Retirement Plan Losses May Be Able To Be Recovered

Retirement Plan Losses May Be Able To Be Recovered
Many pension funds throughout the country have been
victimized by the unethical practices of corporations,
stockbrokers and brokerage houses. Pension funds and their
trustees have an important role in ensuring the securities
that invested are appropriate for that plan.

The fiduciary obligations of trustees also make it vital
that actions be taken to recover losses due to securities
fraud. Additionally individuals who have lost their
retirement benefits, or whose plan value has significantly
declined, may have causes for legal action.

The Employee Retirement Income Security Act of 1974 (ERISA)
protects the assets of the American public to ensure funds
placed in retirement plans will be available to them when
they retire. ERISA is a federal law that sets minimum
standards for pension plans in private industry. Most of
the provisions of ERISA are effective for plan years
beginning on or after January 1, 1975. ERISA requires that
companies who establish plans must meet certain minimum
standards. The law generally does not however specify how
much money a participant must be paid as a benefit.

In general, ERISA does the following:

* Requires plans to provide participants with information
about the plan including important information about plan
features and funding. The plan administrators must furnish
important facts about the plan regularly and automatically.

* Sets minimum standards for participation, vesting,
benefit accrual and funding. The law defines how long a
person may be required to work before becoming eligible to
participate in a plan, to accumulate benefits, and to have
a non-forfeitable right to those benefits. The law also
establishes detailed funding rules that require plan
sponsors to provide adequate funding for your plan.

* Requires accountability of plan fiduciaries. Defines a
fiduciary as anyone who exercises discretionary authority
or control over a plan's management or assets, including
anyone who provides investment advice to the plan.
Fiduciaries that do not follow the principles of conduct
may be held responsible for restoring losses to the plan.

* Gives participants the right to sue for benefits and
breaches of fiduciary duty.

* Guarantees payment of certain benefits if a defined plan
is terminated, through a federally chartered corporation,
known as the Pension Benefit Guaranty Corporation (PBGC).

Under the requirements to provide information one of the
most important documents a participant must receive
automatically when becoming a member of an ERISA-covered
pension plan or a beneficiary receiving benefits under such
a plan, is a summary of the plan (SPD). The plan
administrator is legally obligated to provide this
document. If a plan is changed the participant must be
informed, through a revised SPD, or in a separate document,
called a summary of material modifications.

ERISA protects plans from mismanagement and the misuse of
assets through its fiduciary provisions. ERISA defines a
fiduciary as anyone who exercises discretionary control or
authority over plan management or plan assets, anyone with
discretionary authority or responsibility for the
administration of a plan, or anyone who provides investment
advice to a plan for compensation or has any authority or
responsibility to do so. Plan fiduciaries include, for
example, plan trustees, plan administrators, and members of
a plan's investment committee.

The primary responsibility of fiduciaries is to run the
plan solely in the interest of participants and
beneficiaries and for the exclusive purpose of providing
benefits and paying plan expenses.

Fiduciaries must act prudently and must diversify the
plan's investments in order to minimize the risk of large
losses. In addition, they must follow the terms of plan
documents to the extent that the plan terms are consistent
with ERISA. They also must avoid conflicts on behalf of the
plan that benefit parties related to the plan, such as
other fiduciaries, service providers, or the plan sponsor.

Fiduciaries that do not follow these principles of conduct
may be personally liable to restore any losses to the plan,
or to restore any profits made through improper use of plan
assets. Legal action may follow against fiduciaries that
breach their duties under ERISA including their removal and
potential criminal prosecution.

ERISA civil violations examples:

* Failing to operate the plan prudently and for the
exclusive benefit of participants.

* Using plan assets to benefit certain related parties to
the plan, including the plan administrator, the plan
sponsor, and parties related to these individuals.

* Failing to properly value plan assets at their current
fair market value, or to hold plan assets in trust.

* Failing to follow the terms of the plan (unless
inconsistent with ERISA).

* Failing to properly select and monitor service providers.
Taking any adverse action against a participant for
exercising their rights under the plan.

The Department of Labor (DOL) enforces Title I of the
Employee Retirement Income Security Act (ERISA), which, in
part, establishes participants' rights and fiduciaries'
duties. The DOL's Employee Benefits Security Administration
(EBSA) is the agency charged with enforcing the rules
governing the conduct of plan managers, investment of plan
assets, reporting and disclosure of plan information,
enforcement of the fiduciary provisions of the law, and
workers' benefit rights.

