If the ministers their tax files, the keyword is exactly the right knowledge. One could say many things, but that's what. A minister must think carefully about what you stand for and what not.

The fact is that these preachers have many places for details. Therefore, they must know too well in the first place a good consultant to the tax authorities of the world, especially from their perspective, the Conference is in perspective. They need the right person to have inLegal capacity. Amongst the various means available to some are less desirable.

Here are the resources to check:

Before The IRS website

This is the place to seek help for the taxation of the minister. It covers almost all important issues you must understand before filing charges. Some thoughts and learning, even though demand for further explanation.

According Rent allowance

All ministers are eligible Housing Benefit. This is a fixed number ofThe money, the cost of their accommodation. The changes that the government amount each year. This amount also depends on certain factors such as community pays the costs, may complement other, etc.

Third Minister of income

The result of their ministers are also an important factor. Every state and federal government have laws that specify this type of predefined elements. You know, moldy, this aspect of the combination, as it would decide on allTax liability and how to do the foliation.

Fourth Forms

The official IRS website IRS.gov that enlists all aspects of the tax return is in the details. An important detail is the correct forms, which are required to fill

The fifth site also offers guides to tax religious organizations, like churches. You must know the right way to contain. Instructions and details can be found on this site.

Tax return for a religiousThe organization is very different from that filing personal taxes.

You would need a particular orientation of experts that works. We recommend professional help, which is expert in the field, as well as being hired.

The World Wide Web or Internet offers great help in this regard. It 'worth it for some time to scratch the research before hand to avoid future problems.

Those who do not have to search through the drill, some professionalHelp!

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If you are not already covered by a dental plan through your employer at little or no cost, you may be thinking about getting one to help you pay for dental care for you or your family. Dental care is getting more and more expensive and you wonder if a dental plan would help to offset some of those costs. There are dozens of plans available and all of them have different deductible options, dentist choices, and coverage alternatives. Which one, if any is right for you? A dental plan can save you a lot of money, or you can end up paying more out of pocket than you would if you had not had the plan. Here are some considerations to make before you choose a dental plan:

What are your out of pocket costs for the dental plan? Most dental insurance plans require a deductible of some sort. However, it is not uncommon on a dental plan that the deductible does not apply for preventative care-which means that preventative care is given for no out of pocket costs except for a co-pay if you have one. A deductible of $50 to $100 is common. Find out if the deductible is per person covered or per family.

Most of the time, the amount of coverage on a dental plan depends on the type of procedure done. Here is an example of how coverage may work:

Preventative care (such as cleaning, fluoride, x-rays, and sealants):

No out of pocket costs

Basic care (such as fillings and simple extractions):

Patient pays deductible. Patient pays 20% of all costs after that.

Major care (such as crowns, dentures, complex extractions):

Patient pays deductible. Patient pays 50% of all costs after that.

Many plans also limit the amount of money that they will pay out in a year per patient and per family. Usually it is around $1000 per individual and $2500 per family. If you have pre-existing conditions such as a missing tooth, most plans will not pay for a bridge or repairs.

If you have a favorite dentist, see what plans they accept before you choose a plan.

Multiply the cost of any dental insurance plan by 12 and figure out the yearly cost and then think about what your dental needs will be to see if it will be worth it. Many plans also do not pay claims until after the first year of coverage.

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A house fire can be a life changing event that no person should ever have to endure. If you happen to find yourself in this unfortunate situation, it’s very important to advise the insurance company of the fire as soon as humanly possible. Here are five critical steps you should know and take after suffering fire damage to your property.

1: Know Your Policy and You’re Coverage Limit:

Larger fires will consume most household items. The policy refers to household items as Contents or Coverage C. Along with furniture, clothing, and the like; this usually means that your insurance policy has burned or has incurred water damage beyond reading. It’s very important to obtain a replacement copy of your policy and the declarations page. This task can be completed by visiting your agent’s office or asking the insurance company adjuster that inspects your damages. Review your policy declarations page for the amount of coverage limits you are insured for under the main categories of your policy.

Look For:

Coverage A: The amount listed under Coverage A will be the primary amount of coverage for your building or home.
Coverage B: This amount is the amount of coverage you have for any out-buildings or items on your property. Items like sheds, pools, fencing, etc. This limit is usually calculated at 10% of your Coverage A limit. So, if you have $200,000 worth of coverage on your home, you will have $20,000 in coverage for Other Structures.
Coverage C: This is the amount of coverage you have for all your Personal Belongings, known as Contents. In summary, contents is everything that would fall out of your home if you flipped upside down. Items like furniture, clothing, linens, utensils, electronics, etc. This limit is usually calculated at 70% of your Coverage A limit. So, if you have $200,000 worth of coverage on your home, you will have $140,000 in coverage for Contents.
Coverage E: This coverage amount is the limit you have for Loss of Use or Additional Living Expense (ALE). This coverage is for your loss of the use of your home when it is not livable. You may need rent a home or live in a hotel while repairs to your home are being completed. This temporary housing may be 30 more miles away from work than normal. That will incur more fuel, which in turn is an additional expense over and above your normal expenses of living. This limit is usually calculated at 20% to 30% of your Coverage A limit. So, if you have $200,000 worth of coverage on your home, you will have $40,000 to $60,000 in coverage for Loss of Use or Additional Living Expense (ALE).

