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31st January Deadline for the Self assessment Tax Return

Almost everyone needs to complete a tax return. The people who are paying their due taxes through their earnings through tax codes are exempted. There are times when some are required to complete the tax returns even if they are already paying through their tax codes. The following are those who are required to complete tax returns. If a person is self-employed, he is not exempted. Being self-employed means not being part of any company other than the one which is being owned. Company directors and trustees of certain companies are required to complete their tax returns as well. Employees who are receiving income from abroad are not exempted.

Tax returns must be submitted manually to the HMRC before the midnight of the thirty-first day of October. In some cases, it is not possible to submit on that deadline. Those papers which will be submitted after that deadline will not be accepted anymore. People should not worry since they could send those things online. They must consider the 31st January Deadline for the Self assessment tax return. People must consider that deadline since they will be forced to suffer the penalties. The penalties will cost them more than one hundred pounds. Those who are planning to pass their tax returns must send those things as early as possible to avoid paying huge amounts of cash. If people could not submit by the 31st January Deadline for the Self assessment tax return, they will also be forced to pay more than one thousand pounds. That will occur if the people have been late for more than ninety days already.

Recently there was a strike which were conducted by the office staff of HM Revenue and Customs. People could use that strike as an excuse for not making the 31st January Deadline for the Self assessment tax return. That excuse is very reasonable. In fact, according to the website of HMRC, they will not implement penalties to those who could not make the 31st January Deadline for the Self assessment tax return. People are allowed to pass their tax returns online before the second day of February. Those who pass on the first or second day of February will not be forced to pay the penalties. However, those who submit beyond that period will suffer. The goal of the HMRC makes sure that employees who are filing their tax returns will not be placed at a disadvantage.

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How To Keep Yourself Busy In the Quiet Times

There are some people who really love to write. They are gifted with writing skills that they could turn simple words into great forms of literature. Those people have talents to express their opinions through the colorful words that they use. It is very difficult to write literary pieces. There are only a few people who possess such skills. If people have those great writing skills, they must use them to earn money. It would be a waste of time and talent if they will not use those things. Who does not want to earn money while doing the things that he loves? If you are a writer who has a lot of time to spare, you might want to try freelancing.

The following are tips that could teach you how to keep yourself busy in the “quiet times.” The quiet times which are being referred to are those moments when people are not doing anything. Of course, there are a lot of things that people could be busy with. Some are busy doing school stuff while some engage themselves in their occupations. However, it is unavoidable that there are times when people have nothing to do. It might be that they only work for a few hours, or they work only on specific days. It would be a great idea if people could write to earn money.

There are so many websites where people could go to if they want to earn money while writing. There are some clients who are willing to pay excellent writers to create articles. Those articles are used for a lot of things. Sometimes, they are used in advertisements. Those articles are also posted in certain web pages. Interested writers could go to one of those sites where freelance jobs are being offered. They should sign up and they will start receiving tasks. They could start getting themselves very busy. Freelance writing requires people to do a lot of research. Just one article could really make a freelancer very busy.

Instead of spending some time watching lousy television shows or playing weird video games, you should really keep yourself busy with freelancing. Not only will you be able to do what you really love, but you will also earn money for every article that you make. The things which are mentioned above aims to teach people how to keep yourself busy in the “quiet times.”

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Keeping Basic Accounts as a Freelancer

Keeping Basic Accounts as a Freelancer

Doing freelancing has always been very rewarding. You work all the way from your place. You work at your own time. You earn as much as you want. You don’t have a grumpy boss to whoop your ass around. And you don’t have jealous officemates ready to stab the moment you turn your back. No matter how you put it, however, you end up the guy who doesn’t have a stable job. That is why it’s important for you to keep track of your basic accounts. The following are important considerations you need to take into account:

Get a Solid Billing System—as online invoicing tools grow in numbers, you can try them and see what billing system you are convenient working with. You can register for a trial version, which allows you to test run their system. Make sure to compare each other’s features. See where you can make most of your money.

Keep a List of People Who Owes You Money—knowing the ones who are paid up and the ones who are past due allow you to catch a glimpse of your earnings for a specific month. Doing so will give you a real-time data of your income against your payable bills. It allows you to draw out or update your plans for the next working session should you see lapses in the previous one.

Save Every Eeceipt of Every Payment—might sound unhealthy hoarding of unnecessary things, eh? It’s not pointless at all. Do this and you surely save thousands of dollars yearly. Keeping all receipts from food, gas, electricity, internet connection and phone lines allows you to see whether you have large unnecessary expenditures or a cost-efficient way of life.

Create a Bank Account Intended Only for Online Purchases—you surely don’t want to mix up your personal accounts with your business account. You’ll be protecting the safety of your business, house and your money if you maintain it that way. Breach of this simple rule would endanger you to be exposed to legal hot waters that might result to the loss of your business and properties. So, again, keep different accounts.

Track Your Everyday Spending—earning is inversely proportional to your spending. The higher your expenses, the lower your income gets. You may want to make sure that your money is well spent than being thrown away for pointless things. List all things you purchase and all bills you paid. Categorize each purchase or payment into two: “necessary” and “unnecessary.” Of course, you owe yourself with the latter but make sure to keep it low.