If an employer declares bankruptcy, there are a number of
choices as to what form the bankruptcy takes. A Chapter 11
(reorganization) bankruptcy may not have any effect on a
pension plan and the plan may continue to exist. A Chapter
7 (final) bankruptcy, where the employer's company ceases
to exist, is a more complicated matter.

----------------------------------------------------
Individuals who have been victimized by an investor may
have the ability to seek legal action for thier loss, visit
http://retirement.legalview.com/ . Also, browse LegalView's
other legal issues including the most up-to-date news on
the Digitek digoxin risks and the most recent Erb's Palsy
jury verdicts. Visit http://www.LegalView.com for more
information.

No 1 Rule of Wealth Creation

No 1 Rule of Wealth Creation
The number one rule of wealth creation must be "Pay
Yourself First".

What do I mean by that, simply whatever you earn per month
you take out a minimum of 10% and put it into your savings
account or your investment account; you live and pay your
bills with what you have left. You PAY YOURSELF FIRST

I know, I know, I can hear you say "How can I do that, it's
taking me all my time to keep my head above water as it is".

Well what you must do is sit down and have an honest look
at what you are spending your money on.

Put a basic profit and loss sheet together and at this
stage it does not need to be complicated. Very few people
do this.

The budget plan poor people work to, works like this.

Go out and earn as much money as you can, pay the bills,
spend the rest, because that is how much it costs to live.
This plan and way of working will only keep you working
hand to mouth and keep you on the treadmill until you die.

So pick up the pen and paper and let's have a look.

On the left-hand side of the paper write down your monthly
income. That is everything that is coming into the
household, your salary, your spouse's salary and any other
form of income.

I don't want to hear "I don't know it varies every month"
Work a monthly average out or work to your basic rate.

On the right-hand side of the paper write down everything
that you are paying out per month, make a full list.

I don't want to hear "I don't know some things we pay for
quarterly" work out how much you are paying a year and
divide it by twelve. O.K. To be solvent your left hand
total should be higher than your right hand total.

If you're right hand total is higher than your left hand
total subtract the left hand from the right hand total and
this will show you how much you are running in to debt each
month.

For some this little exercise is an eye opener of how our
spending can get out of control and slip through the net if
not kept a check on. But let's go back to this paying your
self first.

Wealth can only be created by not consuming, so we need to
stop spending and create the habit of saving. Therefore you
need to look at your right hand column to see where you can
stop consuming.

To be successful at this you must have an honest desire to
create your own wealth and the determination and discipline
to change your lifestyle so it's imperative you know what
you want and why you are doing this.

Be honest with yourself, where can you cut back?

On a £20,000 per annum net income you will need to be
paying yourself £2,000 per year. That is
£166.67 per month.

Where is that going to come from? So let's look at some of
the most common areas of our uncontrolled consumerism.

If you spend £5 a day on cigarettes (only poor people
smoke) that's £35 a week, or £140 a month.

If you drink on average of two pints of beer a day at an
average cost of £2.60 a pint this is £36.40 a
week or £145.60 a month.

Two bottles of wine a week could cost on average £12
a week or £48 a month.

Have an honest look at fuel consumption for your vehicle,
could you not use it so much, could you walk more, this
would keep you healthier, could you make a deal with
someone to share the costs of running too and from work.

Have a look at the food bill, can you cut costs or get
better value for your money by not buying conveniences,
sweets and junk food.

Take a look at your utilities; switch off the lights and
electronic equipment when on standby, cut back on water and
gas usage.

Nowadays you won't be looked at as being a miser or
skinflint but a global friendly eco warrior.

What I am saying here and I think you will agree, with a
little bit of thought and effort you can change your habits
and lifestyle in small ways to find that 10% you need to
start the ball rolling.

Take an honest look at the No 1 Rule of Wealth Creation
"Pay Yourself First" and you will soon see how to turn
these small gains into massive wealth creation.

----------------------------------------------------
Barry Share is the Founder and Editorial Director of "The
New Lifestyle Programme" Where you can get your copy of the
amazing..."Design for your Success" a 7 step plan to
achieving wealth health and happiness
=> http://newlifestylepro.com/design-for success.html

Why Extra Income May Not be the Answer to Your Financial Problems!

Why Extra Income May Not be the Answer to Your Financial Problems!
Ask a person what is the single most important thing that
could happen to improve his or her financial picture and
the answer you'll get the answer—in various
gradations—a sudden influx of cash. Some of us wish
for pay raises, others want to win the lottery, and more
indecisive types just dream of a sudden windfall of cash.