Many homes and businesses are grossly underinsured. If happen to be one of the unfortunate who find out that you are underinsured after you suffer a loss, you should still be prepared to fight. Most people would think – “If I’m underinsured then they will just write a check for my policy limits.” Shockingly enough, it doesn’t really work that way. Most insurance company adjusters will still undervalue or lowball your property damage in an effort to pay less than what is actually owed on most fire damage claims.

2: Get It All In Writing

It is very important to have everything involved with your claim documented. Have your contractors provide all estimates in writing. Having quotes and estimates that detail the complete cost of replacing or repairing your home from qualified professionals will go a long way in proving the amount of fire damage you have suffered.

If your clothes are being cleaned at the dry cleaner, get a complete and detailed list of the costs, including tax, shipping, etc. Generate a list with descriptions of all your damaged items, like clothing, furniture, bath and kitchen goods, children’s toys, household items, electronics, etc. Ask each individual family member to generate a list of personal items that have been damaged as well. Working together as a family makes this task much easier. Fewer items will be forgotten and left off the list as well.

If you can’t remember all the cost for all of your items, you can request information from your Credit Card Company and the retail shops where you purchase items to assist and help calculate the true replacement costs of your personal items. It’s also a good idea to walk the isles of stores where you often shop (Wal-Mart, Macys, JC Penny, Sears). This helps to rattle your memory of the items you owned prior to the fire damage.

3: Document, Document, Document

Your policy will most likely have Coverage E – “Additional Living Expenses.” If you are in situation where you need to pay for living arrangements during the time your property is undergoing repairs, it’s very important to keep all the receipts. They may include lodging, meals, travel, and a slue of other purchases that are a result of the fire damage you suffered. Keep all theses receipts and documents from the time of the fire until your building or home is repaired or replaced. Do not mail the actual receipts to your insurance company. You must keep the originals for yourself and mail the copies to the insurance company incase they become lost in the mail.

It’s very important to document and keep detailed notes of all correspondence and conversations you have had with any and all insurance company representatives. Organize everything in a note book, ring binder, and pocket folder to keep organized. Every time you discuss any part of your claim with anyone; obtain and document the persons name, their phone numbers and extensions, their job title, and any supervisor’s names. This data is crucial when insurance representatives, contractors, or anyone else begins to contradict themselves.

4: Don’t Sign Or Authorize Anything

Many insurance adjusters will request that you to sign a release before they will release any payments for your fire damage claims. However, you are not required to sign a release or any other document in order to collect any undisputed funds. The insurance company is required to release to you the total amount that they believe it will take to put your property back to the condition it was prior to the loss… even if you do not agree with that amount. If your insurance company requests that you sign a release, ask them to submit in writing the reasons for requesting such an authorization. Always be extra cautious about signing a release and potentially signing away your rights.

5: It’s YOUR Choice and YOUR Decision

It’s your property, it’s your policy, and it’s your money. You are in control, because you have paid for the coverage! You do not have to accept any insurance company recommended or authorized contractor to do the fire damage repairs to your home. You are not required to agree with or accept the insurance company’s estimate. You must be aware and protect yourself from low-ball estimates from the insurance companies and their insurance friendly contractors.

You should always obtain your own estimates from professional contractors for the repairs involving fire damage claims. It’s important that you compare your contractor’s estimates with the ones provided by the insurance company. At any time if you feel as if you’re not being treated fairly or that the insurance company may be trying to lower their costs at your expense, then follow the “Appraisal Clause,” in your policy. (See more information on how to use the Insurance Appraisal Clause in the event you disagree with insurance company using the links below.)

You must educate and protect yourself. You may be unpleasantly surprised to find out that you’re NOT “in good hands,” there is no one “on your side,” and they are NOT there “like a good neighbor.”

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A discussion of tax deductions is great and all, but most people want to know about their specific situation. The tax deductions for salespeople are covered here.

As a salesperson, it is likely that you spend a certain amount of your day traveling. Whether or not you are a traveling salespeople, there are several deductions you are specifically eligible for. Any costs you incur which you are not reimbursed for are typically tax deductible. However, you should proceed with caution. Consult a professional tax preparation company to be sure you are eligible for each deduction.

Any work related expenses that you are subject to and not reimbursed for are usually eligible. If you are required or choose to continue your education, part of those costs may be able to be deducted. Additionally, any licenses or union fees you are required to maintain can amount to a large deduction. In some cases, if you choose to leave your job and find a new one, you may be able to deduct job search expenses. These expenses related to job hunting are an often surprising and generous deduction.

