UK accounts and tax

If you are in UK and receive any goods from abroad. You may have to pay customs duty on these goods. You’ll be charged Customs Duty on gifts and other goods sent from outside the EU if they’re above a certain value, unless the duty comes to less than £7. The value includes the price paid for the goods & postage, packaging and insurance. Type and value of goods Customs Duty Anything under £135 No charge Gifts worth £135-£630 2.5%, but rates are lower for some goods  Gifts above £630 and other goods above £135 The rate depends on the  type of goods and where they came from   If you have paid more than due custom duty, you can claim it back by sending following forms: form BOR 286 if Royal Mail or Parcelforce delivered the goods form C285 if a courier or freight company delivered the goods

Fraudsters are now using modern ways for money theft. They claim to be from HMRC as agent and use following methods to collect money from victims: 1- They send Voicemails with message of money owed to HMRC. They are told that there is a warrant out in their name and if they don’t pay, the police will arrest them. 2- You may receive text message to call back with the same message as in Voicemail. Please note HMRC never send text messages about tax rebate or penalties. 3- Avoid to attend call from 0300 200 3300 Fraudsters ask you to purchase itunes gift card vouchers and send them serial codes. This is same type of fraud reported in US where scammers shown them as police, attorneys, debt collectors and Internal Revenue Service agents. To report any fraud use 0300 123 2040

One of the key reasons of terrorism in the country is due to India. People all over the world  now realizing the fact.  India fails  to stop rape attacks to locals and tourists. https://www.youtube.com/watch?v=fjhXbJWKtFM

Following Countries are outside VAT area in UK: The Aland Islands Andorra The Canary Islands The Channel Islands The outermost regions of France (Guadeloupe, French Guiana, Martinique, Mayotte, Réunion and Saint-Martin (French Republic)) Gibraltar Mount Athos San Marino The Vatican City

VAT refund on building materials and services is available in UK for building a new home, converting a property into a home, building a non-profit communal residence - eg a hospice, building a property for a charity.  Claim must be made within 3 months of the building work being completed & refund will be available in 30 working days of sending the claim. You need to file form 431NB to claim a VAT refund on a new build or 431C to claim for a conversion. Vat refund is not available for: building projects in the Channel Islands zero-rated or exempt materials or services that don’t have any VAT  professional or supervisory fees - eg architects, surveyors hiring machinery or equipments buildings for business purpose buildings that can’t be sold or used separately from another property because of a planning permission condition building materials that aren’t permanently attached to or part of the building itself fitted furniture, some electrical and gas app...

Uber is getting famous in Pakistan because of the low fares in good condition cars. Also people are earning a good money by providing services through Uber. About Rs30k to 70k average earnings  by a driver in a month which is good as compared to other jobs in a local market. Thats the reason we will see very well educated people not hesitant to be a tax driver. Currently the services is only in the major cities like Lahore &  Karachi but looking at the expansion rate internationally the service may be available soon in all big cities. The Rival company Careem is getting more repute because of less complains of harassment by drivers which is damaging the reputation. Analysis of Uk Business Uber officially launched in London in 2012, just before the Olympics, and has expanded to more than 25 cities in Britain, most recently launching in Cambridge. As per JO Bertram, Uber's UK CEO, drivers make average fares of £15-£16 an hour after Uber's fee. The Uber's app is bein...

Corruption is the sieve in the Pakistan economy. Despite of the fact that Pakistan has great potential for investment and business, government fails to protect investor's rights and sometimes it feels government lacks ability to understand how important transparency is to achieve highest growth rates. Frequently we see the news regarding frauds, scams and incompetence in government budget allocations in the capital projects.  The latest one is Rs. 1 billion fraud by Mazhar Rafique, the owner of the Lahore-based M.R. Securities brokerage house run under a private limited company with most of the directors from one family. This brokerage house had been issuing fake share certificates to investors for years and now he has defaulted. investors had registered Rs. 160 million claims against it and more than 1200 investors invested through this brokerage house. Loopholes are everywhere in the present system of the stock market, law or taxation system. The easiest way is to commit ...

In 2016, smartphone market shown stiff competition between Apple and Samsung.    Overall market share of Samsung at the end of year is 20.5% as compared to Apple's 14.4%. But the 4th quarter of 2016 is showing a different story, 17.9% share for Apple and 17.8% for Samsung. US-based technology research company report showed that the global smartphone sales grew by 7% during the last quarter of 2016. Apples iphone 7 is a huge hit and breaks all records. Samsung revenues start dipping last year due to recall of Samsung Note 7.

