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Benefits and Drawbacks of ISAs

Benefits and Drawbacks of ISAs

An ISA is a type of account that allows the investors to save and grow their money over a period of time without having to pay tax on the interest. Other types of savings accounts charge an income tax on the interest that the money accumulates. Furthermore, the holder does not have to pay capital gain tax, regardless of the growth rate of the investments, or the amount withdrawn.

Types of ISAs

As an investor, you can select either of two ISAs. You can either choose to save your money in a Stocks and Shares or Cash ISA. In both accounts, the returns are not taxed.

Cash ISA

It is also referred to as the basic ISA. It’s further divided into three sets;

Fixed rate account
This type of account is meant for account holders who would like to keep their money locked up for quite some time, ranging from two to five years, thereby attracting a high interest rate. Basically, the longer your money is tied up, the higher the interest rate.

Instant account
A saver using this account has the ability to either deposit or withdraw from the account at any time.
This type of account however, does not offer constant interest rates. The value of the savings will increase once the rates increase, but as they drop, the savings will also be affected negatively.

Regular savings account
The interest on these accounts is normally constant over a period time, a year for instance, provided that the … Read More . . .

Purchase Small Business Insurance In Careful and Proper Manner

Purchase Small Business Insurance In Careful and Proper Manner

To become financial independent, there are many ways you can do. You can start from making a small business or startup and goes into bigger company. However, if you are running a small business, you will need to make sure that you are protecting your small business against every possible risk to your financial security. There are many insurance agent or broker that provides small business insurance, however make sure that you are choosing the one that appropriate for your type of business. To get the best coverage for your small business insurance, you will need to understand small business insurance, assess different types that are available and create an insurance plan that will keep your business covered, check business insurance Texas for comprehensive offers. Today, I will provide you a step by step guide on how to get the best small business insurance.

The first step is make sure that you are understanding types of small business insurance. You will need to know about small business insurance types. One of the most general small business insurance that you should understand is general liability insurance. This kind of insurance cover any kind of incident that might happen on your small business. Anything that might happen such as accidents, negligence, libel and slander are covered by general liability insurance. However, you need to make sure this insurance policy is cover for medical payment, legal fees, property damage, lawsuits and settlements. Check the commercial property insurance options to cover any loss and … Read More . . .

3 Tips for Dealing with Unexpected Expenses

3 Tips for Dealing with Unexpected Expenses

No matter how careful and responsible you are with your finances, unfortunately, there is sometimes no escape from unexpected expenses. At some point in their lives, most people will face that dreaded moment when their car just gives out in the middle of running errands, or when they are about to take a shower before work and find that there’s no hot water. In these instances, the prospect of having to club together money to cover these unexpected expenses can be emotionally and financially stressful, which is why it is important to think of a few different plans of action in case you are faced with a similar situation.

Create an emergency fund

Having an emergency fund is the best preventative measure you can take in case of unexpected expenses cropping up. This is a dedicated amount of money which you put away only to be used for emergencies, such as if you don’t have enough money to pay your rent, or if you need to get your car fixed when it breaks down. You could either save this money in a dedicated savings account or keep it as a liquid asset within the home. The more money that you can save in this capacity, the better because this will help you to avoid amounting huge debts that you don’t have the financial means to deal with.

Borrow the money

While having to borrow money to cover last minute costs is not ideal, the interesting consumer index by city from Read More . . .

Confused About The Pension? Here’s Your Must-Have Pension 101

Confused About The Pension? Here’s Your Must-Have Pension 101

A pension is a tax-efficient way to save for retirement and give you a source of income in the future. There are different types of UK pension schemes, and each works differently. Examples include state pension schemes and private pension plans. The former provide limited financial support while private pension schemes allow you to build a larger fund for retirement. Read on to learn more about the different types of pensions.

Workplace pension

Otherwise known as occupational pensions these are set up by employers to provide retirement benefits. It allows employees to accumulate a pension fund using contributions based on a salary percentage. The employer is required to match your contributions.

Self-invested personal pension

This is a personal pension plan that allows you the freedom to control and manage your investment decisions. You can purchase a variety of assets including stocks and shares.

Additional voluntary contribution

Members of occupational pension schemes can make payments above the usual level of contributions. These are known as additional voluntary contributions and provide additional pension benefits.

Personal/private pension

This pension is arranged by you and usually attracts a tax relief (up to annual limits). Up to 25% of your retirement qualifies as a tax-free cash lump sum when you retire. The remainder of the pension can be invested to produce an income directly from the fund or used to purchase an annuity. You can also withdraw the entire fund. In this case, it is considered a taxable lump sum.

Stakeholder pension

This works like … Read More . . .

Data Mining Explained: Use Excel to harness the power of big data for your business

Data Mining Explained: Use Excel to harness the power of big data for your business

Data is incredibly important in business, and Microsoft Excel can be a powerful tool in your business analytics toolbox for data mining analysis. This article will explain what data mining is, how it can benefit your business, and how Excel can be the tool of choice for bringing the benefits of data mining to your business.

What is data mining?

Data mining is a new technical field just in its infancy and already showing enormous progress. Put simply, it is knowledge discovery: the process of sifting through data to discover linkages and trends. In today’s information age, data about nearly anything imaginable is more accessible than ever, and data mining takes advantage of that fact and of powerful computing technology to make your data work for you. Because of the volume of information involved, data mining relies on computers to do most of the initial work and to highlight trends that an analyst might not otherwise have noticed.

How can data mining help your business?

Data mining can tell a business analyst things the analyst didn’t even realize they were looking for, in effect addressing the “unknown unknowns” and providing fresh insights to drive business decisions. Data mining has many possible applications for businesses, including:

  • Revealing trends in customer behaviour and loyalty
  • Creating direct marketing campaigns with the highest likely rate of response
  • Simplifying market basket analysis
  • Predicting what types of interactive marketing would best appeal to each customer
  • Fraud detection

How to use Excel for data mining?

Excel is … Read More . . .