If you are a traveling salespeople, you are nearly guaranteed additional deductions. You can deduct mileage you incur, and other expenses. If your expenditure is considered ordinary and necessary, it is likely deductible. For instance, an ordinary expense may be a client luncheon you are hosting or installation costs for installing equipment. Necessary expenses are those such as a phone line. It is imperative to remember that deductions can only be counted once, and nowhere else on your tax return. Also important is that none of these salespeople related deductions pertain to family matters such as mileage to yours son’s ball game.

If you are a traveling salespeople and unfortunately incur a mishap on the road, the government won’t cover these costs. The IRS will not accept deductions from speeding tickets, parking tickets or accidents while on the job. This is not considered a necessary deduction. Additionally, any over-extravagance, such as a limo from the airport to the hotel, can oftentimes be considered non-deductible as it may not be necessary. Your work clothing, unless you are required to wear one specific uniform, is not eligible for deductions. Unnecessary memberships and dues may also be considered nondeductible.

As a salespeople, you are eligible for common business deductions. Travel expenses and other necessary and ordinary expenditures can all count as deductions for your tax return. Before filing your taxes, always be certain that you meet all eligibility requirements for each deduction.

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Last year 266,542* employment tribunal claims were made against employers costing £2.6 billion, so; help yourself by reducing your exposure to tribunal claims and costs. (*Employment Tribunal & EAT Statistics April 2008 to March 2009).

Here is a brief guide to business owners and managers who seek to reduce the risks to their organisation resulting from employment legislation in the UK. It primarily addresses the issue of avoiding conflict and managing it wherever possible in order to minimise disputes that may ultimately be settled at an employment tribunal.

1. Contracts of Employment

Under the Employment Rights Act 1996, there is a legal requirement to provide employees with at least one month’s service with a written statement of their terms of service within the first 2 months’ of their employment. This is a basic statement of an employee’s conditions of service. These requirements are generally insufficient for most employers’ needs and in order to reduce your risk, we recommend that you:

a) Establish contracts of employment that not only specify employee entitlements but also refer to employee obligations and responsibilities as well as the employer’s rights. This practice is essential as it lays the foundation for an employer’s expectations of its employees, standards of conduct and the employer’s policies and procedures.

b) Contracts of employment should be written to address issues that impact on your business such as confidentiality, post termination restraint, data protection, health and safety, bullying and harassment, equal opportunities, medical examinations, searches, dress codes, conflicts of interest, inventions and copyright. The inclusion of these issues can help you to protect your business as they define obligations and responsibilities.

c) Issue contracts of employment before employees start work. This practice provides prospective employees with a clear understanding of their rights, entitlements and expectations before they join and minimises the risk of misunderstanding and possible conflict. Where there are misunderstandings, they can be resolved before the prospective employee starts or alternatively he / she can decline the offer. It is better that a prospective employee rejects an offer than joins an employer and enters into conflict.

2. Employee Checks

Some prospective employees exaggerate their qualifications or provide incorrect information relating to their employment history. To reduce the risks to your business, we recommend that you:

a) Take up employment references from previous employers to confirm an employee’s work history and ask questions about dates of employment, his/her performance and the reason for termination of employment. Take note where an employer does not answer a question; contact the employer by telephone; you might obtain information that a referee is not prepared to put in writing. Taking references from personal referees serves little practical purpose; no-one is going to provide details of a referee who will offer a bad testimonial.

b) Ask to see original copies of employees’ educational and professional qualifications; particularly where they are necessary for the job they are required to perform.

c) Always establish an employee’s right to work in the UK; ask for appropriate evidence. You risk a fine up to £10,000 for employing an individual who has no right to work in the UK or even up to 2 years in prison for knowingly employing an illegal worker.

d) Consider undertaking pre-employment health checks to determine whether prospective employees are fit to undertake the work you require them to perform or have underlying health problems that may make them unsuitable for employment. Employees rarely reveal their health histories unless they are asked to and checks are undertaken.

e) Consider using the services of vetting agencies, particularly for employees in senior positions or where their failings can put your business at risk. Agencies can be used to identify disqualified directors, professional and educational qualifications, insolvent / bankrupt persons, criminal records, individuals with County Court judgements against them etc.

3. Setting Rules & Standards

Reduce the risks resulting from conflict in the workplace; we recommend that you:

a) Establish a basic set of rules in the workplace to give clarity to employees about their obligations and your expectations in terms of conduct and performance. These can be expressed in the format of written policies, procedures or an employee handbook. The advantage of doing so is that employees will obtain a clear understanding of their obligations and responsibilities and will be able to offer fewer excuses in circumstances where you need to address issues relating to their conduct or (poor) performance. These policies and procedures must be kept up to date with changing legislation and business requirements.

b) Look carefully at the issue of IT in the workplace and ensure you have clearly defined rules in place governing use of IT, e-mail, blog sites and the Internet. This is a growing area of concern to employers whose IT systems are exposed to the threat of external attack but also to internal abuse.

