• Tax refunds made simple

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    December 10, 2019 /  Tax and Insurance

    The daunting three letter word, tax, can evoke a wide range of emotions. However, it doesnt have to, as the grass may well be greener on the other side.

    The confusion around tax refunds is a common occurrence.

    A tax refund is a repayment of PAYE tax that you have overpaid during the tax year. Statistics show that 1 in every 3 people in the UK is due a tax refund.

    If you have lived and worked in the UK, you may be due for a tax refund, as a result of certain circumstances.

    What are these circumstances?
    Youve only worked for part of a tax year
    Youve worked for more than 1 employer in a tax year
    Youve had 2 or more jobs concurrently
    Youve been taxed on a basic rate tax code
    Youve paid emergency tax in the last 5 years
    Youve left the UK before the end of the tax year (6 April-5 April the following year)
    Youve been on an incorrect tax code at any point in the last 5 yearsIf you feel that youve been in any one or more of the above situations, then you have a very good chance of receiving a tax refund.

    At this point, you may feel that going through all the hassle is not worth the refund, but its more than worth it. You can receive an average of 850 back possibly more if you havent claimed back at all in the last 5 years.

    How to claim back tax through an agency?

    You will need to complete the online tax refund form, provide the firm with your employment history details, as well as, original P45 and P60 documents. If you have lost these documents (or you dont have the original documents) you can use a Statement of Earnings – or an agency will assist you in obtaining the correct documents.

    Thereafter, the process will be moved forward, you will be kept up to date about your tax refund status, and be will notified about any activity.

    The greatest pleasure that comes with using an agency is that you can then leave the work to the agency and receive your money after 6 12 weeks.

    Most agencies provide you with an online tax refund calculator. This gives you an estimate of your tax refund, based on the information you enter into the calculator.

    Dont let the perceived hassle of claiming tax back stop you from getting what is due to you.

  • Treat Travel Insurance As Priority

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    December 9, 2019 /  Tax and Insurance

    Being a tourist, it would not be difficult if you are not familiar with the ‘where’s’ and ‘what’s’ of the country or city. Therefore, in the event of an unforeseen emergency you might not know where and how to access the required care. However, if you have purchased travel insurance, then you can breathe easy, because in case you fall into an unfavorable situation like a medical emergency, your travel health insurance policy will take care of your concern. Customer care centers set up by travel insurance companies will guide you in case of an emergency and help you in the event of a claim. By buying a travel insurance policy, you can also avail the benefit of the expenses related to your medical care and baggage loss or theft when abroad.

    In general, most travel insurance plans offer coverage for the emergency medical expenses consisting of disability or long-term nursing or custodial care needs and loss arising due to loss, theft or damage of baggage and other items. This, of course, depends on the type of plan you pick. There are many travel insurance policies available in market, you always have the option to compare these plans and pick the one which suits your need and pocket the best way.

    While looking for comparative chart on different policies, you can always depend on online sources. These days almost all travel insurance companies provide the option of online insurance policies and thus information about their different insurance plans are easily available over the internet, in their respective website. You can also look for travel insurance policies through travel agents, insurance brokers, tour operators, cruise lines and organizations that arrange for volunteer and other travel.

    Nowadays, many travel insurance providers tie-up with airlines. So, while you are booking your flight tickets, you can also choose the option of travel insurance; perhaps you may get some discount.

    Before buying travel insurance, you should always check your present healthcare policies and benefits on your credit cards and air carriers. This will help you consider potential risks. Do you want your policy to be mainly based on health grounds or a combination of add-on benefits? You should always be clear in your choice of insurance policies you buy. Choosing the right type of travel insurance plan will bring you peace of mind when travelling.

    It is very essential to have a car insurance policy. Author Pranav Sharma is an experienced insurance professional and widely read expert on based in Mumbai. Pranav helps readers opt for best .

  • Income Tax Relief on Income Tax Debt in Canada – Who Qualifies

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    December 3, 2019 /  Tax and Insurance

    If you have an income tax debt in Canada, at times it can feel paralyzing. Income tax debt in Canada can grow at an alarming rate. Unlike our counter parts in the US who often turn to criminal action to enforce non-compliance, the Canada Revenue Agency relies heavily on imposing interest and penalties to penalize taxpayers who file late, fail to declare income or improperly declare expenses.

