Don't Fall Foul of the Phishers

What would you do if you received an email saying you were due a large tax rebate and should go to a link to claim it? If you are sensible you won't click on that link. You could have received one of a batch of phishing emails which will take you to a clone of the HMRC site. Once you are there, you'll have a request to give credit or debit card details. If you comply with that, your bank account will be emptied and your credit card maxed out. 

HMRC doesn't use email to advise about rebates due, only snail mail. It will never ask for credit card details either. No matter how legitimate the email and the website look, they aren't the real thing. 

Why Do the Phishers Do it? 

How can it be worth the effort of copying a website and sending out these emails? Apparently the phishers have acquired thousands of email addresses. They just have to set them up as a group, type in the message once and press send. And when we all turn on our computers and get connected, they pop up in our inboxes, or perhaps in the spam folder if we are lucky. 

Unfortunately there are always some gullible people who click on the link and comply with what they think are HMRC instructions. Then the dastardly phishers move fast to gather their funds and disappear. 

What to do if you Get One 

HMRC believes that the trend for trying to get easy money this way is growing, so we are all going to get more and more of these phishing emails and must be on our guard against them. The HMRC website requests that, if you receive such an email, you forward it to phishing@hmrc.gsi.gov.uk to assist in investigations to try to find the criminals behind them, recover fraudulently acquired cash and put a stop to their activities. 

The site gives a list of email addresses that have been used for phishing, none of which are ever used by the revenue. It also mentions other methods used to con people out of their hard earned cash. 

Some fraudsters make telephone calls claiming to be tax officers. They ask for bank details so that a tax refund can be made. Others send text messages asking you to call them. This is more difficult to recognise because HMRC officers do sometimes leave messages asking people to call them at their local office. Always check if the telephone number is correct before making the call. 

Take precautions. Don't get caught out by the phishers. 

About the Author

Lynn Watson is the Director of Office Assistants, a company that offers small to medium businesses of all types the chance to cherry pick from a flexible range of services including bookkeeping; VAT; Payroll; CIS returns and general office services. The company has 20 years experience and pure expertise in streamlining and making substantial savings for all types of Essex and London businesses from sole traders upwards. For more information visit www.officeassistants.org

The Benefits of Non-executive Directors

Do you have a non-executive director, or have you ever considered it? There are many benefits to be gained if you have the right one. A good non-executive director will take on many different roles as your business develops. 

In your start-up phase an external director could bring experience of your marketplace and contacts from within it. He or she should offer guidance and open doors for you. The non-exec might even help with opportunities for business, taking part in meetings and presentations. Acting as a mentor to you and other senior members of your team, your non-executive will attend meetings, give opinions and advice, and support whatever decisions you make. 

How to Find the Right Non-executive 

Advertisements for non-execs usually find plenty of applicants with a mix of motives. Putting such positions on a CV is always helpful to the career of an ambitious go-getter. You could even find an aspiring non-exec who will not require a fee initially, but you would still need to be sure they could bring what you need to your board meetings. It might be more advantageous, and more profitable in the long run, to pick someone with experience of the role who would expect some remuneration, but be able to bring you more benefits. 

Before you start to weed them out, decide exactly what you are looking for in terms of the relationship. Look at its duration, how often you will meet during that time and what you expect to get from it. When you interview them, make all this clear, and don't think of appointing anyone unless you are confident about what and who they know that can help you reach your business objectives. Be sure to discuss the financial aspects with your outsourced bookkeepers beforehand and be clear about what you can afford. Then you can have a maximum fee in mind and negotiate to no more than that. 

Get the Most from the Relationship 

Have an option of one-to-one meetings where you can review how things are going and speak frankly to one another. Regular debriefs can make sure you are both on the same wave length and neither of you are expecting too much of the other. The role of the non-exec should change along with your business development, and you both need to recognise the shifts and phases you need to go through. It's a good idea to have these discussions before each board meeting so that you can plan strategies and iron out any problems. Speaking with the same voice at your board meetings can save valuable time and be reassuring to other board members. 

Remember the advantages of a non-executive director when you are considering how to grow your business.

About the Author

Lynn Watson is the Director of Office Assistants, a company that offers small to medium businesses of all types the chance to cherry pick from a flexible range of services including bookkeeping; VAT; Payroll; CIS returns and general office services. The company has 20 years experience and pure expertise in streamlining and making substantial savings for all types of Essex and London businesses from sole traders upwards. For more information visit www.officeassistants.org

Limited Company or Sole Trader: How to Decide

Many micro businesses start life as a sole trader. In the first year at least, if the profit is likely to be less than the owner's personal tax allowance, this is the sensible thing to do. If you anticipate significantly higher earnings, or if your start-up really takes off, you should consider setting up a limited company to maximise your personal profit and reduce your personal risk. 

What are the Risk Factors? 

As a sole trader all the debts of your business are your own. If things go wrong, you risk losing any or all of your personal assets. If you own a limited company, the debts belong to the business, not yourself personally, unless you have signed any personal guarantees. You are not in danger of losing your home in the worst case scenario. 

