finance Archives - Page 5 of 5

November 20, 2017 by Greg Underwood

Taking the Mystery Out of Saving Money on Confusing Broadband Deals

Deciphering the different broadband deals on the market and encountering the most appropriate package can be challenging at best and downright frustrating at worst. With so many providers on the market and due to an increasing amount of competition, it seems as if every company is now offering the best bundle at the lowest price. Of course, this is simply not the case. As a consumer, it is important that you know how to separate the wheat from the chaff. Let us take a look at some general guidelines as well as a handful of specific metrics to address before committing to a specific provider.

Your Data Usage Requirements

Although this may already seem to be completely obvious, many consumers are lured into purchasing plans with massive amounts of broadband data per month. The fact of the matter is that many consumers will require far less than what a contractual package offers. The remainder simply goes to waste. This is very much akin to throwing hard-earned money down the digital drain. So, try to calculate how much data you require per billing cycle. If you utilise the Internet for basic tasks such as checking the weather or watching the news, the chances are high that you will not require the most robust package. Those downloading HD films or watching streaming videos are more likely to leverage the power of high-end broadband deals.

Hidden Fees and Surcharges

In the past, ISPs were not required to quote line rental costs into the price of a broadband plan. This has all changed thanks to the recent actions of the ASA (Advertising Standards Authority). The ASA has ruled that business-oriented Internet service providers are obligated to make these prices clear from the onset. The ultimate goal is to provide consumers with a more transparent perspective so that they will be capable of making informed decisions. Still, be sure to check the fine print associated with any plan before committing.

Online Comparison Portals

This next piece of advice cannot be stressed enough. It can be difficult to navigate to different web pages and contrast what each is offering. Therefore, take advantage of the objective reviews provided by third-party portals such as Broadband Choices. All of the most trusted companies are rated in terms of price, customer service and the types of packages that they have to offer. Navigation is easy and in the majority of cases, you will be able to walk away with a clear opinion. It is then much easier to contact the most appropriate broadband firm.

The Myth of “Unlimited” Broadband

It is important to clear the air in reference to this topic. There is simply no such concept as “unlimited” broadband in today’s digital world. This very same concept is applicable to online storage systems such as Dropbox and Google cloud services. It is therefore ironic that many providers continue to use such a term to describe a specific deal (particularly in the case of smartphone packages). Always take this claim with a grain of salt.

Ask Questions

In the event that any terms and conditions are not made entirely clear from the beginning, never be afraid to contact a customer service representative. Not only will you be able to address any grey areas, but robust client support is one of the signs of a reputable firm.

All of these suggestions should be employed if you hope to find the most amenable broadband provider. You will also save a great deal of money along the way!

November 17, 2017 by Greg Underwood

Process Of Obtaining An EIN?

When you’re trying to start a new business, you know that there is a lot of paperwork that has to be done first. Business licenses, seller’s permits, and other documentation is needed to ensure that your new company is up and running the right way. However, the most crucial paperwork you need to submit is the EIN application. Since this is essential to your business, let’s find out how you can get it ASAP.

What is an EIN?

This stands for Employer ID Number, and it’s a form ofTtax ID provided by the IRS. Just like a social security number is used for your personal taxes, an EIN is used for businesses. This number is necessary if you plan on doing any one of the following:

Hire Employees
Open a Business Bank Account
Form a Corporation
Form a Partnership

In many cases, an EIN is also ideal for LLCs, but not always necessary. Also, if you are filing for a sole proprietorship, you can use your SSN in place of an EIN.

How to Get an EIN

Fortunately, the process for obtaining this Tax ID number is super easy. You can either go to the IRS directly, or you can rely on a third-party website.

There is a form that you have to fill out, which you can submit either online or via fax. We highly recommend the former option since it will enable you to get approved within a day or so. In many cases, an EIN can be granted in just a few hours.

Overall, getting an employer ID number should be one of the first steps in starting your new business. Thankfully, the process is straightforward and painless, so you should be able to get it and be up and running in no time.

November 9, 2017 by Greg Underwood

Should I Set Up a Trust for My Business?

When you put your business assets into a trust, you protect them from legal proceeding, which is highly beneficial if your own a family-run company. This option is a smart one, but it doesn’t come without its own obstacle. To answer the question once and for all, we take a look into the advantages and disadvantages of obtaining a business trust, looking into the legal jargon that often overcomplicates things.

What Makes a Trust?

Different to a limited company set up, a business trust isn’t a separate legal entity in itself. When broken down, it is a business structure where the trustee – often a registered company – conducts business for the benefit of the trust’s members. The trustee responsibility is then to distribute the trust’s income out to its beneficiaries, whilst safeguarding its overall financial health. This can sometimes incorporate larger business decisions such as the sale of assets or money lending. A trust will also come with an appointee, who has the power (as laid out in the trust deed) to remove the trustee and appoint someone else in their place.

What Trust Type Will You Need?

For businesses, a company typically acts as the trustee, with each beneficiary being designated a certain number of ‘units’ in the trust. It is these units that outline how much income that member will actually receive. In addition to this, discretionary trusts can also be created for businesses. More often than not, this will be family trust, where the trustee has full power over the funds that are dished out to the beneficiaries. You can also look to embark upon a hybrid trust that combines units and discretionary trusts depending on your set up and preference.

What Is the Downside?

In contrast to a partnership or sole trader set up, a trust can often be expensive to put in place with required fees from trust solicitors on an ongoing basis. The initial installation fee can typically be reduced if a pro-forma trust deed is used but this can be complicated so it is best to seek professional insight from trust solicitors in Manchester. If you opt to be more private than what you’d see of a company, the legal and compliance trust requirements become a lot more difficult and stricter. Something worth noting is that a trust comes with a limited life span, which is commonly a total of 99 years.

Trusts can be highly beneficial for family run businesses as they offer tax advantages and flexibility in regards to how profits are distributed to beneficiaries. It simply depends on your situation but whenever making a decision that is of such importance, it is always best to seek legal advice to highlight if a trust is the correct path for your business. Whether you choose to go with a trust, partnership, company or sole-trader arrangement, it is vital that you understand your specific needs before signing on the dotted line to avoid an unneeded costs and headaches.