    Once late returns have been filed or past returns have been re-assessed by the Canada Revenue Agency, their first step will be to assess a penalty on the tax debt. The Canada Revenue Agency’s next step will be to calculate interest on the income tax debt and penalties going backwards to the tax year when the tax debt occurred. The end result is that the taxpayer can end up owing more to the Canada Revenue Agency in interest and penalties than the principal tax debt. For example; an income tax debt of $20,000 may end up being more than $40,000 once the interest and penalties have been calculated.

    In Canada, a taxpayer can apply for income tax relief under the Income Tax Act. This does not mean that the principal tax debt can be reduced. However, the Canada Revenue Agency can cancel all or part of the interest and penalties.

    One way that a taxpayer can qualify for income tax relief under the taxpayer relief provision is because of extraordinary circumstances. Penalties and interest may be waived if an event has occurred that was beyond the taxpayers control and was the cause of the non-compliance. Some examples of extraordinary circumstances are natural disasters (fire, flood etc), a civil disturbance, a serious illness or accident, serious emotional or mental distress, the death of an immediate family member etc

    Another way that a taxpayer can qualify for income tax relief on an income tax debt is if they are suffering from extreme financial hardship. If the taxpayer can substantiate that they cannot pay because of job loss, they cannot pay the interest charges but could pay the principal tax debt, payment of the interest charges would interfere with their ability to provide basic necessities like shelter, food and transportation; in these cases the Canada Revenue Agency may waive all or part of the interest and penalties owing on the tax debt.

    Finally, income tax relief on an unpaid income tax debt may be granted if the cause of the interest and penalties was caused, all or in part, by the actions of the Canada Revenue Agency. Some examples of this are processing delays; errors in material which led the taxpayer to file a return based on improper information, incorrect information being provided to the taxpayer by the Canada Revenue Agency, like errors in processing and undue delays.

    An application for income tax relief is an official process that should be handled by a professional if you would like to increase the likelihood of your application being accepted.

  • Professional Athletes With Tax Debt Problems

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    December 2, 2019 /  Tax and Insurance

    Darryl Strawberry
    Dodgers star, Darryl Strawberry first got in to trouble with the IRS in 1994 when he was put under investigation for tax fraud. The IRS tacked him with tax evasion, and he had to pay back $350,000 in back taxes, serve 3 years of probation, six years of home confinement, and complete 100 hours of community service.

    2. Lawrence Taylor
    Former Giants linebacker, Lawrence Taylor filed an incorrect federal income tax return back in 1990. Taylor pleaded guilty to the tax charges in 1997, and was punished with three months house arrest, five years probation and 500 hours of community service for income tax evasion.

    3. Pete Rose
    Baseball favorite, Pete Rose, also got in to some trouble with the government in 1990, when he filed a false income tax return. Despite his celebrity status, Rose was sentenced to five months in a correctional facility, three months in a community treatment center, 1,000 hours of community service and a $50,000 fine.

    4. Helio Castroneves
    The recent controversy around Indy 500 racer Helio Castroneves and his supposed $5 million tax debt has shed light on the tax problems sports stars can get in to. He is currently being tried for evading taxes on a licensing deal that he claims to never have received a dime from. Only time will tell whether the Indy 500 and dancing with the stars celebrity actually committed the tax crime.

    5. Willie McCovey
    Hall of Famer Willie McCovey, like many other athletes who ran in to tax trouble, did so by forgetting to claim cash made during autograph signing. While McCovey pleaded guilty to the crime, he also claimed to have committed it unknowingly, since he had a professional handle his accounting. He was sentenced to two years of probation and fined $5,000.

    6. O.J. Simpson
    Although infamous for more than his athletic abilities, O.J. Simpson upset the IRS enough to be put on the California tax shame list. His tax debt was over $1.5 million, and he stayed on the list for more than a year.

    7. Jesse Owens
    The late 1930s Olympic winner Jesse Owens got himself into trouble with the IRS. After the Olympics, Owens tried multiple business ventures in the United States to profit off his newly found fame. However, one of his ventures lost Owens a fortune and rendered him unable to pay his full tax liability. As a result, Owens was forced to declare bankruptcy.

    8. Boris Becker
    Famed tennis player and bad boy, Boris Becker, ran right in to tax trouble when it was discovered his apartment was not his priority residence, as previously claimed. As a result, he was given two years probation, fined $500,000, and ordered to pay expensive court fees.

