Investment Support

Permanent health insurance is a must if you are self employed

Admin BCE — Fri, 27 Jan 2012 06:20:00 +0000

Like most people I find balancing the household finances at the end of the month a struggle. With three children all under eight and me not in full time work we need to watch every penny and I have become adept at making the money last and would be described by the popular press as a “Thrifty Mum”. I am probably not alone when I’m not only able to list all of my direct debits but also able to say the amounts I pay each week for each of them and the day they come out of our bank account. The control this gives me allows me to avoid worrying too much as I couldn’t cope with the thought of not being able to do so and the crisis I would be in would threaten everything I and my husband have worked together for. I have become very canny at looking out for offers and religiously cut vouchers out of the newspaper and keep an eye out for when the deals are on at the local Tesco supermarket.

One of the most helpful ways of saving money I’ve come across in recent years is to use the comparison websites to make sure that you aren’t paying a penny more than you have to on your household bills. I will regularly log on and do a permanent health insurance comparison or a check to see if our buildings and contents insurance can be bought cheaper than we have it already. Changing electricity and gas suppliers is always worth considering as they tend to put up prices for people who don’t switch providers like the banks and building societies do for those who don’t move their money to the best savings accounts. I believe that we can save about one month’s salary a year by switching or threatening to switch suppliers. Sometime purely mentioning the fact that you are about to change provider to your existing provider will mean that they will drop their price by a huge margin. Its well worth trying, the alternative is too awful to contemplate.

Source: http://www.permanenthealthinsurance.uk.com/blog/2012/01/27/permanent-health-insurance-must-if-you-are-self-employed/

It only took 5 minutes, but after taking part in a Permanent Health Insurance Comparison I saved over £212pa!

Admin BCE — Fri, 16 Dec 2011 06:32:47 +0000

I have used the same insurance broker ever since I had my first car and I needed to arrange cover. They always seemed to work very hard trying to get me the most competitive premiums and the process seemed to take an hour or so and I would always walk away with a hand written cover note and a feeling that it was very expensive but I had the best deal I could get. Looking back on those days, the trust I had in the staff in that office was based on nothing other than blind faith combined with the hope that if I thought it sounded absurdly expensive I might try the insurance broker along the road. Although having already taken an hour or more to get the insurance sorted out, the last thing I would want to do is to go through the entire process again and waste my entire day off. These days of course, like virtually everyone, I no longer use an insurance broker.

I use the online comparison sites and the rest of the population probably use the telephone. The online process is so advanced these days that, rather than taking half an hour, the time need to obtain a quotation is now down to 10 minutes and every form and cover notes are generated on a PDF file which arrived in your inbox within seconds. Whilst you’re on the website the system provides the facility to obtain other financial products as, from the comparisons site point of view, why stop with car insurance? Within minutes you make a Permanent Health Insurance comparison, arrange travel insurance and arrange a hire car to pick you up from the airport. The freedom the system allows is key, as you can access for your self a list of premiums and see for yourself how much cheaper one insurance company is over another.

Source: http://www.permanenthealthinsurance.uk.com/blog/2011/12/16/it-only-took-5-minutes-after-taking-part-permanent-health-insurance-comparison-i-saved-over-212pa/

Are you Costing Yourself Money by Not Doing an Inheritance Tax Review?

Admin BCE — Thu, 01 Dec 2011 13:36:42 +0000

You may have noticed that the various consumer organisations have been suggesting that we all overhaul our finances regularly. The point is to make sure that we don’t spend too much on all the financial products we need to have but where the cost can differ greatly depending on where you buy them. To see for myself just what could be saved I decided to start off by doing an inheritance tax and to my surprise I realised that I had been paying more than necessary till now. Once I got the necessary advice from qualified professionals, I have reduced my liabilities and pay only what is necessary. With renewed impetus I did the same for other financial service products I pay more regularly and within a matter of a few hours I had radically reduced my monthly outgoings. It’s a curious feeling having made such a seismic change to one’s finances. Do I regard the savings as new money or old money I’ve wasted in the past? One thing’s certain; if you don’t do this straight away you’re only costing yourself money. I would hazard a guess that I have saved enough to pay for a holiday with the combined saving I have been able to make.

What career is right for me?