Take an average family in an average neighborhood in a
small town that's earning, all together, about $60,000.
Chances are that family is wishing for more money. They
probably even have an amount in mind. If only, they will
whine, we could earn $70,000, we'd have it made! Even
$68,500 would be enough! That would be all it would take
for us to be well off.

Meanwhile right down the road is another family in the same
general circumstances, and they're also moaning about not
having enough money. The thing is, this second family
already earns $70,000. But it's not enough. They need
$80,000, maybe even $85,000.

Whatever you earn, if you're strapped for cash right now,
chances are pretty good that some people in very similar
circumstances are doing just fine with the same amount (or
less than) you're earning.

And whatever sum you're dreaming about ... wake up! There's
somebody out there that fell into that much money and is
now flirting with bankruptcy.

It's just as easy (maybe even easier) to go broke earning
$100,000 a month as it is to go broke earning $4,000 a
month.

If you're a typical American you probably wonder: how on
earth can you go bankrupt if you bring in $100,000 a month?
That's over a million a year!! How can you be anything but
rich?

It is not hard to go broke. Here's how. Spend $101,000 a
month. Believe me, that extra $1,000 can really sneak in
unnoticed when the income shoots up. That's why so many
lottery winners and movie stars and the "silly rich" end up
bankrupt. When you only bring in $4,000 a month, it's
pretty hard to "make a mistake" and spend $5,000 since
you're probably counting your pennies.

Your financial health is made up of two things. Americans
fixate on one and ignore the other.

Part of your overall financial picture is your income.
That's true. I don't want to underestimate it. Your income
is vitally important. And don't get me wrong—more is
better when it comes to income.

But the other part of your overall financial picture is
what you spend. This is where many of us go wrong.

We act like we have control over our income because we
fixate on income. The truth is, you don't have much control
over your income.

Let's say you have a job. You really don't have much
control of what kind of raise you'll get. You can do a good
job, but if the industry suffers a downturn or your boss
doesn't like you or you make some career mistakes, you may
not even get any raise. The old adage that hard work will
bring you rewards really didn't mean that working hard for
a corporation guarantees you regular and significant
raises. You may not get them.

You might think you could just find another job. That's
true. But the kind of job you can get depends a lot on your
education, skill set, and background as well as where you
live and the competition to nab those elusively rare
high-paying jobs.

Let's face it, at some point, you max out. Even if you're a
world-famous brain surgeon working at a world-famous brain
surgery hospital, you may be already at the top of your
game. You can't walk out and figure you'll work somewhere
else, because there may not be a "somewhere else" for you.

On a smaller scale that is where many of us find ourselves.
We earn decent pay and it is unlikely we are going to be
able to do much better somewhere else (if there even is a
"somewhere else").

But you do have a lot of control over what you spend.

Some people are mystified by that. They see debts and
expenditures as things that "just happen."

It's true that you have to pay rent, buy food, and pay your
taxes, but you have some control over the first two items.
When it comes to entertainment, clothing, and vacations,
you have a lot of control!

However, many people struggling with debt act like
discretionary spending cannot be controlled.

A family in five-figure debt took an expensive vacation one
year and ended up getting dunned by collection agencies
because they let some of their already festering debt fall
into worse arrears than previously. When I asked them why
they went on an expensive vacation that year, they seemed
stunned.

"It was summer. We always go on vacation."

I recently overheard a woman discussing which hotel she was
going to stay at during her upcoming vacation. Then she ran
into her landlord. She was two months late with her rent!
Somehow, she never made the connection between spending on
a vacation and being late with her rent.

Expenditures relating to discretionary things (vacation,
entertainment, amusement, eating out, travel, clothing,
jewelry, costmetics, and so on) is controllable.

Most people can trim a budget by 10% easily, without
feeling a pinch. Most of us can save even more by making
conscious decisions and adjustments. And it's possible for
zealots to cut expenses radically without giving up a
decent lifestyle.

If you cut your expenses by 20% (a good target, by the
way), that's like getting a 20% raise. You can't reasonably
expect your company to give you a 20% raise, but you can
give one to yourself!

What's more, frugality is not necessarily a program of
hideous deprivation and austerity. It can be creative,
engaging, and fun. It forces you to do things differently,
and that can give you some pretty amazing insights.

Here's what I mean. You may feel like your life is out of
control and you dream that a bigger income would "fix
things." But then you decide to start saving money. You
give up cable TV and going to the movies. This forces you
and your family to interact a bit more. You start playing
ball in the park after work or board games at night.

I've heard of restaurants-only couples who went on
frugality plans who discovered that cooking at home was not
only fun, it was healthier. The couple loses weight, finds
a hobby they both can enjoy, and learns (here's a surprise)
that it's really no more time consuming to cook regularly
than to eat out.