  • General Insurance Companies In India – An Excellent Introduction

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    November 30, 2019 /  Tax and Insurance

    The full basic Insurance carriers In India business was nationalised by Authorities of India (GOI) with the General Insurance plan Small business (Nationalisation) Act (GIBNA) of 1972. 55 Indian insurance firms and 52 other basic insurance coverage operations of other firms were nationalized through the act.

    In India, insurance features a deep-rooted heritage. Insurance in numerous types continues to be pointed out during the writings of Manu (Manusmrithi), Yagnavalkya (Dharmashastra) and Kautilya (Arthashastra). The basic foundation of the historical reference to insurance coverage in these ancient Indian texts is identical i.e. pooling of sources that might be re-distributed in times of calamities including hearth, floods, epidemics and famine. The early references to Insurance policies in these texts has reference to maritime trade financial loans and carriers’ contracts.

    The overall Insurance policies Corporation of India (GIC) was shaped in pursuance of Part 9(1) of GIBNA. It had been integrated on 22 November 1972 underneath the companies Act, 1956 to be a non-public company restricted by shares. GIC was shaped to manage and run the enterprise of common insurance in India.

    The GOI transferred every one of the assets and functions from the nationalized typical insurers to GIC along with other public-sector insurance providers. Following a process of mergers and consolidation, GIC was re-organized with four entirely owned subsidiary corporations: Nationwide Insurance policies Enterprise Confined, New India Assurance Corporation Minimal, Oriental Insurance plan Business Confined and United India Insurance coverage Enterprise Limited.

    GIC and its subsidiaries had a monopoly to the common insurance policy enterprise in India right until the landmark Insurance plan Regulatory and Improvement Authority Act (IRDA Act) of 1999 came into result on 19 April 2000. This act also amended the GIBNA Act and Insurance Act of 1938. The act as well as the amendments finished the monopoly of GIC and its subsidiaries and liberalized the insurance coverage small business in India.

    In November 2000, GIC was renotified as India’s Reinsurer, but its supervisory purpose about its subsidiaries was ended. This was adopted because of the Common Insurance coverage Company (Nationalisation) Modification Act of 2002. Coming into influence from 21 March 2003, this modification ended GIC’s function as a keeping enterprise of its subsidiaries. The possession on the subsidiaries was transferred into the Government of India, which in turn divested its stake while in the companies through listings on Indian inventory exchanges.

    Consequently of such reforms, GIC became the only Re-Insurer in India, and it is now called GIC Re. Indian insurance firms are needed by regulation to cede 10% of each policy price to GIC Re, subject matter to some constraints and exceptions. GIC Re has diversified its functions and is particularly now emerging being an significant Re-Insurer in SAARC nations, Southeast Asia, Center East and Africa. GIC Re has also expanded its global operations as a result of branches in London and Moscow.

    GIC Re contains a rating of A- (Fantastic) from the. M. Best for its fiscal energy.

  • Points To Remember While Buying Health Insurance

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    November 25, 2019 /  Tax and Insurance

    General insurance are those which cover aspects of our lives that are not covered by life insurance. There are many insurance policies that come under the gamut of general insurance. Among these is health insurance or commonly known as mediclaim. Health insurance is the ideal add-on to your life insurance policy as it takes care of your well-being while you are ill or hospitalized. The difference between health insurance and life insurance can be summed as follows.

    Health insurance provides benefits while you are alive.
    Life insurance provides benefits after your demise.

    Thus, one must be able to gauge from this the importance of health insurance. Therefore, it is imperative on everybody to have an effective mediclaim policy, moreover a policy that suits the need in the most appropriate manner. Health insurance provides a wide range of services under its aegis. For instance, it covers the expenses of hospitalization as well as pre-hospitalization, an ideal way to safeguard the health of your family during a medical exigency. Once you have bought a mediclaim policy it will get you benefits ranging from medical test to prescription drugs and everything in between including treatment services. The insurance provider will provide these multitudes of benefits in lieu of the premium that we ought to pay regularly in order to keep the policy running. Any lapse in the premium payment will make the policy worthless leaving you exposed to uncertainties. Thus we must make sure to pay our health insurance premiums on time in order to keep ourselves and our loved ones secured.

    Before you buy a mediclaim plan, you must take in to cognizance some of the important points discussed below, as they will help you in selecting a health insurance plan that is best for you.