Admin JHS — Wed, 30 Nov 2011 14:01:20 +0000

Exploring your options is the right way to determine what career is right for me. If you discover what is out there you can decide where you want to go. If you have completed your education, a graduate, you can apply for several positions on the Internet.

A graduate stands a good chance of being hired. Know your graduate scheme so that you apply for the right jobs. Entry-level jobs and listings are available at selected websites on the Web. Simply, go where the job crowds are to start your search.

Entry-level jobs are available by FDM Group. FDM is one of the largest intercontinental IT groups located in London, New York, Zurich, Manchester, Frankfurt, Hong Kong, Luxemburg, and other areas. The company is huge, and constantly growing. This means FDM is always looking for good workers like you to hire into the company.

Job ideas are listed at job crowd sites online. Use the ideas to discover what is available to you. The ideas can help you determine what career is right for you. Graduate scheme jobs are offered by various companies.

Currently, you will find careers in energy and environment. If you earned a degree in engineering, you can apply within at the nuclear graduates. You can earn as much as €25,000 annually. Jobs are available in engineering, manufacturing and production. You can become an acoustic engineer, chemistry engineer, electrical, consultant, graduate management trainee, and more by applying for one of the job listed on the Internet.

Jobs are available in energy and environment. If you have graduated in finance or business, you can become a conservationist, energy analyst, energy commercial, environmental consultant or financial advisor.

Graduate scheme jobs are listed. Apply to work at Oil & Gas companies, utility, or become a nuclear scientist.

What options should I consider when looking to reduce my Inheritance Tax liability?

Admin BCE — Wed, 09 Nov 2011 14:34:08 +0000

I have heard all kinds of solutions with regards to my inheritance tax bill which would be due when I pass away. I used to believe it would be best to put Life Cover in place which would pay enough money to cover any potential tax bill.
However it would be expensive to pay an amount each month to cover a liability, especially as I would have to pay this for the rest of my life, and 40 years of payments would work out extremely expensive!!
Therefore I have opted for a strategy where you hold your invested funds more tax efficiently, as it is possible to place this money outside your estate as a method of Inheritance Tax Planning. I would still have control over this money, be able to receive an income each year if required, but also be able to assign the money to my beneficiaries if they need it, and it would not have to take another 7 years for it to be considered outside my estate for inheritance tax purposes.

Therefore a strategy of holding my money in trust works out far more efficient than putting life cover in place to pay a potential bill.

IVA Ten Important Positives

Admin IQY — Mon, 24 Oct 2011 11:15:13 +0000

There are plenty of reasons why an Individual Voluntary Arrangement, or IVA, could be the ideal debt relief strategy for you. The IVA is a legally binding agreement between you and your creditors, replacing your original debt repayments with a new affordable compromised structure.

But why choose an IVA. Here are our ten biggest reasons:
• Affordability – The monthly repayments of the IVA are designed to be affordable. Debtors can pay whilst getting on with their lives.
• Fixed Term – An IVA runs over a fixed term (maximum 5 years) and debtors know exactly when the process will be complete.
• Debt Write Off – When the fixed period expires, whatever debt remains is written off. Creditors agree the terms and the timeframe; then you simply complete it.
• Privacy – IVA’s are private agreements, not published in the press, nor is your employer notified. The arrangement is between you, your creditors and the insolvency practitioner.
• Professionals – An IVA is an alternative to bankruptcy if you have debts of £15,000+ but cannot apply for bankruptcy due to the nature of your occupation.
• Protection – Once they have agreed to the IVA, your creditors forfeit the ability to take legal action against you to recoup debt. This means that you can avoid any court proceedings.
• Binding – Once the terms of the IVA are agreed your creditors cannot insist upon changes to your debt repayments. An IVA is a legally binding agreement for you and your creditors.
• Security – Your home is not at risk through an IVA, unlike bankruptcy proceedings which would place all of your assets at risk, even your home.
• Permanent – An Individual Voluntary Arrangment is a permanent solution to your debt management problems, and when you’re done, your debt problems will be eradicated.
• Satisfaction – When carrying out the terms of an IVA, a debtor does not suffer the same stigma that is attached to bankruptcy. The debtor pays all that they can afford to pay.

How much money is the government making out of Inheritance Tax?