Money-saving strategies may encourage you to take up
sewing, start a garden, or bake your own bread ... and many
people are amazed to find they enjoy these things.

Not only that, frugality is a good incentive to proper
work-life balance. Most of us get into the debt whirlwind
because we're living too much in the work zone. (Work is
expensive! It requires gas, clothing, day care, and all
sorts of special services to permit us to log those long
hours.) Frugality is going to force you to spend more time
at the home front.

And when it saves you money, you realize you not only can
afford to spend more time at home with the family, you
can't afford not to.

----------------------------------------------------
Stop worrying about your income and control your out-go.
Get the facts at http://www.MyDebtConsolidationAnswers.com .

DIY Accounting Payroll Software Questions And Answers

DIY Accounting Payroll Software Questions And Answers
HMRC will advise the new tax code change from 543 to 603
which was announced in May 2008 and the date the new tax
code to be applied which is expected to be September 2008.
The amended tax code is entered as a new tax code on the
employee details tax amendments section of the payroll file
and the tax reduction is then automated at the date the new
tax code is applied. The income tax deduction calculated
by the DIY Accounting payroll package is different to the
inland revenue CD Rom.

Small differences can occur because the DIY Accounting
payroll system has in the past used the revenue manual tax
tables whereas the inland revenue employers CD Rom uses a
percentage calculation. In fact the manual tables jump in
pounds and tax tables can increase by four pounds between
different look up rates which can create small differences.

In the current financial year many of the financial income
tax and national insurance calculations have been changed
in the DIY Accounting payroll calculations to a
mathematical percentage basis. Differences can still occur
where the subject of the calculation is rounded to ignore
the pence.

All these differences are minor and immaterial and adjust
themselves since tax is calculated on a cumulative basis
Employee gross pay was entered and no national insurance
was calculated.

The national insurance table applied is shown in the column
to the left of the employees name on the payroll sheet and
you will probably see the letter C when because this
employee is of working age and not a second employment the
national insurance table letter should be A. Check the date
for both for this employee which may have been omitted or
entered wrongly. Income deducted for my employee who is on
a normal tax code was much higher than normal.

The tax code column to the left of the employees name on
the payroll sheet may appear as zero which should show the
tax code. To resolve the tax code check the employee
starting date has been entered and the numerical value of
the tax code in the employees details and the date that tax
code should be applied. When I try to enter wages on
the payslips the sheet comes up protected

No entries are required to the payslips file. All entries
are automated from the payroll file and the protection
prevents corruption of the formulae in the payslip file.
The entry on the payslip file can be changed by entering
the required gross pay on the payroll workbook and the
payslip will automatically update itself from there as part
of the paye system.. I cannot see any tabs at the bottom
of the payroll software workbook.

After entering the employee details navigate to the month
in which you wish to enter gross pay by clicking the tab
buttons at the bottom of the excel spreadsheet. If you do
not see any tabs at the bottom of the sheet you may not be
viewing the full sheet. Click the square box at the top of
the menu bar to view the full sheet and the tabs should
then be visible. When I open the payslips file I receive
an error message saying read only, un repairable error has
occurred.

This is likely to have been an interruption during the
download process that has corrupted the payslip file.
Download the payslip workbook again direct from the
confirmation email sent to you after purchase. We bought
the up to 20 employee payroll package and now have 23
employees.

Make a second copy of the payroll software, saved into a
separate folder and split the payroll into 2. Perhaps use
one package for one department and the other package for a
different department or use one for existing employees and
the other for new starters

Do I purchase a new payroll software package each financial
year or can the payroll software be updated for more than
one year paye purposes

The payroll software include that years tax rules to enable
the packages to automate the production of that years tax
returns. Each year has new tax rules embedded and being on
excel rather than a database then it is necessary to
purchase a new package each year. Does the payroll
software automatically generate the amount payable to the
inland revenue each month.

The payroll package automatically calculates the income tax
and national insurance and collects the information on a
paye payments schedule so you know exactly how much to pay
each month. The paye calculations also complete all the
revenue forms including the P35 annual employers return
which is required when you file the paye information with
the revenue at the end of the financial year. The payslip
workbook is not automatically updating from the payroll.