What are the Tax Factors? 

As a sole trader all the profits of your business are your personal income and you are taxed on them accordingly. You will also need to pay Class 2 National Insurance (NI), currently set at £2.50 a week, and Class 4 NI on profits over the current threshold of £7,225.00. 

If you set up a limited company, you could add members of your family or others as directors if you wish, or you could be a sole director. You do have to register as an employer and submit the relevant employee returns. 

On profits of up to £300,000, the company pays corporation tax of 20%. It pays salaries to directors and dividends to shareholders. You will pay no tax or NI on a salary of £589.00 a month, which is an allowable expense against profit. If this is your only income and your personal tax allowance is the normal £7,475.00, as long as there is enough profit in the business, you could also pay yourself a dividend of up to £38,934.00 without incurring any income tax.

Get Professional Advice 

On the face of it, as soon as a business becomes reasonably profitable, it would be wise to set up a limited company. Under some circumstances, it might even be wise to sell your sole trader business to the new company. 

But things are rarely as simple as this. Most people have other income to factor into the equation, even if it's just bank interest on their savings. You should always seek advice before setting up a private company. Discuss it with your outsourced bookkeepers, and if it still seems feasible, talk to your accountant.

About the Author

Lynn Watson is the Director of Office Assistants, a company that offers small to medium businesses of all types the chance to cherry pick from a flexible range of services including bookkeeping; VAT; Payroll; CIS returns and general office services. The company has 20 years experience and pure expertise in streamlining and making substantial savings for all types of Essex and London businesses from sole traders upwards. For more information visit www.officeassistants.org

Freelancers Sometimes Make More Sense than Employees

When you are supplying a service or a product, that's what you need to concentrate on if you are to make any money. But running a business involves all sorts of other jobs that have to be covered and can keep you away from your core activity. That's why you need to employ other people to deal with all these intricacies, allowing you to get out there and make a profit. 

When Cash is Hard to Come By 

But what if you have a very young business where funding is stretched, or the recession has hit you so hard you've had to let people go? You simply can't afford to take on permanent employees. 

That's where freelancers come in. You accept or negotiate their charges up front and employ them for as little or as long as you can afford. They know that you will review their performance before you call them back, so they will do their best for you. 

Use of Freelancers is Soaring 

Recent research has shown a phenomenal rise in the use of freelancers by small businesses. The rise in the year to July 2011, compared to the previous 12 months, was reported to be 68%. And around one in 20 workers in the UK works as a freelance. Many of them have specialist skills and experience that can be a real benefit to your business, and would command an extremely high salary if you were to take them onto your payroll. 

Benefits of Using Freelancers 

When you use freelancers, you pay for the time they work for you, not for their holidays or when they are off sick. And remember, you are under no obligation to offer more work than you can pay for. Just make sure this is all agreed in writing before they start work. 

Whether you want admin help or assistance with a marketing campaign, you'll find experienced freelancers who won't need training except for a quick induction. They will be accustomed to finding out what they need to know about each business they work for, and they won't take up too much of your time. And they can often bring a fresh perspective to the tasks involved, so you can benefit from ideas you may not have thought of yourself. 

This is particularly helpful when you've outsourced your bookkeeping if you are concerned about credit control or meeting regulatory deadlines. It's always worth considering a freelancer who doesn't have to go on the payroll.

About the Author

Lynn Watson is the Director of Office Assistants, a company that offers small to medium businesses of all types the chance to cherry pick from a flexible range of services including bookkeeping; VAT; Payroll; CIS returns and general office services. The company has 20 years experience and pure expertise in streamlining and making substantial savings for all types of Essex and London businesses from sole traders upwards. For more information visit www.officeassistants.org

Small Businesses: Get help with Problem Solving

When you have a business problem to solve, what do you do? Do you mull it over for as long as you can and then make a decision because there's no time left, even though you're not really sure about it? Do you ever discover when it's too late, and you are briefing your staff that someone actually had a better solution, but they hadn't known it was needed? 

Problems come in many forms. It could be how to deal with a customer's complaint. Perhaps it represents a significant opportunity, if only you knew the best way to respond to an invitation to tender or invest. Or is it that a competitor has the edge on a product, and you must find ways to develop something even better? 

Getting a Handle on the Problem 

You may have to make the decisions for your own business, but that doesn't mean you have to make them in isolation. The first thing you have to do when a problem arises is make sure you have a clear definition of it and what caused it. You need to clarify it in your own mind before you can communicate it to anyone else you might decide to involve. Sometimes a problem might be raised by someone else on your team, and if you haven't already recognised it yourself, this aspect is really crucial. No problem can be effectively solved unless it is fully understood. 

Who Can Help? 

For something really serious, if you can afford it, you might want to call in a consultant who specialises in your sector and market, as well as in problem solving. Or you might prefer to look closer to home. Arranging a group brainstorming session can be less time consuming for you than talking to people individually. You'll only have to explain the problem once and make sure people understand its parameters. 