Being a freelancer gives you the freedom—to earn and to spend. Your earning is boundless, not limited by a four-cornered office walls. You get to buy what you want, and spend like you just got your face on Forbes Magazine. But end of the day, you are still a freelancer. No work, no pay. And it is necessary that you think smart. Keep your basic accounts in check, because you don’t have a lifetime to work. Think ahead of everyone. Good Luck!



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How to Prepare Your Paper Work When Applying for a Mortgage

How to Prepare Your Paper Work When Applying for a Mortgage

So you’ve decided to apply for a Mortgage loan. Whether you need some dough to pump up your online business or just to get that glossy red car like the one on the next block, Mortgage loan is ideal for you. As much as it sounds interesting, applying has proved to be not an easy process though. But you still intend to apply for one, don’t you? So for a smarter and faster application for your mortgage loan, you should consider preparing the following paper works:

Good Credit History—in almost all loans, a credit history is necessary. And for you to have a good one, you should practice a good banking and spending techniques. Continuous employment (at least 2 years), an established savings and checking account, good payment history using personal checks, no history of past due monthly bills and pay stubs will serve as bases for your credit history performance. By making sure that you have all these things in regular check, you can have a good credit history to back you up anytime.

Bank Statements—you will be required to submit two current monthly checking account statements together with your passbook saving accounts. This will show the latest activities for the two (2) recent months. Explanation in writing is required for deposits seen as unusually high. Bill of sale of a personal property, gift or any kind of refund is accepted as valid sources. Gifts must be given in the form of checks and gift letter furnished by the giver should be produced, and then attached to the passbook or statement’s copy showing the gift deposited.

Tax Returns—information in the W-2 form should match the ones in the application.

Verifications—verification of employment or VOE is accomplished by the employer and is send back directly to the lender. VOE is required from the previous employer if you’re working below 2 years for your current employer. For individuals who don’t have previous employers, a valid explanation is required.  Moreover, you will be required to show your average monthly balance of the most recent two months and your balance for the current month, which is called Verification of deposit. You are allowed to send faxed copies, provided that you send by mail or deliver personally the originals afterward.

Credit Report—the lender will spare a copy of your handwritten application and will be sent to the credit report company. Information verification will be done. The lender will received a copy of the credit copy report. A copy will be sent also to you should there are issues in the information provided.

Explanation Letters—you are required to submit a letter explaining adverse credit info—like late payments, queries from creditors in recent months & etc. Divorce, Illnesses or errors on the part of the creditors are considered acceptable. You should be able to prove that you are not negligent.

Document Updates—you are required to update some of the documents submitted should the loan processing goes beyond allowed 90 days.

Producing the necessary documents is a real hassle if you don’t do it ahead of time. The above papers should be prepared if you’re planning to take a mortgage loan. Once you already have them, find the right mortgage loan you think is suitable for you. And that is another interesting homework for you.


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Tips for Time Management as a Freelancer

Tips for Time Management as a Freelancer

Time is gold, especially to freelancers. In contrast with your previous 8am-5pm office job, where you are paid with a fixed salary even if you spend the entire day flying paper planes, freelancers earn based on their hours of work. Longer hours of work mean bigger paycheck going to your bank account. And who doesn’t want a fat bank account? So here are powerful tips on effective Time Management for freelancers—like you.

Keep Regular Working Hours—Work on regular schedules. Determine the hours where you are productive, and work within these hours. Make sure to have your focus only to your work. Unnecessary things should be tackled later after work. It’s advisable to keep a reasonable length of your working time; otherwise, you’ll end up ineffective and unproductive.

Rest on Intervals—rest is necessary for you to be productive. A tired body doesn’t yield quality results. So make sure to have several rest intervals in between your work. Come up with a regular rest schedule. Strictly follow the schedule even if your entire muscles are so flexed up to hit your working desk. This way, you prevent stress and fatigue from setting in, thus promoting productivity on your part.

Have a Clock beside Your Working Table—even if you have the healthiest gray matter, you have the tendency to forget time. That is why you need to keep a clock—a working one, of course—to remind you to stick to your schedules. Choose the one with an alarm feature. You can’t be productive if every now and then you are looking at it.

Work on Weekdays—because you don’t feel working at weekends, unless you have some important business errands to run. Most freelancers tend to procrastinate, and decide to delay their work on weekends. This impedes productivity and promotes time wastage. The last thing you don’t want to lose is self-discipline. It is the only thing you have against yourself to work. So discipline yourself to keep all work on workdays—and that is weekdays.

Identify Things You Do on Weekends—and let them stay on weekends. Party, night outs and gimmicks with friends should be kept contained outside your working days. Even if that hot chick next door invites you for a cup of coffee, learn to say no. Not to keep her curious and interested but because you are working. Moreover, don’t exchange your rest intervals for anything. Everything waits.

Draw Out a Weekly Schedule—and why not for the entire month or for the entire year? This allows flexibility on your working schedule. But it doesn’t mean an open schedule for you. This is just designed to accommodate emergency situations—like your mom having no idea what brand of laxative to buy (kidding). You can make a monthly schedule though, whichever is more convenient for you. Just make sure to follow it.

Working as freelancer doesn’t really mean you have all the time in the world to do whatever you want. Pursuing to be successful in this lucrative field necessitates talent and time management on your part. And keeping in mind the aforementioned tips should gear you toward a successful career as a freelancer.



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