4. Managing Performance

There is no excuse for accepting poor performance in the workplace yet, that’s what we often find. Tacit acceptance of an under performing employee is bad for productivity and morale and importantly, such problems are more difficult to manage when you are eventually forced to ‘deal’ with a problem.

Reduce your risk from employment tribunal claims when you address performance issues; we recommend that you:

a) Deal with poor performance early, don’t let it go unchecked.

b) Use counselling in the first instance to deal with minor performance issues such as timekeeping, errors and omissions, breach of a rule or obligation.

c) Set up review meetings to discuss the performance of new employees after an appropriate length of trial period; this will allow you to restate your requirements and provide a formal opportunity for employees to clarify issues and any misunderstandings.

d) Don’t inadvertently turn a discussion about performance into a disciplinary hearing.

e) Utilise the disciplinary procedure to address more serious cases of poor performance.

5. Disciplinary & Dismissal Issues

Reduce your exposure to tribunal claims and a maximum compensation award of £65,300 from February 2010 (plus a maximum £11,400 basic award) for unfair dismissal:

a) Follow the requirements of the ACAS Code of Practice and better still, ensure that you have a written disciplinary procedure in place compliant with the ACAS Code with clearly defined rules relating to conduct. Always inform an employee of the reasons for a disciplinary hearing in advance of a meeting as well as the evidence, allow representation by a work colleague or trade union representation and provide the right of appeal against any disciplinary action you take.

b) Any failing to follow the ACAS Code in cases of dismissal may result in successful claims for unfair dismissal. If an employment tribunal finds that you have unfairly dismissed an employee (and you have failed to follow the Code without good reason), it may increase any compensation award payable by up to 25%.

6. Redundancy

This is a major area of conflict for employers and is governed by legislation and case law; failure to consult and follow a fair process in the selection of employees will result in successful claims for unfair dismissal at an employment tribunal.

a) Ensure that there is a genuine need for redundancies has arisen and establish how many employees you propose to make redundant.

b) Where at least 20 or more employees are to be made redundant you must consult with representatives within prescribed timescales as well as notify the Secretary of State; where representatives do not exist, they must be elected from within the group of affected employees. Legislation is silent on the issue of consultation and timescales where less than 20 employees are to be made redundant, case law is not; you must consult individually with all employees ‘at risk’ of redundancy.

c) Ensure that the employees are given as much warning as possible redundancies and they are given the opportunity of making suggestions and representations to avoid the redundancy situation. Also ensure that consultation is conducted on the basis of proposed redundancies, making it clear that a firm decision will not be made until after the consultation exercise has been completed.

d) Where redundancies need to be made amongst employees undertaking the same or similar roles you will need to establish a process to determine who from the ‘pool’ of employees should be selected.Identify objective and reasonable selection criteria wherever possible and apply them consistently and fairly. Consultation should also enable employees and representatives the opportunity to make suggestions and representations about the selection criteria and the method of applying them.

e) Consider whether any alternative jobs are available within the company for those who have been selected.

In the current recession more employers are looking at pay and benefit cuts as an alternative to redundancy; employment tribunals will expect employers to look at reasonable alternatives to redundancy.

Redundancy is a difficult and highly contentious area and it is recommended you obtain the support of an HR professional to assist you in establishing the consultation and selection process.

7. Grievances

Reduce your exposure to conflict in the workplace and the risk of compensation claims:

a) Follow the requirements of the ACAS Code of Practice when dealing with grievances in the workplace even when they are not put in writing. Follow the Code, allow representation and the right of appeal against any decision you take where the individual is still in employment.

b) Look for signs of grievances in letters of resignation and offer a meeting to discuss their departure; such grievances might be considered reasonable grounds for constructive dismissal claim at an employment tribunal. Always make such offers to meet and discuss grievances in writing.

8. Discrimination

Discrimination on the grounds of age, disability, race, sex, sexual orientation, gender reassignment, marital status, part time employee status, religion or belief is illegal in the UK and this is a real risk area as the compensation available for successful discrimination claims is totally £ unlimited.

Reduce your exposure:

a) Be aware that you can be held liable for the actions of your employees (vicarious liability) where discrimination occurs in the course of employment, irrespective of whether or not you know or approve of it.

b) Address the issue of discrimination in employment policies and procedures and ensure they are understood and followed by employees.

c) Ensure that you don’t inadvertently discriminate against women returning to work following a period of maternity leave; any failure to follow Maternity Regulations can result in discrimination claims.

d) Ensure that you don’t discriminate against employees reaching their retirement age; follow the requirements of the Employment Equality (Age) Regulations 2006 and avoid discrimination claims.

e) Remember discrimination claims can also be made by job applicants; make sure the reasons for not offering a job or even an interview are objectively based decisions as your decisions are open to challenge. This is going to be more important with age based discrimination claims which can be brought against employers.

