Insurance World

Many contractors who have savings or hope to begin saving and would like to increase the potential return on their investment on savings, should have an Individual Savings Accounts (ISA's). The current maximum that can be placed into an ISA is £10,680, of which £5,340 can be in cash. The other £5,340 can be used for shares. Although the maximum £5,340 has been set for cash, there is no limit within the £10,680 for shares.

Many people may be confused how ISA's are structured and how they can bring such great tax relief for such large chunks of savings, keeping large amounts of money away from the tax man. But a simple meeting with any local branch advisor will help explain and choose the best suited ISA for your individual needs and requirements. Recent finding by the HM Revenue & Customs (HMRC) has shown that aside from the fact that many still don't understand how beneficial having an ISA can be there is currently 15.3 million active ISA accounts. The most since the introduction of ISA's in 1998.

All contractors should consider an ISA as their first choice for ultimate flexibility for investments, as having instant access to savings can be an attractive prospect especially for contractors.

For contractors there are many types of ISA's to choose from:

Cash ISA's: Many will have variable rates of interest depending on the access required. ISA's can have instant access at the teller, online and by phone but may have low rates, whereas fixed rate ISAs are available with higher rates but may require less flexibility and a possible fine for early withdrawals. But are great for short term and free from any fluctuations within the stock market.

Equity ISA's: The opportunity to invest money in a managed fund or chose to make individual decisions on which companies to invest in. There are different areas that managed funds invest in, these are international equity funds, commercial property and corporate and treasury bonds. But beware as stocks and shares ISA's can be considered long term (5+ years) and the investment can fall below the contractors initial instalment as the markets fluctuate.

With contractors facing challenges from the HMRC, with tax, IR35, IR56 compliance and expenses being required it is vital to make use of all available tax breaks that are still available. It is also recommended to use an umbrella company to help process your payroll and maximise your income through using their tax expertise, keeping you on the legal path. Whilst reducing the worry and complexities that are involved with all the legal issues.

Harvey McEwan writes to offer information amd advice on a variety of areas, from technology to holiday destinations. Read through Harvey's other articles here to find out more.

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If you've just become one of the 1.5 million Americans who file for bankruptcy each year, you're probably feeling that your finances are beyond your control. But despite this feeling, declaring bankruptcy doesn't mean that you have to turn over all responsibility for your finances to the court system. Whether you've declared chapter 7 or chapter 13, taking charge of your bankruptcy is the most important thing you can do to secure your financial future.

Taking the First Step

Whether it's due to a failed business venture or accumulating medical bills, declaring bankruptcy means that your finances have fallen apart. When the monthly payment on your credit card exceeds your monthly income, you, may have no choice but to turn to the court system for relief. But there's still room for personal involvement in the process. There are steps you can take to ensure that your bankruptcy is carried out in the most effective way possible - giving you a clean slate and hope for a better future.

Get Help

One of the first things that many people who declare bankruptcy face is a looming mountain of paperwork. From a list of all personal possessions, to a detailed description of all income over the past few years, it will take some time to fill it out correctly. Most of those who have been through a bankruptcy say that the best way to do this is to hire an expert bankruptcy attorney for the job.

A good lawyer will explain every detail and make sure that your documents are filed the right way the first time. If you've declared chapter 13 bankruptcy, you may have to pay back only a percentage of your unsecured debt over the course of three to five years. A qualified attorney will work to negotiate the best terms possible.

Take Charge

You'll also have to attend various court dates. Not appearing at court could result in your bankruptcy being dismissed, so make sure to keep track of all dates and deadlines. A new law states that everyone filing for bankruptcy must also complete a course in personal financial management. Taking this course is not only a pre-requisite for a bankruptcy discharge, it is also a valuable resource for information than can help secure your financial future.

Give Yourself a Helping Hand

The courts are making most of the decisions now - along with the trustee, they'll decide when documents are due, if assets have been discovered, and when and if your debts will be discharged. But just because they're in control doesn't mean that you can't be too. Keep track of what's new with your case so that you can be prepared for every step along the way. What's the best way to stay informed? Sign up to an online bankruptcy monitoring service, an email service that sends weekly bankruptcy updates to members. They'll keep you informed of everything that's happened in your case in a convenient and easy-to-read email format.

Despite what many people may believe, declaring bankruptcy is not a way to relinquish responsibility for your finances. Now is your opportunity to take charge of your bankruptcy case - your first step toward a new financial beginning.

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