The payslip updates automatically and there are no
calculations on the payslip file or links out of that file.
The most likely cause is that the payslip file was renamed
and has broken the links from the payroll file. If you have
saved the file after breaking the links by renaming the
solution is to download the payslips file again without
changing the name

----------------------------------------------------
Terry Cartwright is a qualified accountant designing
Accounting Software at http://www.diyaccounting.co.uk/
providing complete accounting solutions for small to medium
sized business in the UK with payroll software at
http://www.diyaccounting.co.uk/payroll.htm for up to 20
employees

Reversionary Property: Risk-Free and 50% Off

Reversionary Property: Risk-Free and 50% Off
Reversionary property is a good medium to long term
investment. Though non-income generating, reversions are
superior when it comes to capital appreciation. Easy and
virtually risk-free, reversionary property investments also
offer potentially high returns. And since it is almost
impossible for property prices to fall 50% below their
present value, it makes good business sense to invest in
reversionary property.

In reversionary property investment, you simply purchase a
residential property from a homeowner at a highly
discounted price. A reversionary property can be bought for
around 50% of its value, depending on the age of the vendor
and the location and characteristics of the property.
Payment is either in a cash lump sum or in monthly
installments. The homeowner continues to live in the
property as a tenant rent-free and with full legal rights
to remain in occupation until his death or until they
voluntarily vacate. Then the ownership of the property
reverts to the buyer.

Since the homeowner continues to live in the home as if it
were his own, he is still responsible for the general
upkeep and maintenance of the property such as utility
bills, building insurance premiums and capital tax while he
continues to occupy the house.

Reversion investments are basically a bet on the life
expectancy of the homeowner. The buyer pays the monthly
reversionary annuities until the homeowner dies.

Reversionary properties are of two kinds: tenanted, which
means that the homeowner lives in the premises, and
untenanted, whereby the vendor does not live in the
property. In this case, the buyer can use the property or
rent it out. Payment can either be in a lump sum, in
monthly annuities or a combination of both. Usually,
institutional investors, affluent individuals and those
looking for a holiday home in the future would greatly
benefit from reversionary property.

Investment in reversionary property is beneficial to both
the homeowner (vendor) and the buyer. For the vendor, it is
as if he is granted a lease that will last until the end of
his life. He is released from the responsibility of
big-ticket payments on his property such as major works and
land tax. He also receives additional income in the form of
the cash lump sum or monthly annuities, which could greatly
supplement an elderly person's pension. More importantly,
he does not have to sell his own home or move out, thus
increasing his stability and peace of mind.

For the buyer, investment in reversionary property is an
excellent opportunity. Not only is the property available
at a huge discount, most of them are studio flats,
apartments, villas and commercial establishments located in
prime areas. Since most of these properties were initially
purchased as a retirement house, they are often located in
a major city or in the quiet countryside.

Reversionary property is definitely one of the least
troublesome and safest way of investing in property. It is
best for those who would like to have a holiday home when
they retire. For sure, the property is well-maintained by
the homeowner, since he still considers it his home despite
the fact that ownership has been transferred. By investing
in reversionary property, one is sure to acquire a
well-maintained, valuable home in the near future.

----------------------------------------------------
Parmdeep Vadesha is a property investment expert and
founder of the largest community of property entrepreneurs
on the web who buy below market value properties from
distressed homeowners facing repossession, divorce and
bankruptcy. He writes a monthly newsletter for over 70,000
property investors worldwide -
http://www.Property-System.com

Unsecured Lines of Credit - A Financing Alternative for Business Owners

Unsecured Lines of Credit - A Financing Alternative for Business Owners
Unsecured Lines of Credit are available for individuals
that own businesses and have credit scores of 680 and
above. Business owners who have been in business for more
than two years are eligible for lines of credit up to $1
million with full documentation of personal and business
taxes and financials. Applications without additional
documentation (No Doc Applications) can also be approved
for as much as $350,000. These lines of credit essentially
function like Home Equity Lines of Credit because interest
is paid only on the outstanding balance.

Unsecured Lines of Credit can be obtained in roughly 4 to 6
weeks but should never be applied for directly by the
borrowers themselves. Being qualified does not mean that
these borrowers are capable of simply walking into a bank
or other lending institution and being approved.
Substantial preparation is necessary and this should only
be done through companies that specialize in the desired
type of business financing. It is highly recommended that
the business owner seek out a professional business finance
consulting firm with contacts and affiliations with several
banks and financial institutions that offer these programs.
The application process is somewhat complicated and
documentation must be properly formatted and compiled to
avoid unnecessary rejections.

Business owners can no longer rely on the equity in their
real estate holdings to finance their business expansions
and growth. Even business owners with perfect credit scores
and excess equity in their properties are finding it
impossible to exercise their rights to these credit lines
they paid significant fees to obtain. The main reason is
that banks have virtually stopped providing homeowners
access to the equity in their properties as lines of
credit. Home Equity Lines of Credit have been frozen by
most major lenders because declining property values have
made these cutbacks necessary. IndyMac, Washington Mutual
and other major mortgage lenders have made decisions to
rescind these credit lines, according to the terms of their
contracts with borrowers.