Discrimination claims are highly contentious and it is recommended you obtain the support of an HR professional to assist you where such claims arise to assist in the investigation and management process.

9. Maintain Employee Records

Regulations specify what records an employer must retain and how long they have to be retained; good record keeping reduces your risk:

a) Maintain employee records / files and observe the requirements of the Data Protection Act.

b) Keep copies of correspondence relating to employees terms and conditions of employment including offer letters, contracts of employment and changes to terms and conditions that you have agreed.

c) Where an employee agrees to a change to his / her terms of service ensure it is put in writing and obtain confirmation of acceptance from the employee.

Reduce your risk from disputes and employment tribunal claims:

a) Keep notes on issues about employee performance that concern you. One issue on its own may not require informal or formal action on your part but with time you may detect a pattern of events or employee performance that does require your intervention; you will be able to draw upon your record of observations to support your position.

b) Write and retain notes on informal meetings relating to counselling sessions or performance issues; you may need them if you are forced to undertake formal disciplinary action – record details on the date, time, issue, outcome and who was present.

c) Write and retain notes on all formal meetings relating to disciplinary events and grievance hearings; you may need them as part of your defence in any subsequent employment tribunal claim. Contemporaneous written notes are of more value in tribunal hearing than memory of such meetings.

10. Get Help Before Acting

Managing employees is a difficult business particularly with legislation which covers virtually every aspect of employment from recruitment to termination not to mention the changes resulting from tribunal cases and constant revision to existing Regulations. Minimise your risk by following the Regulations and seek assistance if necessary before acting:

a) Beware of articles on the Internet, many are inaccurate and out of date; they often tell you ‘what you have to do’ but not ‘how to do it’.

b) Seek assistance from an experienced HR professional who can review an issue, give advice on options where they exist and support you in resolving problems or offering solutions before you act. Acting after the event exposes you to compensation claims and solicitor’s costs which will be more expensive than an HR Consultant’s.

Today there are 70+ different types of claim that an individual can take to an employment tribunal; pursuing claims is free and claims can be submitted on-line and note, that there is an army of solicitors prepared to pursue genuine and frivolous claims against employers on a ‘no win, no fee’ basis. Typically individuals pursue multiple claims and whilst one or two might have reasonable grounds, the others often lack credibility and are thrown in for the sake of completeness to try to build a case.

Unsurprisingly the majority of cases settle before an employment tribunal hearing and the decision to make an out of court settlement is often commercially based to avoid legal fees, management costs and the prospect of bad publicity. Winning at an employment tribunal is often a hollow victory because of the time and expense spent on a case; however, employers that always ’settle out of court’ can be seen as a ’soft touch’.

Smaller employers lose more often in employment tribunals than their larger counterparts because larger employers tend to have ‘in-house’ personnel systems and resources. Observing these 10 points won’t stop employees making claims but if you develop good employment systems and get help before acting, you can minimise your risk to claims for compensation and legal costs; you will also have gone some way to developing good employment practices that support and help to grow your business. Tribunals are won in the workplace not the courtroom and as such employers need effective employment policies and procedures

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Lawsuit financing (commonly known as lawsuit loans or lawsuit advance) is a means to pay living expense during a pending litigation. Most of the time the plaintiff has financial burden as a result of the legal expenses.

In the case of a personal injury lawsuit, where injury affects the plaintiff’s ability to work, he or she will lose income, accumulate unpaid bills and owe medical expenses. The medical expenses are often expensive due to the nature of the injury.

Because of the added financial burden, the plaintiff should consider lawsuit financing.

While plaintiffs who claim personal injury may eventually receive settlement, it may take a long time to receive the compensation. Defendants that are large companies may prolong the litigation to force the plaintiff to settle for a lower compensation or drop the litigation. When this happens, a litigation advance can help you persevere against the delay in settlement and eventually receive the fair amount of compensation.

Even though conventional means of funding (such as credit cards and bank loans) are less costly, they require checks on your credit ratings, employment and net worth. If you do not fulfill the stringent standards that show your ability to repay the credit/loan, your loan will not be approved. And these standards will likely be unmet without a job and maxing out your credit card.

This is where there is an advantage with lawsuit loans. Lawsuit financing companies review your lawsuit and determine if there is a high probability of you receiving settlement. In most cases, this will be so. And that is the main requirement for a lawsuit financing application.

Moreover, you only repay the lawsuit cash advanced to you if you win the lawsuit or receive out-of-court settlement. If you lose the case and compensation, you do not need to repay the lawsuit ‘loan’.

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1. Don’t Forget You Still Have UK Tax To Pay!

Arguably, this is more of a warning than a tip, but it is vital to remember that any UK resident individual buying property abroad is still exposed to UK tax on that property. This may include UK Income Tax on rental income, UK Capital Gains Tax on property sales and UK Inheritance Tax on any foreign properties you leave to your children.

