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It’s time to make amends with data processing

Sam Allcock
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It’s time to make amends with data processing

We believe that people that actually enjoy doing data reports are counted on the fingers of their hands, and even fewer are those who enjoy reading and interpreting them, but the reality is that without them, the control of our businesses or companies would be much more difficult task than usual.

Another problem is, if the one interpreting them is not a professional, the task is even harder. This is why we will give you a few tips and some examples of data reporting so you can better create, improve and analyses your reports.

Making them brighter, clearer and more entertaining are some things that will help you a lot. But they are not all. Take some notes and write these really useful tips in order to improve your data processing skills.

How to create a good data report?

 First of all, we should make the main reason of the report crystal clear. We can find many reasons to make them, but the most common are these: recommendation, informative, research, compliance, KPIs, feasibility and compliance, just to name a few.

Once this is clear, it’s really important to know the public that will have to read it. It’s not the same to make a report for system engineering business owner, or a law firm. Not to even mention when presenting one to your boss or a government entity. The data and the used language shouldn’t be the same.

The next step is having a good selected KPI and a clear road to follow. This will help you select the necessary information and discard the redundant one, enabling you to summaries and not overfill the document with unnecessary data, saving you and your readers a lot of time.

The Key Performance Indicator (KPI) should also be presented based on the desired reader and your overall objectives. This will help you make a better and easier follow up, focusing on your desired points and factors, the ones more relevant and important for your business, in order to improve performance.

Objectivity as the main tool

It’s actually impossible to be a 100% objective, all humans’ beings have their personal opinions and lived experiences that always influence in some level in our choices and ideas, choosing one side of the isle or the other. But data reports force us to get away from these prejudices as much as we can get. It’s elementary to select the purest data possible, leaving aside as much of our personal opinions as we can get.

These documents’ main objective is to tell the concrete facts, excluding all personal opinions or intakes. But it should be clear that some documents might require a suggestion or opinions section where this objectivity should manifest itself by always basing our suggestions in the data presented.  

Visual references

Numbers aren’t really easy to read if you are not familiar or used to read them and can bore someone really quickly. This is the reason why; it can be a really good idea to add some clear and colorful graphics. This will also improve how easily it understand, making them lighter and more pleasant to read and analyses them.

It’s also really important to choose some good esthetics for our work. We can focus on keeping a good image, taking good care of our business image and personal that will read the document. Try to pick from the business color, add it’s logos, etc.

It should always be clear, easy to read and ordered, regardless of the platform or device it will be shown: be it paper or digital format, for pc or mobile devices.

Never forget the mistakes you already made

Even if it’s hard to do it, we should never forget or erased our past works, mistakes or failures. They will be really useful to find faulty data and change our actions and strategies, in order to improve our experience and works for our next reports.

This point is crucial, lying in a data report won’t help anyone. We should always try to make the most clear, real and condensed work possible. Try to avoid being redundant, the harder the text the harder it’ll be to read it, and the most trustworthy it will be.

Getting Ready For Hybrid Working

Sam Allcock
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Getting Ready For Hybrid Working

We all know how you feel. It’s been a year of a 5-minute commute, meetings held from bed, & working days spent in your pajamas, and yet you’re being told that any day now (or perhaps it’s already happened for you) you will have to return to that altar of commercial dreams, the office.

To some it’s a moment of excitement and wonder – getting to see friends and colleagues after a year stuck isolated. For others, it’s a less enjoyable change after getting used to spending time with family and getting used to the benefits of working from home.

Regardless of which feeling the return to the office inspires in you, were here to make sure that it’s an enjoyable one. Or at least a return for which you are prepared.

First, Don’t Strip Down Your Home Office

Whilst this may seem like a counter-intuitive tip, we don’t recommend stripping down the home office. Firstly, you’ve probably gone to a lot of work to make your home office a place where you can work well, and why put all that effort to waste when it’s always great to have a spot that allows for quiet focus. But secondly, and more importantly, it’s unli kely that you’ll be returning to the office fulltime.

In fact, as time goes on, it’s expected that more and more of us will end up in a hybrid role, where we’re expected to be in the office for a few days every week. This means that your home office will still be seeing plenty of use!

In fact, if you’re one of the lucky ones who gets flexible working at their job, this goes double for you – make sure In fact, if you’re one of the lucky ones who gets flexible working at their job, this goes double for you – make sure you’re stocked up on all the essentials you need for home working. It would be a nightmare if you wanted to take the day working from home in order to help deal with that sudden and unexpected headache on a Friday morning but had completely run out of ink for your printer. 

Second, Brush Up On Your Social Skills

For most of us we’ve spent a huge amount of time sitting around indoors over the past year with barely anyone to talk to. Even the most gregarious of us will have had our soft skills be stymied by lack of practice. So, start practicing! Nobody wants to be the person stuck at the water-cooler with nothing to say, and the only way to make sure that isn’t you is practice. Figure out a few lines and questions you can ask people to get the conversation going, and make sure to focus on what the other person is trying to say rather than what your reply is going to be.