Business owners have been especially hard-hit by these
recent eliminations of their access to funds for their
businesses. Many of them have used home equity lines for
working capital during slow periods or as sources for cash
during periods of expansion. The net effect is that the
necessary funds for business uses were expected but are not
available. The lack of time to make other arrangements
because of this sudden policy change can severely impact a
business owner's ability to survive a shortage of funds.
There are also business owners who paid back their credit
lines in the anticipation that they would be able to
utilize them again. That option is no longer available,
leaving them without their usual funds.

In summary, Unsecured Business Lines of Credit are methods
of financing that are still available to qualified
borrowers who are also business owners. Firms that
specialize in acquiring unsecured lines of credit should
always be involved in this application process. The
applicant will need assistance in properly preparing and
organizing his documentation for submission to lenders. A
firm that specializes in this type of financing will be
able to present the borrower as the "perfect applicant"
because its business is to assure that all aspects of the
application adhere to the current credit, submission and
underwriting guidelines of each individual bank. This very
important initial step in the process will greatly enhance
the business owner's potential to be successfully approved
for an unsecured line of credit.

----------------------------------------------------
Milton Franklin, is a Founder of Nationwide Equipment
Leasing LLC, an equipment leasing company that also offers
Unsecured Business Lines of Credit. His company provides
solutions to the current financial crisis in the U.S. He
can be reached at 800-395-4908. Go to
http://neleasing.com/application-form.cfm and request
Unsecured Line of Credit Information to receive a free copy
of his Special Report,
"The Solution: Unsecured Line of Credit".

Payday Loans Highlight Debt Problems Expert Claims

Payday Loans Highlight Debt Problems Expert Claims
The growing trend among UK consumers to look for financial
relief each month by applying for payday loans indicates
that there are many Britons finding it difficult to make
ends meet, according to National Debtline.

It warned that the increased number of payday loan
applications - which was highlighted by a recent
moneysupermarket study - was symptomatic of an underlying
problem where people are finding that their outgoings
regularly exceed their incomes. The national telephone
helpline service advises consumers to set out a budget to
help them manage their finances and reduce the strain that
items of expenditure such as food and utility bills,
mortgages and personal loan repayments are placing on
households on a monthly basis.

According to the moneysupermarket study, the number of
people opting to take out payday loans has increased by 55
per cent since September. The group attributed much of the
growth in popularity to inflated demands on personal
finances arising from recent energy price hikes and the
increases in the average costs of food. Tim Moss, head of
loans at the firm, said that the loans were proving a more
attractive option than going into an unauthorised overdraft.

Commenting on the findings, Beccy Boden Wilks, spokesperson
for National Debtline, said: "If you've run out of money
[ahead of your next paycheque], so you feel that you need
to use these sorts of services, then there's obviously a
problem. Your outgoings are more than your income. So if
somebody feels the need to use a payday loan on a regular
basis, it's probably symptomatic of a serious underlying
debt problem. So, you need to look at budgeting, or [ask]
are your credit commitments too high, or have you
overcommitted yourself with your mortgage."

She added that for those whose outgoings are exceeding
their incomes, seeking independent financial advice may be
a prudent option. In doing so, people might be able to
identify areas where they can cut back on monthly spending
and lessen their reliance on lending. She also advised that
people may want to negotiate with their creditors to agree
upon an extended payment period with a lower monthly
contribution, while extending the length of a mortgage was
also identified as a way to reduce the strain on finances.
Ms Boden Wilks advised consumers who are struggling with
meeting their monthly financial commitments to ask
themselves whether their credit and mortgage
responsibilities can realistically be met or whether it is
time to approach providers to renegotiate the terms of
lending.

Moneysupermarket's Tim Moss also noted that while payday
loans were an effective short-term solution, people who
were regularly struggling with monthly payments should sit
down and evaluate their finances and identify areas where
they can cut back on spending.

Elsewhere, residential property industry commentator the
Council of Mortgage Lenders last month identified a growing
trend among those looking to get on to the property ladder,
with first-time buyers approaching their parents for a loan
to cover the costs of a deposit as many mortgage providers
withdraw 100 per cent lending packages.

