You are probably aware the Current Construction Industry Scheme (CIS) will be replaced by a new system from April 6th 2007. There will no longer be any CIS registration cards, certificates or vouchers.
Instead contractors will now have to “verify” new sub-contractors directly with HM Revenue and Customs (HMRC). In addition, each main contractor must decide whether anyone being hired is either self-employed or an employee and must sign a declaration to that effect.
Financial turbulence in the U.K. economy
My articles in previous months have been somewhat depressing and downbeat. This would be surprising to those that know me as by nature I am optimistic. It can be a fine line between optimism and naivety but there comes a time when even the most optimistic of individuals have to face reality.
In economic terms the reality is that the UK is facing its most difficult time in the last fifteen years. By most accounts whilst the UK economy is not in a recession, economic growth is stalling, high street spending is down, house prices are falling and there has been a decline in mortgage lending coupled with confidence continuing to spiral downwards. In the US several accounts suggest the recession has already arrived and Japan shows similar signs. Whilst the Federal Reserve chief Ben Bernanke says they are not currently forecasting a recession he did say that the outlook for the US economy in 2008 has worsened. With the global economy now so interlinked, these signs also do not augur well for the health of the UK economy. Continue reading
Balance Transfers on Credit Cards.
What is a balance transfer?
Despite the “credit crunch” that we have heard so much about in recent months, low rates of interest can still be available to the UK consumer. Many credit card providers seek to attract new customers with introductory offers of low rates of interest – These rates can even be zero. For a small percentage fee you could transfer your Credit Card Debt with a high rate to a new account with perhaps a zero rate which can be held in some case for up to fifteen months. Continue reading
Reducing debts in an IVA
A fundamental precondition for being permitted to be accepted into an Individual Voluntary Arrangement (IVA) quite simply will need to initially be insolvent. Whilst there are different solutions for the insolvent debtor for instance bankruptcy, this assessment is going to simply look at the advantages and drawbacks of the IVA choice should you be unfortunate enough to find yourself in this difficulty. Continue reading
Topics to the Irish Administration with regards to Credit Card Debt
It guaranteed to hit the ground sprinting and the new Irish Government will before you know it be a hundred days in office. It is fully committed to bring about numerous changes and for that reason perhaps now is the occasion to ask various concerns as to exactly what it is providing concerning the ordinary person as distinct from what it is accomplishing in relation to finance companies, builders, NAMA and sovereign interest rates in its admittedly demanding efforts to meet its committed EU and IMF performance targets. Continue reading
Challenges to the Irish State on the topic of Consumer Debt
It guaranteed to hit the ground sprinting and the new Irish Government will soon be a hundred days in office. It is fully committed to achieve a lot of adjustments and that being said perhaps now is the occasion to ask various concerns as to precisely what it is providing concerning the ordinary person as distinct from what it is working on in relation to finance companies, builders, NAMA and sovereign interest rates in its admittedly stressful initiatives to meet its committed EU and IMF performance targets. Continue reading
Options For Debtors And Lenders
When confronted with enormous financial debt worries it’s easy for the solitary borrower to neglect the effect of non-payment or late settlement on creditors. The financial institution is frequently considered as the big bad wolf and not worthy of any sort of sympathy from the beleaguered person in debt. The reality is that creditors have a vested interest in the fundamental alternatives that the borrower takes in order to resolve debt matters. Financial institutions can be helpful and amenable especially when the consumer spots and confronts debt difficulties at an early stage with a view to remedying them to everybody’s satisfaction. What are the choices for the borrower? Continue reading
The Reason Why Bankruptcy in Ireland is Draconian
Time and money are generally major resources in almost any flourishing enterprise. These particular significant building blocks involve and conjure up concepts such as expenses, budgets, output, due dates, earnings funding and so on. The range really is limitless. The analogy with bankruptcy or in other words the legislation dealing with bankruptcy in Ireland springs to mind.
The primary criticisms of Irish individual bankruptcy law are that bankruptcy costs too much and it also lasts too long. Because of the need for the bankruptcy to be dealt with by the high court, costs of the order of £30,000 are the norm. What lender can afford that? Without having any possibility to check out the estate of the bankrupt in advance, what creditor will take a chance on petitioning for a debtor’s bankruptcy without any guarantee that properties and assets realized will take care of such enormous charges, much less begin to settle debts? Continue reading
Can Debt Consolidation Actually Work?
There are several advantages to merging your debts into a single consolidation loan. For many people might be appealing to have to make just one single monthly repayment in place of many repayments. Making lots of monthly payments towards a number of creditors in respect to a few different accounts is time consuming, specially when funds are limited and there is insufficient cash for everyone. You’ll have to select which debts really are ‘priority’ ones. Those you should take care of. With regard to the rest you simply must make do with whatever you can afford to pay, regardless of whether in some instances it is less than the contractual amount that you should be paying. One big advantage – whether perceived or real – is that you have just one single lender to take care of rather than many creditors. Managing your financial situation in addition to repayments can be simplified. It is also probable that your credit rating will get better specifically if you include all of your credit card accounts in the debt consolidation. Along with those benefits, the recurring repayment relating to the consolidation loan could be less than the sum of the repayments relating to the many different loans. Continue reading
Insolvency while Pregnant
Recently published figures estimate that the cost of rearing a child from birth to twenty one years of age can be up to £200,000. Let us suppose that you are in an IVA and become pregnant. The prospect of trying to sustain your IVA during your pregnancy and especially after the birth of your baby can be a daunting one. The undoubted joy of having a baby must be tempered with the reality that financial pressures will increase. Nevertheless, many debtors in IVAs have successfully overcome the challenges posed in these circumstances. Continue reading