were on the payroll, engaged under an existing written or verbal employment contract on 28 February 2020, and your services, in performing the duties expected of you as an employee or director are not required due to the effects of the ongoing crisis, the company may furlough you.

Can you furlough a sole director?

In deciding whether to furlough a director in respect of their duties as a company officer, it is assumed that the director will not be furloughed in respect of their duties as an officer of the company. This is because a company cannot operate without its director and all directors have ongoing fiduciary duties to their companies.

We, at Shaikh & Co take a view that most companies will need to have someone on hand, to handle on-going administration such as post, bookkeeping, tax filings and banking. We see no reason why a company cannot go into a ‘COVID-19 hibernation’ meaning that the director would have no day to day duties during that period, but we are uneasy recommending that a sole director is laid off completely.

Perhaps part-furloughing is possible and duties in working as a company officer could be agreed at say 1 day per week. Duties as an employee would then by furloughed. This would be evidenced by two contracts: a service contract and an employment contact.

HMRC states that ‘If an employee is working, but on reduced hours, or for reduced pay, they will not be eligible for this scheme and you will have to continue paying the employee through your payroll and pay their salary subject to the terms of the employment contract you agreed.’

The HMRC statement is at odds with the idea that a company could go into a period of hibernation. However, it is for the employer to agree the terms of any modification to an employment contact and for the directors to act in the best interests of the company.

Salary or dividends?

There is no scheme in place for the government to provide financial support to shareholders where the amount of their dividend is affected by the COVID-19 crisis. If a company can no longer afford to pay dividends, it may be insolvent, directors should take appropriate advice.

If the company decides to change the terms of the contract in order to pay a salary instead of a dividend, this must be agreed contractually between the company and its director. As suggested above, we would normally expect to see a service contact which details the duties of a director as a company officer and an employment contract which covers duties as an employee. Above all it needs to be remembered that a furloughed employee is not allowed to work for the employer during the furlough period. Depending on the type of business, a company director may well need to work in some capacity during even a period of closure of the business.

Whilst writing this it has come to light that self-employed limited company directors can be furloughed as employees on their PAYE element (even if they are sole employee), technically they cannot then work for the same business, however it is thought that they are allowed to continue to carry out their duties as officer of the company such as statutory filings etc.

This area is full of complications and we await further guidance, the important advise is not to jump to any particular course of action which can then be difficult undo, remember the eligible payments in either case will be backdated to 1st of March, so we wait and see.

Employer National Insurance and Pension Contributions Employer National Insurance contributions and minimum automatic enrolment employer pension contributions need to be paid for furloughed employees. The employer can include in the grant claim 80% of the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions. Employer National Insurance Contributions and automatic enrolment contribution on any additional top-up salary will not be funded through this scheme. Voluntary automatic enrolment contributions above the minimum mandatory employer contribution of 3% of income and above the lower limit of qualifying earnings (which is £512 per month until 5th April and will be £520 per month from 6th April 2020 onwards) will not be funded through this scheme.

Making a claim: To make a claim as the employer, you will need:

the PAYE reference number;

the number of employees being furloughed;

the claim period (start and end date);

amount claimed (per the minimum length of furloughing of 3 weeks);

the employer’s bank account number and sort code;

Contact details; and

Phone number

HMRC will retain the right to retrospectively audit all aspects of your claim.

An employer can only submit one claim at least every 3 weeks, which is the minimum length an employee can be furloughed for. Claims can be backdated until the 1 March if applicable. Once HMRC have received the claim and the employer is eligible for the grant, HMRC will pay it via BACS payment to a UK bank account.

The scheme is expected to be up and running by the end of April and initially will cover March, April and May.

Finally the grant will be treated as taxable income and included in taxable profits for Corporation tax (limited company employers) or income tax (sole trader and partnership employees).

The Coronavirus Self-employed Income Support Scheme Who can apply? You can apply if you’re a self-employed individual or a member of a partnership and:

· have submitted your Income Tax Self-Assessment tax return for the tax year 2018-19;

· traded in the tax year 2019-20;

· are trading when you apply, or would be except for COVID-19;

· intend to continue to trade in the tax year 2020-21; and

· have lost trading/partnership trading profits due to COVID-19

Your self-employed trading profits must have been less than £50,000 and more than half of your income from self-employment. This is determined by at least one of the following conditions being true:

· having trading profits/partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income;

· having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period

If you started trading between 6th April 2016 and 5th April 2019, HMRC will only use those years for which you filed a Self-Assessment tax return to make the calculation.

If you started self-employment after 5th April 2019 you are not eligible for this scheme.

How the grant will be calculated: The grant will be based on 80% of the average profits from the tax years (where applicable):

· 2016 to 2017

· 2017 to 2018

· 2018 to 2019

To work out the average HMRC will add together the total trading profit for the 3 tax years (where applicable) then divide by 3 (where applicable), and use this to calculate a monthly amount. It will be up to a maximum of £2,500 per month for 3 months.

HMRC will pay the grant directly into your bank account, in one instalment.

How to apply: HMRC will contact you directly if you are eligible for the scheme and invite you to apply online. HMRC says Individuals do not need to contact HMRC now and doing so will only delay the urgent work being undertaken to introduce the scheme.