The UK tax burden is often greater than any foreign tax liabilities, so it makes sense to undertake UK tax planning for your foreign property. Many of the same planning techniques that work well on UK property can be used equally on foreign property, although the overseas angle adds an extra dimension and brings both additional opportunities and additional pitfalls to be wary of.

2. Main Residence Relief for Foreign Holiday Homes

There is nothing in the UK tax legislation to say that a foreign holiday home cannot be a UK resident individual’s main residence for Capital Gains Tax purposes.

A holiday home can be treated as your main residence by making an election to that effect, generally within two years of buying the property.

The foreign property must be your own holiday home for at least part of the time but, by making the election, you will be able to exempt some or all of the capital gain on your foreign home from UK Capital Gains Tax.

Beware, however, that you’re only allowed one main residence and, if you’re married or in a civil partnership, you’re only allowed one between you, so electing to treat your holiday home as your main residence could backfire if you sell your main house back in the UK.

You can get the best of both worlds though, if you only elect to treat your foreign property as your main residence for a short period, say a week. How does this help? Well, since every main residence is also exempt for the last three years of ownership, that week buys you three years. In other words, you lose one week’s worth of exemption on your main house but gain three years (and a week) of exemption on your foreign holiday home.

3. Travel at the Treasury’s Expense

If you’re renting out foreign property, you have a foreign rental business. Like any other business, you’re entitled to claim tax relief for your business expenses. That includes any travel costs which you incur for business purposes.

Furthermore, all foreign property rentals are treated as one business. Hence, for example, you could claim the cost of going to Dubai to look for a possible new rental property against the rental income from a villa which you already have in Spain.

4. Understand the Local Taxes

Most countries will tax foreigners on any property they own in the country. Local taxes often apply to property purchases and sales and to rental income. Furthermore, you will often have to pay annual taxes on foreign property, even if you do not rent it out, and many countries also have gift and death taxes.

You will get double tax relief in the UK for any foreign tax on the same income or capital gains when the UK accepts that the foreign tax is broadly equivalent to the UK tax you are paying.

Beware, however, that every country has a different tax regime and not all of them are compatible with the UK tax system. If you suffer a foreign tax which is different in character to any UK tax, or which arises when no UK tax is due, you may not get any relief for it in the UK.

So, a foreign tax at 30% which is deductible from your UK tax liability on the same income may actually cost you less than a foreign tax at 10% for which no double tax relief is available. All these factors need to be considered before you invest in foreign property.

5. Do You Want Double Tax Relief?

As a general rule it is usually worth claiming double tax relief for any foreign taxes whenever you can. By claiming double tax relief, you deduct the amount of foreign tax paid from your UK tax liability.

However, you cannot get any repayment of foreign tax through a double tax relief claim and the best you can ever do is to reduce your UK tax liability to nil.

Sometimes, the foreign tax may actually exceed the amount of the taxable income or capital gain for UK tax purposes. In these situations, it is better to claim the foreign tax as an expense rather than to claim double tax relief.

Where you claim foreign tax as an expense, it reduces the amount of the taxable income or capital gain and can even create a loss. This loss can be carried forward to give you future tax relief and hence, in some situations, can actually give you better value for your foreign tax than a double tax relief claim.

6. Reduce Your Foreign Exchange Tax Risk

All UK tax calculations for individual taxpayers are carried out in pounds sterling. This creates some particular problems when it comes to capital gains on foreign property. You may make very little gain in the local currency, but when you translate your purchase and sale costs back into sterling, you may have a big Capital Gains Tax exposure in the UK.

Let’s say you buy a property in Utopia for 100,000 Utopian Dollars at a time when the exchange rate is two Utopian Dollars to the pound. That means you have a purchase cost of £50,000.

Later, you sell the property for 120,000 Utopian Dollars. In local terms, you have a modest gain of 20,000 Utopian Dollars. However, let us suppose that the exchange rate is now 1.2 Dollars to the pound. This means that your sale proceeds for UK Capital Gains Tax purposes are £100,000 and you have a taxable gain of £50,000.

Maybe that’s fair: after all, if you bring the money back to the UK, you will have made a profit of £50,000 on your investment.

Beware, however, that if you hang on to your Utopian Dollars, they will become a new chargeable asset for UK Capital Gains Tax purposes and may give rise to a capital gain or capital loss when you eventually spend them or exchange them into sterling or any other currency.

The real problem to watch is that if you make a capital loss on your foreign currency in a later UK tax year (year ended 5 th April), you will not be able to set that loss off against the earlier capital gain on your foreign property.

The tax tip here, therefore, is to make sure that you dispose of your foreign currency sale proceeds in the same UK tax year as you dispose of the foreign property itself.

7. Get VAT back with leaseback

In the UK, we are accustomed to the idea that any purchase of residential property is exempt from VAT. This is not the case in every country, however, and many European countries charge VAT, at rates of up to 20%, on new residential property purchases.