Singapore is one of three surviving city-states in the world with  Monaco & the Vatican City. It is ranked 11th internationally and first in Asia on the UN Human Development Index. It is ranked highly in education, healthcare, life expectancy, quality of life, personal safety, and housing.It is the 14th largest exporter and the 15th largest importer in the world. It attracts a large amount of foreign investment as a result of its location, skilled workforce, low tax rates, advanced infrastructure and zero-tolerance against corruption. The question is how so much success a small country can achieve? The answer is by spreading the importance of religious and racial harmony. When God creates a genius He doesn't put a stamp of white or black, Muslims or non Muslims on it. Racial and religious harmony is regarded by Singaporeans as a crucial part of Singapore's success, and played a part in building a Singaporean identity. The country blends Malay, Chinese, Arab, Indian and ...

Starting a business is very risky and most of the people hesitant to be a businessman. But some people have natural tendency to take high risks because they want high returns quickly. Business is the best way to earn high returns. But the problem is if somebody is starting a new business he needs some guidance because business is not just buying and selling. Planning and skills are key factors to make the business successful. SCORE Association (previously Service Corps of Retired Executives),based in Herndon,Virginia, is providing platform for the last 50 years where free business mentoring is available to someone wants to start small business in US. Association is dedicated to educate and the formation, growth and success of small businesses. It is helping by “providing resources and expertise to maximize the success of existing and emerging."  If someone is expert in any business field and wants to provide free advice for small business owners or transfer his knowled...

Today marketing is playing key role in the success of any business. In a shopping plaza, you see lot of shops selling different brands of different products. One thing is common they invest heavily on marketing of their products. Sometimes cost of product includes more than 50% marketing cost. Logo of the product is the sign of quality for customers. Customers trust blindly on their favorite brands and don't hesitate to pay any amount. Edge on Competitor:   You must know strengths and weaknesses of your competitors. Their weakness can be your strengths if your product have those qualities which competitor product don't have. Competitive edge can be any i.e cost, quality, knowledge, technology etc Wins Client Confidence: Marketing is an ongoing process its not something you just did in the start of the business and that's it. Business has to keep observing the changing demands of their customers. Recently Nestle Pakistan has invited its customers to visit the factory and...

CPEC is not only bringing business opportunities but also unlocking opportunities to explore some heavens hidden in Pakistan. Tourism industry is showing serious growth, about 80 million domestic travelers annually & 0.9 million international tourists visit the country. Roads are being constructed all over the country. Karakoram Highway makes its so easy for people to travel up to Khunjerab Pass (China Border)   which is the highest paved international border crossing in the world. Hotel industry is booming due all the development and now there is no season for travelling because People like to travel through out the year. More than 80% increase in the occupancy rate as compared to last year. Skardu - Shigar Road World's Highest Polo Ground, Shandur, Chitral Kumrat Valley, Upper Dir  Hunza Valley Gulmit, Upper Hunza Tourism guide and information on events, festivals & accomodation is available on government official website:...

Foreign remittances are the backbone of Pakistan economy. The inflow is in billions each month. Many IT and IT support businesses are getting biggest chunk of their revenue from their foreign clients. So the exchange rates are very important factor. Many services are available to get these remittances and sometime Rs 2 or 3 difference in exchange rates reduces the earned income in thousands. Paypal service is not available in Pakistan but now attractive alternatives are available. Here i am going to discuss some very good services which are providing very reasonable exchange rates and their time of delivery is also not bad at all. Transferwise This services will show you exactly how much you will get into your bank account and you can check today's exchange rates and compare it with exchange rates mentioned at their website. They are claiming to reduce about 5% hidden bank charges which seems true. First withdrawal may take more than a week but after that there will be no dela...

After the announcement of China Pakistan Economic Corridor (CPEC), lot of activity started in Pakistan. Particularly, real estate sector is making great progress with 5 times increase in prices in 2016 in Gwadar which is the highest as compared to other cities. Gwadar port is expected to be fully operational in next five years but lot of activity starts now. Gwadar airport with estimated cost of USD230 million is 50% complete, development of free zone, Pak China Friendship hospital, Technical & Vocational Institutes and many other projects will be started in this year. Tax exemptions are available for the investors and businesses to attract investment and that is working. Corruption is the main issue people are hesitant in making investments but some research will protect an investor because Gwadar Development Authority (GDA) has updated its policies like demarcation of land so if you buy a land that will be shown on google map so in case of any disputes nobody can occupy you...