Admin BCE — Fri, 21 Oct 2011 15:20:36 +0000

Although Inheritance Tax accounts for a relatively small amount of the total UK tax receipt, it has still grown significantly over the past 10 years. In fact, HM Revenue & Customs has increased by almost £340 million the money it gets from inheritance tax in the last 10 years. In the 2001/2002 tax year £2.38bn was collected, whereas in 2011/12 £2.72bn, so why are we paying so much more?
When the tax was first introduced, over 100 years ago, it only really affected the very wealthy or ‘super rich’. However today Inheritance Tax is a real issue for a large number of people and the main reason for this could be UK house prices, which despite recent drops have still nearly doubled in average value since 2001. This has pushed many more estates over the Inheritance Tax threshold that would historically have had nothing to pay. From 2001 to 2011, average UK house prices have increased by 93%, while the inheritance tax threshold for the same period has only increased by 34%. Therefore even if this trend doesn’t continue, it is fair to say that many people may find themselves with an estate of sufficient value to warrant some careful planning.

Change of Plans for Business Pension

Admin BCE — Fri, 21 Oct 2011 09:46:44 +0000

Following the announcement of business pension legislation being introduced from October 2012, I have said from the start that this will seriously affect the economy and that it may be better to wait until growth begins to take off again before introducing such significant reform. It seems now, following an article written in the Sunday Times (9^th October 2011), that the government may be considering putting a hold on auto-enrolment. ‘A government report recommends delaying the introduction of the flagship new system, due to begin next year, and suggests smaller firms could be exempted altogether’

This was suggested by Adrian Beecroft who also calls for a drastic reduction in the workers’ rights and is critical of coalition plans to make maternity leave more flexible. Beecroft believes that automatic pension enrolment could prove a huge additional financial burden on small businesses at a time when many are already struggling. He also has concerns about the impact on consumer spending, with as many as 7 million workers not currently saving for their retirement suddenly receiving significantly smaller pay packets as their pension contribution is taken from their salaries.

We should hear something from the government before the end of 2011 as to whether the plans will go ahead or whether there will be a delay introduced for smaller companies.

Considering all the potential problems which Pension Reform may cause, will it definitely be introduced in 2012?

Admin BCE — Wed, 12 Oct 2011 10:12:18 +0000

Whether the government will change the rules in order to ensure lower paid earners are not disadvantaged is yet to be known. You may see small changes to the current legislation but we do not anticipate a complete turnaround or even a delay in the introduction dates.

Being able to afford the payments is one problem facing employers, but possibly more important is the administration and reporting duties the scheme will need to fulfil. Many small firms with no HR department may not have the time to ensure they are making the correct payments to the correct employees and so on.

One option is to take advantage of a ‘flexible benefits compliance package’. These proposed new systems aim to provide information on which people need to be enrolled in the company pension and who is eligible for auto-enrolment and when. This information can be registered with The Pensions Regulator and the system can run payroll and compliance reports. It would also offer other flexible benefits such as cycle to work schemes, dental cover and so on.

For more information on this system or other issues regarding a your company pension scheme please contact 0843 317 9569 or visit www.occupationalpension.org.uk

Covering all the life cover bases

Admin BCE — Fri, 23 Sep 2011 11:09:42 +0000

Should the term Total Permanent Disability be changed? We asked several leading Life Cover Quotes professionals

Alan Lakey, Partner, Highclere Financial Services:

The main problem is with the word total. Someone permanently disabled from performing his own occupation is not necessarily totally disabled, so the term is deceptive. Apart from the discredited any occupation definition, all other variations relate to an ability to perform some specific task or occupation. An accurate description is essential in dispelling the perception that insurers always look to avoid paying out.

Kevin Carr, Chief Executive, Protection Review

The word total is flawed and misleading and of all the possible suggestions discussed, dropping the word total probably makes the most sense. Two further phrases would also be beneficial. First, a short phrase in plain English along the lines or permanent disability – where you will never be expected to be able to work again – plus a list of conditions that is unlikely to be covered by TPD, such as stress, depression, broken legs, and so on.

Is the move towards tele-claims a welcome development?

Lakey: This is a very positive step. I can recall a number of occasions when providers have created unacceptable delays by failing to send claim forms, thereby adding concern at a time of distress. It also fits with the surge in tele-underwriting and may lend itself to outside agencies taking on the task. This could prove particularly useful when a claimant has more than one plan.

The success will depend on the smoothness of the process, particularly the ease of negotiating call-centre and understanding foreign accents. A provider that gets that bit right will be almost there.