When you come to evaluate the ideas you'll be really surprised at some of the things that come up. Make it plain that you value everything that has been suggested, even though they can't all be used at that time. If you get everyone to award points to the ideas after they've been discussed, you might come away with a clear winner. 

All kinds of people could be involved, from senior managers to the office gopher. You could even invite your outsourced bookkeepers to take part and offer some independent wisdom. Don't struggle on alone. Even just talking through a problem for ten minutes can help you see the light.

About the Author

Lynn Watson is the Director of Office Assistants, a company that offers small to medium businesses of all types the chance to cherry pick from a flexible range of services including bookkeeping; VAT; Payroll; CIS returns and general office services. The company has 20 years experience and pure expertise in streamlining and making substantial savings for all types of Essex and London businesses from sole traders upwards. For more information visit www.officeassistants.org

How to Navigate the Waters of Small Business Lending

The small business loan industry is teetering toward inaction with little to offer lenders or owners. According to the Federal Reserve, large U.S. banks are softening loan terms for small companies 10 percent more than mid-sized and large businesses. The Wall Street Journal also reported banks and lenders' difficulties in stirring the market for small-business lending.

Entrepreneurs across the board are in need of useful tips and trustworthy advice. Much of the process hinges on thorough preparation and a clear understanding of lender expectations. For businesses that don't meet prerequisites for traditional commercial loans, low-interest loans can be negotiated through some nonprofits and local and state development agencies. This avenue can be even more worthwhile than navigating the hoops of typical lenders.

No small business should be afraid to utilize the U.S. Small Business Administration. It's a valuable and informative resource with details about the loan process, contracting, government relations and more. The SBA is a reliable tool to obtain basic answers. By becoming well acquainted with the administration, small-business owners can research what lenders are going to ask. Some questions may vary, but the gist will be the same. This includes inquiries like what assets must be bought? Who are your suppliers? Do you have other business debt? Who are your creditors? Who are the members of your management team? What can you offer as collateral?

Create a checklist of all necessary documentation. Loan applications require a host of documents—personal/criminal background checks, resumes, business plans, business and personal credit reports, financial and bank statements, income tax returns and business licenses. Having all the proper paperwork in order speeds up the procedure and smoothes any logistical wrinkles.

Finally, it's imperative that small businesses keep immaculate records of all accounts payable, client billings and collections, loan details and year-end reporting for tax preparation. Firms, like On Call Accountants, provide accounting services, financial reporting and business consulting, so pertinent information is organized and readily accessible. They also collaborate with banks for loan packages. More information is available atwww.oncallaccountants.com.

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About the Author

NewsUSA has created and placed over 15,000 editorially sound newspaper, radio and online features that educate and inform consumers about finance, health, safety and travel as well as home and holiday topics.

How to Become a Personal Shopper for the Elderly

If you have a love for shopping and you don't really have a job then why don't you get paid to shop for other people? Also if you don't really have a shining resume or any sort of major skills and you can't find a job, then this is the perfect one for you. It won't really take a lot of work and you will get paid as well.

Before you decide to become a personal shopper you are going t has to decide what your strengths and weaknesses are. Yes, shopping too has its strengths and weaknesses just like everything else. You can go for clothes or groceries or prescriptions or even personal gifts. Depends on what your strength is. But then this isn't the list, it just goes on and on. The job opportunities in the world of a personal shopper are endless. But you can choose between being a personal shopper and working at the high end department stores, or you can even be a freelancer in the personal shopper business.

The best thing about this is that you really don't need many qualifications for this. But then if you want to be a personal shopper in a high end store then you might just need some qualifications in marketing or fashion or retail, this is what is going to help you get a job. Sometimes there are even schools which are available for such jobs, the best thing to do would be to locate one and hence get a certification. This will be your speed ticket on the trail of getting a job.

When it comes to being a personal shopper for the elderly you really need to look in specific places. Let us take fashion for example. Elderly people usually prefer the high end stores. Plus just because you are shopping for the elderly doesn't mean that you can give they whatever to wear. You will still have to keep your fashion sense updated. Go through the latest cosmopolitan, Elle and vogue. Apart from this you will also have to learn what your clients prefer, what their occupations are, what colours they like, the colours they look good in, the styles they prefer and so on. All this is required to be known if you want to get paid to shop. Also when you purchase things for your clients keeping a log will help if you plan on purchasing more in the future.

Finally comes the part of payment. For shopping jobs you will have to charge your client according to the amount of time and effort you think you have given the client. Also the amount of money charged also has to match with the ability of the customer to pay and the locality in which he or she lives. When it comes to the elderly the best thing to do is to provide a discount for senior citizens who really have an income which is fixed.

About the Author

A personal shopper career can be the right career opportunity for you if you like the idea of getting paid to shop. Find out more about this fabulous career at: http://www.fabulouscareerguide.com/become-a-personal-shopper.