----------------------------------------------------
Abbi Rouse writes for All About Loans. Our visitors can
apply online for poor credit secured loans. We also
specialise in payday loans, and the cheapest consolidation
loans online. Visit today http://www.allaboutloans.co.uk/

DIY Accounting Small Business Accounting Software Questions And Answers

DIY Accounting Small Business Accounting Software Questions And Answers
Why is the monthly profit and loss account not updating
from the sales and purchases entered.

Updating the profit and loss account in the financial
accounts file is automated. If the financial accounts file
is not updating automatically the links from the sales
accounting spreadsheet and or the purchase accounting
spreadsheet are not working. This may be because the file
names have been changed which breaks the links between the
files.

The most common reason is the way the files were originally
saved when initially downloaded from the website by opening
the files first before saving them. When a file is opened
first before saving the computer stores that file in a
temporary internet folder and changes the links to
temporary links within that temporary folder.

When that file is then saved it is those temporary links
which are being saved and not the original links. Those
temporary links would not be recognised by the other files
which form the link structure. The solution is to delete
the files and save the files again direct to your accounts
folder without opening them first thereby preserving the
original links. Accounting entries on sales and purchases
appear on the profit and loss account but do not appear on
the list of expenses on the self employed tax return.

The self employed tax return required to be completed in
the UK is dependent upon the sales turnover. Small business
with total sales income exceeding 64,000 pounds for the
financial year ending 5 April 2008 are required to complete
the full self employed tax return while businesses with a
turnover under 64,000 pounds may complete the short version
of the self employed tax return.. Coincidentally the
threshold is the same as the vat threshold.

In addition if the sales income is less than 30,000 pounds
then it is not necessary to complete all the individual
expense classifications. The excel formulae within the
financial accounts file automatically fill in the short or
full tax return and only fill in the detailed expense
classifications if required to do so.

Does the package produce my quarterly vat returns when a
vat flat rate scheme is being operated.

The user guide contains notes on how to enter the value
added tax flat rate percentage on the sales bookkeeping
spreadsheet. The bookkeeping single entry of the flat rate
vat percentage on the sales sheet updates throughout the
package including the subsequent months on the sales sheet
and also each month on the purchases bookkeeping
spreadsheet automatically calculating value added tax at
the flat rate percentage and expenses value added tax paid
on purchases at the zero vat rate producing a quarterly vat
return. Does the self employed accounting software package
produce a balance sheet.

Producing a balance sheet is optional for self employed
small business and not an essential requirement of
completing the self employed tax return. The self employed
package is based upon single entry bookkeeping and does not
produce a balance sheet which requires double entry
bookkeeping while the limited company package does produce
a balance sheet as it is a legal requirement for a limited
liability company.

As the self employed accounting software includes sales and
purchase spreadsheets and also cash and bank spreadsheets
it is possible to manually produce a balance sheet if
required but the accounting software does not produce it
automatically. Do I purchase a new software package each
financial year or can the accounting software be updated
for more than one year accounts.

As the accounting software and payroll packages include the
current financial year tax rules that enable the financial
packages to automate the production of that years tax
returns then each year has new tax rules embedded and being
on excel rather than an accounting database then it is
necessary to purchase a new accounting or payroll package
each year.

----------------------------------------------------
Terry Cartwright is a qualified accountant designing
Accounting Software at http://www.diyaccounting.co.uk/
providing complete accounting solutions for small to medium
sized business in the UK with payroll software at
http://www.diyaccounting.co.uk/payroll.htm

for up to 20
employees

Property in London: Still a Good Investment?

Property in London: Still a Good Investment?
"You can't go wrong with a property in central London," you
often hear people say.

Fact is, they are right. Property development in London is
booming. Since London's trade is primarily in financial
services, companies are set up, bought out and financed
everyday. This translates to a real estate and property
development industry that is active and flourishing.

More than ever, the price of prime residential property in
central London continues to rise. The primary reason cited
for this phenomenon is the lack of supply of suitable
properties.

The steady rise in residential prices has also been greatly
influenced by the buying pattern of foreign buyers.
Traditionally, foreigners who work in London purchase
property for their residence or occupation. They used to
immediately sell this property once they returned to their
respective homes or countries.

However, the trend has been slowly shifting. In 2004 it is
estimated that a foreign buyer would hold on to his
property for less than a year before selling it. In more
recent years, the period has risen to an average of 20
months. Foreign buyers have been retaining their properties
longer because they now see them as investments and assets,
considering the rising prices and short supply of real
estate in central London.

Since more and more central London property is retained,
property shortage has become severe and real estate values
remain high. Unlike domestic property investors who usually
release a previous property back into the market upon
buying a new one, foreign buyers hold on to their property
as an investment.