    Not everybody can purchase a mediclaim policy. Different insurance providers have different age criteria for allowing individual to buy and get benefit of their health insurance. Therefore, this is the first thing that needs to be checked- eligibility.
    Study the policy carefully and ascertain the coverage of the policy and then analyze its utility. Ideally health insurance policy must give cover to the policyholder along with the immediate family members that include dependent parents, children and spouse. This has to be in addition with the affordability of the health plan.
    Individuals can also get cover from their employers in what is known as group insurance plan. One must check the nitty gritty of the health insurance plan to check whether their family members are covered by it or not. If not then he ought to purchase policy for the dependents.

    These are some of the important points that need to be remembered while searching and applying for a mediclaim policy. Ignorance of the above mentioned point can keep you and your family members under-insured and many a times lead to paying out more for a given service. To avoid exposing yourself to dangers of financial stress one must make informed decision.

  • Auto insurance saving tips for individuals read before you select an insurance policy

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    November 24, 2019 /  Tax and Insurance

    Every single person with a minimal income owns a car nowadays. Car was a luxury commodity in earlier times – very few people were able to buy it. Today it has become an essential commodity with almost every one purchasing a car for their comfort and needs. Different car manufacturing companies are offering various installments schemes for customers. With the help of an easy installment plan, anyone can purchase a new car now. It is always best to invest in a car insurance policy when you have a car of your own. There are different plans and policies for you to choose from. A car insurance policy will help the car owner to protect his or her losses. In case of accidents, auto thefts, or other related car problems – the insurance policy gives the insured person a much needed financial support.

    In the market there are several insurance companies present today. Each and every company is fighting among themselves to be the best and number one company. In order to gain more and more number of customers, every company is trying to provide the best car insurance policy to their customers. If you are interested in a car insurance policy, then ask for insurance quotes from different companies. Fill up the form with your basic information and ask for an insurance quote.

    You can ask for insurance quotes from more than one company. Compare these quotes yourself or with the help of online websites or tools. Select the best suited plan for your car and yourself after researching carefully. Do not make haste judgments in case of insurance plans and policies. Read the terms and conditions carefully before signing any papers. If you need saving tips on auto insurance policies then ask a knowledgeable person or a reliable agent.

    You can also use the internet services to learn more about various car insurance policies and companies. There are mainly three different types of car insurance policies – third part liability coverage plan, collision coverage plan and comprehensive coverage plan. Most car owners invest in the comprehensive coverage plan for its extensive and flexible nature. This package includes car theft coverage and accidental coverage for car owners. With the help of online insurance websites, you can buy a car insurance policy within minutes without any trouble. There are also several websites which offer individuals with various information regarding insurance policies and companies. They provide people with much needed tips about auto insurance savings and premium rates.

    provide people with much needed tips about auto insurance savings and premium rates. .

  • Learn More About Life Insurance Fraud

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    November 22, 2019 /  Tax and Insurance

    Life insurance fraud refers to illegal acts committed by those buying or selling life insurance policies. In-vestopedia defines five different types of buyer life insurance fraud, from accidental suicides to falsifying medical records. Find out more and learn about two of the more famous cases of life insurance fraud.

    Types of life insurance buyer fraud

    Post-dated life insurance: a policy that is purchased after the death of the insured person but appears to have been issued before their death.

    False medical history:Withholding information about existing medical conditions, whether or not you smoke etc constitutes one of the most common types of fraud. Coming clean with your provider might mean that your premiums are more expensive but this cannot outweigh the risk of reduced or rejected claims. It is not uncommon for unscrupulous doctors to falsify medical records on behalf of buyers.

    Murder for proceeds: In this instance the insured person (spouse, business partner etc) is murdered for their life insurance cover or a policy is taken out in somebodys name without their knowledge and they are subsequently murdered for the life cover payout.

    Lack of insurable interest: Insurable interest stipulates that in order to buy a life insurance policy in somebodys name you have to be able to prove that that persons death would cause you financial distress.

    Suicidal accidents: This occurs when a person commits suicide but tries to make it look like an accident in order to ensure that their family can claim their life insurance cover.

    Faking death or disability:It is not unheard of for someone to fake either death or disability to claim insur-ance payouts for themselves or their families. People have also created fake identities which have been killed or died with the family claiming life insurance payouts.