One way to recover the VAT on such a purchase is to enter into a ‘leaseback’ scheme. Under these schemes you, the owner, lease the property back to a hotel operator. This means that your property becomes a business property and you are able to recover the VAT. Typically, you are allowed a few weeks of personal use of the property each year and, eventually, after a suitable number of years, it is yours outright again.

The scheme only works for certain types of property, such as hotel rooms and apartments, and may carry disadvantages for other foreign taxes, such as higher Income Tax rates; so it’s one to investigate carefully before you sign up.

8. Borrow to Save

Many countries impose Wealth Tax, Inheritance Tax, or both, on foreigners owning property in their country.

Wealth Tax is usually an annual charge on the property owner’s net wealth in the country.

Foreign Inheritance Tax also usually applies only to a foreigner’s net assets in the country.

In most cases, you can reduce your net wealth in the foreign country for tax purposes by taking out a mortgage on your foreign property. In this way, it will usually be just your net equity in the property which attracts foreign tax.

If you don’t actually need a mortgage, you can invest the borrowed funds somewhere else outside the country where your property is located.

9. Avoid Evasion

When you buy property in a foreign country, you will usually also be acquiring tax obligations in that country. In fact, many countries require prospective foreign property purchasers to register themselves with the local tax authority before they can complete their purchase.

If you want to sleep at night, you need to make sure that you fulfil your local tax obligations in the country where your property is situated. Many foreign tax authorities have the power to seize property where taxes are unpaid.

Naturally enough, the local tax authority will write to you in their own language. Do not ignore this correspondence just because you don’t understand it: this is no defence. You will need local help and advice to make sure that you deal with the local tax authority appropriately and meet all of your obligations as a taxpayer in the country.

10. Expect the Unexpected

If the UK tax system is all Greek to you, or seems like Double Dutch, why should you expect foreign taxes to be any different? Every country has its own tax and legal system and, when you buy property abroad, you must abandon all of your preconceptions.

Assume nothing until you have investigated the local tax system thoroughly. Your destination country will have different taxes, different tax rates, a different tax year and a whole different set of rules, regulations, reliefs and exemptions.

Local property law and succession law is likely to be different too and a UK investor who overlooks this fact may suffer a great deal more than just tax!

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1) Study Your Monthly Expenses

Well it’s time to study the expense column very closely and identify where you can cut your expenses. You will be surprised to know that we can easily do without between 20-30% of our monthly expenses.

‘Dispensable expenses’ are stuff we buy on impulse to get a ten-minute gratification, and after that it would not make much difference to our lives.

Or in browsing through glossy flyers and advertisements, we get attracted to special offers on stuff we do not really need. But we buy simply because it seems like a good deal. You must eliminate these expenses as, over the long term, it will cost you millions of future dollars.

You would be amazed at the impact that a few extra hundred dollars in monthly savings will have on your future wealth. This next table shows you that a $300 extra monthly savings would accumulate into an extra $1.69 million in thirty years. An additional $600 saved would grow into an additional $3.38 million in thirty years, more than enough to retire on.

2) Pay Yourself First

Most people adopt the earn-spend-save habit. In other words, when they get their monthly income, they will spend on all their committed and impulse expenditures. Whatever, they have left at the end of the month is what they save. Even if they set aside a budgeted expenditure, this strategy seldom works. Why? Somehow, something unexpected might come up that causes people to spend whatever they have, leaving nothing to be saved.

Instead you must adopt the Pay Yourself First habit. Before you pay the grocer, the restaurant, the utility company, the TV repairman, you have to put aside a fix amount into your investment account. Then, spend whatever you have left.

In other words, you must earn-save-spend. The moment you earn your income, you must immediately put aside 10-20% into a separate investment account. Then live off the rest of the 80%!

The best way to do this is to make it automatic! Instruct your bank to automatically transfer 10-20% of your income into a separate investment account where the funds are not easily accessible. This investment account should not have an ATM card where you can draw it out. You should only have a checkbook which you use to pay for investments.

Now, if you have got any form of consumer debt, you must modify this formula a bit. Deduct the first 10% and use it to pay off part of your principal loan. Then take the next 10% and put it into your investment account.

3) Stop Before You Buy & Procrastinate

Before you buy anything, always stop and ask yourself the following questions:

o ‘Do I really need this?’

o ‘Will I regret buying this three days later?’

o ‘How many hours do I have to work to make back the money?’

o ‘How much will this cost me in future dollars?’

Then, procrastinate in making a decision on whether to buy or not to buy. Say to yourself, ‘I’ll think about it and come back tomorrow.’ Eight out of ten times, you will not go back and spend that money as you will probably forget about it.

The best way to stop being a shopaholic is to get yourself so busy in purposeful and fulfilling work – especially meaningful volunteer work -so that you don’t go shopping until you really need a particular item. Many shopaholics admit their weakness is due to spending their free time wandering the shopping malls. So, find a meaningful way to occupy your free time and you will stop wasting your money.