If you are late submitting your 2019 Self-Assessment tax return (due date for submission was 31st January 2020) you can still submit it by 23rd April 2020, for the figures to be included in the grant calculation. Get in touch with us if you are not a client at www.shaikhandcoaccountants.com.

Other points:

· You can carry on working (if work is available), it is not a requirement of the Coronavirus Self-employed Income Support Scheme that you stop all work.

· HMRC have used the expression ‘average profits’ and ‘trading profits’ in the guidance. These expressions are not used on the Self-Assessment tax return form but almost certainly refers to ‘Net business profit for tax purposes. This figure is calculated after Capital Allowances for purchases of capital equipment.

· There is a requirement that to claim these reliefs, `business must have lost trading/partnership trading profits due to COVID-19. We think most businesses will be able to justify this, but there will be a few that possibly can’t.

Other Measures we have already reported in our earlier bulletins, but are repeated below for ease reference

Government backed loans up to £5million (business Interruption)

To support primarily COVID19 affected small and medium sized businesses

The benefit:

· No interest for first 12 months (government to pay interest for 12 months).

· Government to provide a guarantee of 80% on each loan without any charge.

· Loans up to £5 million.

· Provisions to provide further discretionary financial support to businesses.

· Borrower is liable to repay 100% of the loan.

It’s since been reported that some banks are inserting these clauses, which go against the aim of the scheme. Please be vigilant – if you sign a personal guarantee or indemnity you are personally liable for the loan, the limited liability of a company will not apply.

Grants

Grants (non-repayable) to retail, hospitality and leisure businesses who occupy ‘rateable’ properties operating from smaller premises and are based in England.

£25,000 Grant—for business with a rateable value over £15,000 and below £51,000. £10,000 Grant—for business eligible for Small Business Rate Relief (SBRR) or Rural Rate Relief, to help meet their ongoing business costs (business properties with rateable value up to £15,000).

You do not need to do anything. This grant will be administered by local authorities, who will write to you if you are eligible for this grant this is expected to start from 1st April 2020

These are grants and not repayable.

Time To Pay service Facility

All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. However, there is no automatic deferment for Corporation Tax liabilities.

You can call HMRC‟s dedicated helpline on 0800 0159 559 for help and advice.

For Income Tax (Self-Assessment)

Payments due on the 31st July 2020 will be deferred until the 31st January 2021.

This applies to all those that are self-employed. This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period.

You will still need to pay the amount in full before 31st January 2021

All UK business registered for VAT

Can defer VAT payments due between 20th March 2020 and 30th June 2020 until the end of tax year 2020-21, therefore, have until 3‌‌‌1 March 2021 to pay any VAT deferred as a result of this. VAT refunds and reclaims will be paid by the government as normal.

You will be required to cancel any Direct Debit mandates you have with HMRC in order to take this option.

NOTE—VAT Returns are due as normal. Only payment is deferred. This is an automatic offer with no applications required.

Relaxation in planning regulations

Relaxation in planning regulations to allow pubs and restaurants to start providing takeaways without a planning application.

Universal Credit

Self-employed people can now access full universal credit at a rate equivalent to statutory sick pay.

Insurance

Businesses that have cover for both pandemics and government ordered closures should be covered. The government and insurance industry confirmed on 17th March 2020 that advice to avoid pubs, theatres, etc., is sufficient to make a claim as long as all other terms and conditions are met. It goes without saying, Insurance policies differ significantly, so businesses should check the terms and conditions of their specific policy and contact their providers directly.

Mortgages

· Mortgage borrowers can apply for a three-month payment holiday from their lender.

· Tenants can apply for a three-month payment holiday from their Landlord.

· Tenants cannot be evicted from their home over the next three months.

· Homeowners cannot have their home repossessed over the next three months.

Both residential and buy-to-let mortgages are eligible for the holiday.

Borrowers still owe the amounts that they do not pay as a result of the payment holiday and interest will continue to be charged on the amount they owe.

Our Thoughts As we said earlier, some people slip through the net and will have to rely on Universal Credit and other benefits, or the Coronavirus business interruption loan scheme to stay afloat. This includes people who started as a sole trader after 5th April 2019 for example and we can think of quite a few clients who fall into this category.

Directors of small companies generally lose out because dividends are excluded (dividends are investment income) from the Job Retention Scheme. There are no provisions for owners of holiday let properties that are losing out heavily through cancellations and the shutdown.

A final point to note… There has been a surge in coronavirus-related scams totalling almost £970,000. The National Fraud Intelligence Bureau (NFIB) reported this new trend in fraud related to Coronavirus, or COVID-19. The majority of reports are related to online shopping scams where people have ordered protective face masks, hand sanitiser, and other products, which have never arrived.

Other frauds being reported include ticket fraud, romance fraud, charity fraud and lender loan fraud. There have been over 200 reports of coronavirus-themed phishing emails and people imitating to be from HMRC.

We will send out more updates as and when information becomes available.

If you are not currently a Shaikh & Co client and would like support during this time you can contact us directly or through our website www.shaikhandcoaccountants.com

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