    Famous cases of life insurance fraud
    John Darwin, a British teacher and prison officer died in a canoeing accident in 2002 but was discovered alive and well and arrested five years later. His wife, who had claimed his life insurance payout, said he had been secretly living in their house and the house next door. Both were sentenced to over six years in prison.

    In 2008 Helen Golay and Olga Rutterschmidt were convicted of the murders of two homeless men, Paul Vados in 1999 and Kenneth McDavid in 2005. Both murders were staged as hit and run accidents. Multimillion dollar life insurance policies had been taken out on the men by Golay and Rutterschmidt.

  • Importance Of Product Liability Insurance In Businesses

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    November 19, 2019 /  Tax and Insurance

    Product liability insurance covers businesses from claims against injury, illness, or a loss caused by use of their products. In the realm of product liability insurance, product is defined as tangible goods which are sold or given away. A product supplier or manufacturer is duly responsible for any damage that his product might cause to a consumer.

    If a product causes damages or injuries, the consumer can bring a claim against the supplier. It does not really matter whether he is the manufacturer or not. For instance, if you have an eatery and the food served leads to the death of more than fifty people, the product liability claim will be huge. As much as the conventional logic holds the manufacturer responsible for a defect, it’s quite hard to prove it.

    The risk magnitude, claim and premium are ascertained through various ways such as the customers purchasing the product, how it was used, and warning labels that the product has. The product liability cover guards a company against any unanticipated circumstances that may cause damages or injuries to the product users. In case a person manufactures inferior items, there is no insurance cover that can protect him. For a manufacturer, the cover is massively important; just a small defect could make a firm be a target for big claims.

    Manufacturers should look for product liability packages that cover all manufacturing quality, indemnity costs, safety claims and others. They can also lower the premium costs by taking some measures in advance. These measures must however be disclosed to the insurance company.

    Product liability insurance is there for the wider benefit of the business. There are occasions when a general liability insurance policy includes product liability although a business sometimes has to get a specific product liability cover. This type of insurance is so critical because the business of providing products to a customer is very risky, more so if the product can become defective and cause injuries or property damages. Whether a business is the distribution, manufacturing, retailer, intermediary, refurbishing or any other component of the distribution chain, the risk of product liability claims is quite high.

    Rather than face lawsuits, legal claims or any other legal expenses, which can really devastate a company and make it run out of business, firms are encouraged to take product liability insurance. This is an aid against any consumer debacles that may arise on the legal front.

  • Tax Depreciation Why Deal With Quantity Surveyors

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    November 16, 2019 /  Tax and Insurance

    tax depreciation? shows you how to maximize cost of construction to take advantage of return on investment.”>Taxation is one of the strategies that the state officials use to receive funds. These funds are useful to offer the social facilities that citizens need e.g. equipping the fire brigade with the necessary resources in order to be capable to respond to social calls. Both the small scale business entities along with the large ones are taxed as per the income they receive from their deals. As an illustration, you have to make sure that you assess the correct amount as tax for your business. This prevents both over and under taxation. If perhaps you are observed to under tax, then you can be sued in a court of law. To prevent yourself from the scrutiny of a government tax officer, then you better estimate the tax for your firm yourself.

    In relation to this nonetheless, there are quantity surveyors who will enable you to save your cash. In Australia, Washington Brown is an illustration of a firm that does this kind of guidance. They will help you to decrease the amount you have to cater for as depreciation tax. Only accredited quantity surveyor should cope with this area to ensure you’re in the right path when cutting your taxes. On top of that, they will be able to offer you effective service that will usually take 2 to 3 weeks for them to receive a tax depreciation schedule ready for you.

    So how do these firms make sure that you reduce your taxes? This is how. They will provide tax depreciation tips which include: 1. Making certain you build higher buildings preferably. Higher buildings will most likely depreciate more. What this means is a bigger allowance for depreciation. The increase in depreciation is caused by the facilities you need to give for the residents of the building say like lifts, gyms and so on.

    2. Hiring a professional quantity surveyor for the task. With the changes that are being dealt with in property depreciation processes, an experienced surveyor will be up to date with the current changes. This way, they will enable you to increase your depreciation allowances.

    Cost planning and also management is another process that experts can assist you in. This too will minimize the amount of costs you need to incur in your business. Now that you learned how could you utilize depreciating your taxes, then have a good team in place.

    Do you want to know why you should appreciate ? shows you how to maximize cost of construction to take advantage of return on investment.