Foreign property owners who no longer live in the city
utilize their property as rentals to reap income from
tenants. With the equally high cost of rental units, this
has become an easily profitable opportunity. If this trend
continues, central London property prices would remain
substantially high.

Though London property remains one of the most solid
investments, a quick stroll around the city would reveal
some glaring contradictions. Various flats would claim that
they are "80% sold" yet the signs on the windows of
commercial spaces announce "units to let."

Sadly, a house in London is still not affordable to those
living on average incomes. The price-to-income ratio of
residential property is more that five times higher than in
other parts of the country. Being one of the most expensive
cities in the world, the cost of utilities, services and
taxes are constantly increasing. This translates to a
rapidly falling disposable income.

Financial analysts have predicted that interest and
mortgage rates are most likely to fall. Unemployment and
inflation rates are increasing. Experts say that the growth
of house prices cannot even keep up with the rise in the
inflation rate. Property values in London have become so
high that it is restricting. Many want to cling to the hope
that falling interest rates will save the London real
estate market. Otherwise, although property in central
London is indeed valuable, not many are willing, or able,
to buy.

----------------------------------------------------
Parmdeep Vadesha is a property investment expert and
founder of the largest community of property entrepreneurs
on the web who buy below market value properties from
distressed homeowners facing repossession, divorce and
bankruptcy. He writes a monthly newsletter for over 70,000
property investors worldwide -
http://www.Property-System.com

Lower Your Car Insurance Premium

Lower Your Car Insurance Premium
Car buyers will often stretch themselves financially to get
them into the car of their dreams. They place so much
emphasis on the car purchase finance they forget that also
insurance can also be a financially draining prospect.

Once you have purchased a car you may be surprised at just
how much the insurance will cost each year. As far as
possible, it is necessary to try to lower your premiums in
order to make your car ownership more enjoyable. Without
worrying about stretching yourself to make your auto
insurance payments. Below are some ideas to help you to
control the amount that you are paying for auto insurance.

The first rule is to always shop around for your car
insurance needs. A good option is to take out a six-month
auto insurance policy; this will give you the flexibility
to look for the best provider twice a year. Instead of
having to wait the full 12 months too possibly, lower your
also insurance premiums.

Checking out premiums online can be useful for giving you a
general idea of the rates, but these quotes should only be
used as a guide. The reason for this is that these quotes
depend on various factors and information, which you cannot
provide through the online form. Therefore, when it comes
to the final quote you will often find that the premium
will actually be considerably higher.

Shopping around is however a very helpful practice, as it
can save a substantial amount of money, perhaps as much as
$200 or $300 on a standard six-month premium. Higher
deductible payments can be another useful tool for lowering
your premiums. Many car owners shy away from this practice
because they feel that should they have a claim they may
have to pay out a significant amount from their own wallet.

While this is correct, it should also be weighed against
the potential savings that the higher deductible can offer.
Minor accidents are far more common than a real smash; as
such, your deductible may not help you to save money. As
the cost of repairs may well be below even the compulsory
deductible demanded by the insurance company You may find
it may be a better option to increase your deductible to
$500 or $750, that way considerably reducing the amount you
will pay per month. Without necessarily increasing the risk
of you having to ever have to pay out a large cash payment.

Many drivers opt for payment of their premiums through the
insurance company monthly installment plan. This can be a
good way to spread the payments across the entire year.
Unfortunately, this service does not come free, and the
insurers will charge an additional three for the service.
This fee will probably fall in the $5 to $8 per month
range, but keep in mind if you can possibly afford to pay
every 6 or 12 months in advance, that will represent a
saving of up to $100 per year.

So called 'multi-line insurance' can be another useful
option to reduce the total you pay for your auto insurance.
Multi-line insurance there is a fancy term that means that
you buy all of your insurance needs from one company.

If you were to take out your buildings insurance along with
your auto insurance at the same time, from the same
company, you should have no difficulty negotiating a 15%
reduction on both premiums. This can translate as a
considerable saving when you think how much your auto and
building insurance costs per year.

Many insurance coverers are looking for good quality
drivers that lower their risk of having to pay out for
needless accident claims. If you have a good driving
record, you may find that insurance companies may reward
you for being a safe driver by giving a substantial
discount on your premium.

So if you have managed to avoid accidents and motoring
convictions for a period of time your insurer may be more
welcoming, and eager to negotiate, than if you have
recently made an auto insurance claim.

----------------------------------------------------
Gary Milton has been writing on auto insurance and other
related topics for many years. Read more of his work at the
http://www.ridoe.net for auto insurance and also
http://www.one38.org for auto loans.