Examining the Effect of the New Health and Safety Guidelines on UK Businesses

In 2016, the Sentencing Council’s guideline for sentencing related to health and safety offences dramatically changed. It has now been in effect for more than two years, so we can definitely see the results and reactions to that law. Let’s take a closer look at the after-effects of the new health and safety guidelines on UK businesses.

The Cost-Benefit Analysis More Strongly Favours Prevention

The sentencing guidelines set hefty fines for businesses of all sizes, though fines are based on the turnover of the company. Large companies with a turnover of more than £50 million regularly pay fines of more than £1 million for straightforward health and safety violations. Small to medium companies are periodically hit with six-figure fines. This makes many companies see the clear benefit of investing in greater levels of training, preventative devices, and safety procedures.

The new guidelines focus on the potential risk of harm rather than what harm was actually caused when serious breaches occur. Risk mitigation then becomes a priority. This forces businesses to invest in safety measures that reduce the overall risk of accidents and their outcome, far beyond general mitigation methods that were the norm. Paying for independent consultants to review one’s health and safety policies becomes a priority. And up to date health and safety courses such as the ones listed on findcourses.co.uk can become an investment in the company’s bottom line.[Continue Reading…]

How contractors can get a handle on their finances

Over three million Brits are believed to work as sole traders, and there are plenty of benefits to doing so. Not only can contractors largely set their own priorities and schedules, but they also have the benefit of experiencing different types of work. However, with financial considerations such as tax obligations and pension payments to think about, it can also be a headache. Here are some of the main ways that contractors can avoid these problems.

Set up a pension

As a regular employee, it’s likely that you’ll have your pension looked after for you by the business that employs you. In fact, most employers now legally have to enrol you into a pension scheme – so you’ll have at least some protection, even if you have to cede some salary voluntarily as a personal top-up contribution. However, for contractors, this isn’t usually an option.

You’ll need to take out a self-employed pension to ensure that you’re covered for retirement, and this can be a hassle. When working out your rate, then, ensure that you add on say 4% or 5% – or potentially even more – in order to cover what your employer would otherwise be contributing if you were a regular employee. That way, you’ll know you’re covered.[Continue Reading…]

Record Rental Rises Hit the UK

A recent report by the Royal Institution of Chartered Surveyors has suggested that UK rents are expected to increase by a huge 15% over the next five years. There have been a number of factors that have led to increasing rent bills, with the rises affecting the whole of the country.

A combination of a historically undersupplied market and a sharp rise in the amount of UK renters has created the perfect conditions for rent rises. Though bad news for the growing number of renters, it’s great news for property investors who can expect to see rental yields continue to rise. Rent rises across the country mean that investors can make even more from buy to let property investments, and certain cities like London and Manchester are experiencing record population growth.

The demand for rental property in the UK has reached record levels, with 20% of UK households now living in private rented accommodation. A range of factors such as difficulty buying a first home, a multi-city lifestyle and the ‘generation rent’ mindset have all contributed to this increasing demand. The number of people living in rental accommodation has increased in most age ranges, showing a diversifying rental market. Population increases in UK cities are also leading to an increasingly competitive rental market, with more people than ever looking for rented accommodation.[Continue Reading…]

Moving business cash safely and efficiently

There are all kinds of reasons why a business leader may choose to move cash around within the firm. Perhaps you’re planning to set up a new branch or service, and the team responsible for it needs funds in order to lease spaces or buy equipment. Maybe you’re looking to buy up a foreign company in order to expand, and you need to get cash abroad in order to secure the deal on the ground. Whatever reason you have for moving money around, though, it’s important to do it in a secure and cost-effective way – otherwise, you may find that it’s more trouble than it’s worth.

Keep records

The first thing that you should do when moving cash for your business is keep a record. When filing this record, you need to state clearly who received the money, what the amount was, the date, and – crucially – the purpose. Without this, it may be a nightmare for you or your accounts team to reconcile the transactions at a later date – and in the long run, it’s not sustainable to have endless disorganised records floating around. Not only will keeping accurate records of any money moves be a smart choice when it comes to working out your profit and loss, but these records will also often be needed by authorities of various types – including HMRC when the time to file your annual tax return rolls around.[Continue Reading…]

Why all Businesses need to understand their Demographics’ Spending Habits

Businesses cannot exist without their clients or consumers, and as such, understanding their demographic is a key part to any business’ success. One aspect of their behaviour that far too many businesses overlook, however, is their demographics’ spending habits. Knowing how they spend their money, if they take out payday advance loans, and even generally how much they have saved can tell you a lot about their purchasing power and their spending habits. Using this information, you can:

Know How to Price Your Items

One of the first and most obvious benefits to understanding your demographics’ spending habits is so you can better price your items, meaning you can sell them for the highest profit. Finding the sweet spot that encourages your demographic to buy more at a profitable price-point is key to success. By understanding not just how much they spend, but what they spend it on, you can market better and increase sales.[Continue Reading…]

Never underestimate yourself as a trader

People have the habit to always compare themselves with the other trades. It is wrong and you do not know what your future has in stock. Sometimes you may feel that you are not worthy of your investment and you should do what other people are doing. This is the one thing you should never do in Forex. You may lose all your money, you may lose all your profit that you have made but never ever underestimate yourself. You do not know the talents that are hidden in your character. You only need to let it out in the open and nature will do the rest. People always think the other people are right, they can take the right decisions.

They are afraid of themselves and do not do anything because they are scared of the market trends. Just believe in yourself and step your feet on the industry, you will find this trading is not as hard as you thought. You can also make money consistently if you want. Every trade has fair chances if they start trading with their quality and talents. This underestimating is very harmful and this article will tell you why you are the best that you have got. Professionals will only help you to a certain level but you have to make your decisions when they go away. It is your talents that are going to help you but if you do not believe it first, we cannot help you.[Continue Reading…]

Types of workplace and company pension schemes

An occupational scheme (often called a company pension scheme or superannuation scheme) is usually the best way to save for retirement, because your employer adds to your savings.

Pension schemes through your work

If the firm you work for has five or more employees, it must offer some kind of pension scheme that you can join. This could be:

  • An occupational scheme (company pension scheme or superannuation scheme). This is run by your employer who must pay into the scheme on your behalf. You usually have to pay in too. When you leave the employer, all the contributions stop, but you keep the pension you have built up so far. This will generally be a final salary scheme, career average scheme or money purchase scheme.
  • A group personal pension (GPP). This is run by an insurance company or other provider. Usually your employer pays in 3 per cent of your pay on your behalf. You choose how much extra you want to contribute. When you leave your job, your employer’s contributions stop, but the scheme stays with you and you can carry on paying into it. All GPPs are money purchase schemes.
  • A stakeholder pension scheme. This is usually run by an insurance company. Your employer does not have to pay in anything on your behalf. You choose how much you want to contribute. When you leave your job, the scheme stays with you and you can carry on paying into it. A stakeholder pension scheme is always a money purchase scheme.

In future, even small employers will have to enrol most of their employees into a workplace pension scheme under new automatic-enrolment rules. These rules took effect between 2012 and 2016, depending on the size of your employer’s workforce, with larger employers coming on board first.[Continue Reading…]

Why is US dollar traded most in Forex?

Many people think why our dollar is traded most in the Forex market. There are lots of other currency in the world and you will be surprised to see that one currency is dominating the world. When there are major and minor currencies in Forex, there are many other currencies that are not traded on the market as like the US dollar. If you have not known, this one currency dominates more than 80% in the global Forex transaction and this Us dollar is also one of the strongest currency in the world.  This article will tell you why this one currency is traded most in the world and if you can get any advantage if you are trading with the US dollar.

Before you dig into more details we are going to give you some amazing piece of information. Peoples in the United Kingdom are getting involved in spread betting very fast. Most of the professional brokerage firms are offering high leverage trading accounts to their clients. So if you can trade the market with the extreme level of precision then you can make a huge amount of money. But mastering the art of trading is not all easy. You have to learn all the basic details of this market from the scratch.[Continue Reading…]

Why the expert consider trading as their business

Why do we have to think like the businessman? Why can’t we think of someone else? Well, the main reason why the traders in the United Kingdom are succeeding because they trade like a businessman. They consider trading as running a business. Most of the naïve traders assume trading as a simple thing and they try to trade it as they want without having any proper idea. They don’t even consider it as a business because they just want to make money nothing else. They consider the financial market like a casino so they end up being like gamblers who are addicted to trading in spite of earning losses.

They trade without analyzing the risks involved because they don’t because they are lazy to do it. If their intention was to become successful they would not have treated trading as a simple thing but their intention was to earn money as much as possible. If you want to become a successful trader you should think like a businessman. You should also understand that there will cost of running a business likewise; there are costs for trading as well. There are many ways to earn from trading so you should learn it thoroughly to become successful. More than anything you should have the intention to become successful in trading.[Continue Reading…]