4) Destroy All your Credit Cards but One

This next step will be painful but I guarantee it will shave off at least 15%-20% off your monthly expenses. Cut up all your credit cards but just leave one. With lots of credit cards, you will have easy access to lots of tempting credit. Just use one card with limited credit for all your expenses…and again, pay the full balance.

5) Plan your Purchases…Only Buy at a Discount

You would easily save another 15-25% if were to plan your purchases, buying only when there is a special discount and buying in bulk. Remember the example I gave you earlier about Ingvar Kamprad, the founder of IKEA? He would only buy vegetables and fruits in the afternoon, when the prices have dropped significantly.

As a kid, I observed my dad stocking up on toothpaste whenever the supermarket had a special promotion. He would stock enough toothpaste for six months until the next promotion. I also have friends who buy all their clothes twice a year, during the citywide sale. So plan your purchases with a three to six month horizon in mind and buy in bulk whenever there is a very special promotion.

6) Treat it as a Business Expense

Even if you are a full time employee, you should register a business for income tax reduction purposes. You can use this business entity for internet business purposes or to market your intellectual property.

With a business, you can take certain expenses like transport, entertainment, office supplies etc. and charge them as business expenses. Whenever you do, you get an automatic tax deduction. The higher your income tax bracket, the larger the savings. For example, if you pay 20% in personal income taxes, then every time you claim an expense as a business expense, you save 20%!

So there you have it, the six ways to reduce our expenses by 20-30% immediately. Remember it will only happen if you start taking action on it right away! Only through the combined efforts of increasing your income and reducing your expenses can you save the cash necessary for you to invest and earn compound growth wealth that will lead you to financial freedom.

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There are two escalating pressures in to-day’s marketplace that are creating a need for a more disciplined approach towards sales opportunities:

o The need to be more specialised and individualised in dealing with clients because we can no longer afford to treat all situations in the same way.

oThe reality of competition – Often to increase market share, you must do so at the direct expense of the competition. The competitive intensity of the sales environment is escalating with the globalisation of the economy.

These are the main “drivers” behind the demand that organisations adopt methodologies and processes to manage these issues.

By utilising a rigorous and formal opportunity assessment we are aiming to achieve two sets of objectives:

Business Objectives

o Determine which sales opportunities should be pursued at the direct expense of others.

o Given resource limitations, decide where and on what basis resource should be allocated to a sales opportunity.

o Determine whether our company is over-investing or under-investing in a sales opportunity.

o Enhance forecast accuracy.

o Use “proven” criteria to reduce the cost of sales.

Sales Objectives

o Identify, quantify, and categorize opportunity assessment criteria.

o Increase “Hit-Rate” (Win – Loss ratios) by avoiding unsuitable business.

o Discover where we and our competition stand with a customer.

o Gain a complete and accurate view of a sales situation prior to writing a sales plan to win.

o Calculate the probability of winning or losing a deal early in the sales process.

All sales professionals claim to be permanently time constrained: We always have limited time and resources with which to achieve our targets.

We can be involved in only so many accounts or sales situations before we begin to lose your ability to manage what is taking place. At that point we lose control and the competition takes control.

We can only control and manage what we understand and that is the real value of continuous and rigorous assessment of our pipelines.

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Getting Cocky: Go ahead, go crazy with your Tax Filing. That’s what everyone says. Claim your new pool as a “Business Expense” and Claim Dependants you don’t have. Think about it. Does it really sound like a good idea? Do you really think you can get away with that?

A Quick Word: People are always asking me, “What deductions can I safely take?” In the end, it’s your decision. But ask yourself the following questions: Do you like taking risks that could land you into prison? Do you like taking risks that would make you pay hundreds or even thousands of dollars in fines? If you wouldn’t rob a bank, don’t rob the IRS. Those consequences I listed are the realities of getting too bold with your Tax Filing.

Review: The IRS trains their staff to keep a close eye out for common signs of Fraud. They include: ridiculous or outstanding deductions, claiming personal expenses as business expenses, and not reporting all of your income. A lot of people, even professionals, will tell you any of the above are alright to do, but don’t fall for that! You could end up with criminal charges against you.

Defend Yourself: Caught by the IRS? There’s still hope for you.

-Honest Mistake: If there’s an error on your tax return, try convincing the IRS that it was an honest mistake. In order to be accused of Fraud, the IRS has to prove you intentionally committed the crime. But as a word of warning, you have to prove that the error was a mistake.

-Nontaxable Source: The money is not always taxable income. You may have received money as a gift or from an inheritance. You can use this as your defense if the IRS checks your bank deposits and realizes the income you reported and the amount of deposits you made don’t add up. Again, be prepared to prove you received the inheritance or the gift. You’ll need concrete proof, don’t try to use this as an excuse.

Don’t Worry: You can still make reasonable and normal deductions without worrying about prosecution. The IRS just keeps an eye out for outstanding and unusual deductions, especially with Small Business in this arena. Cover you bases, and make sure you don’t stretch the truth too far.

Now You Have The Smoking Gun…Use it!

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