Finally, Make Sure You Work Hard!

The return to the office and some sense of normality will include a massive temptation to take your foot off the gas for a few days just to catch-up. We strongly recommend against this. Your bosses will be keeping a close eye on your productivity as you return, and this is a perfect opportunity to pull yourself further up the greasy pole whilst everyone else takes life easy.

We hope that if you follow these simple steps then you’ll be a little bit more ready for what hybrid working is going to throw at you. Don’t forget to check here if you need to purchase more printing supplies for working from home.

Test yourself against the best and spot the cleaning products in these tricky brainteasers

ABC Staff
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Test yourself against the best and spot the cleaning products in these tricky brainteasers

Puzzle-loving Brits must spot the cleaning product in COVID-safe scenes in a set of new challenges from cleaning experts Gtech.

Clutter-conscious viewers have the clock against them as they look to pick out a variety of items in a squeaky clean setting.

How do your skills scrub up? The leading time so far is 45 seconds to solve all five puzzles – scroll down to test yourself against the best.

Where’s the vacuum in the living room?

Vacuum cleaner in the living room

Can you spot the soap bar among the bubbles?

Soap in the suds

Where’s the bottle of bleach in the cluttered utility space?

Bleach in the utility cupboard

Where are the anti-bacterial wipes in the child’s bedroom?

Anti-bacterial wipes in the bedroom

Spot the bottle of hand sanitiser on this messy desk

Hand sanitiser on a desk

A spokesperson for Gtech said: “Having a clean and tidy home has always been a badge of honour and this has understandably picked up the pace since the pandemic began. 

“But cleanliness, and its alter-ego clutter, needn’t be something to bemoan; we’re all partial to a little bit of messiness every now and then. 

“As such, we hope these fun brainteasers provide the perfect break for any house-proud Brit who is looking for a well-deserved break after all their extra COVID cleaning!”

For further insights from the Gtech team, visit the Gtech blog.

Notes to editors 

The brainteasers were created in-house, with the most popular COVID cleaning products chosen as our hidden objects. Record times were also tested in-house.

Media contact

Carly trigg

carly.trigg@mediacom.com

About Gtech

Founded in 2012, Gtech is an independent British company which designs and manufactures cordless home and garden appliances such as vacuum cleaners, floor sweepers and electric bikes. Committed to creating the best loved home products possible, Gtech has sold over 22 million products across 19 countries worldwide.

Why Auditing is important in today’s business

Sam Allcock
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Why Auditing is important in today’s business

An audit can help shareholders and business owners understand the state of a business. Especially independent audits carried out by external auditors can highlight specific problems and areas that could be improved that may otherwise not have been detected. What are the benefits of a financial audit for businesses today?

Providing shareholders with valuable information

A financial audit can be especially informative and a great way for shareholders to learn about the state of a company through an external review. An audit report is delivered to the shareholders by independent auditors and demonstrates how accurate financial statements are. This will allow them to see the financial statements from a different perspective and make a business appear much more transparent and open towards its investors.

Fraud prevention and detection

The results of an audit can be very valuable and allow managers and CEOs to assess problems and prevent mistakes in the future. One of these is the detection and prevention of fraud by understanding how each department operates in more detail. Fraud is often uncovered in successful audits and the experience can serve as a way to avoid fraudulent behaviour in the future.

Avoiding debt

Audits can not only hold firms accountable but are also very important for the overall health and growth of a company. By understanding what they are working with, decision makers in the company can plan ahead, learn to avoid mistakes and even avoid debt. A report by ScienceDirect explains that “firms that are audited by Big Four auditors display lower cost of debt”. Audit reports are a great way to learn more about a business.

Policies and regulations

It’s not always easy to detect whether policies and regulations are followed correctly. Staff may be uninformed and carry out certain tasks in ways that breach company policies. By understanding where improvements can be made, businesses can ensure compliance.

Helps in Insurance

If you ever need to claim insurance, the insurance company will first need to conduct an audit to determine the extent of the damage. This audit will determine the amount you would be given for the damage. So, the audit is extremely important for a company to gain valid compensation insurance as well as if the right amount had been quoted for the damages.

Helps in obtaining a loan

As the company’s financial books have been reviewed and audited, this would project the correct image of the business and allows banks and other financial institutions to give out loans and other financial help. The company will however need to provide at least the last five years of financial records as well as the corresponding financial audits.  

Assists in determining the total tax

The Tax authorities are reliable on auditors because the profit calculated is considered as the final one and based on this calculated profit the tax authorities will assess the taxes of the company. So, it’s important to have this audited in order for the tax to be reported correctly

Other benefits

Other benefits of audits include reviews of the internal use and effectiveness of technology and software that is being used, reaching business objectives, understanding how to use resources in a more efficient way and reducing cost of capital. While setting up and carrying out an external or internal audit can be time-consuming and may take away from other tasks, the more often audits are performed, the easier the process will become. Auditing also increases goodwill. An audit is known to bring out even the smallest of details. Conducting an audit means you have nothing to hide which can be a great morale booster to share with stakeholders and owners. It also presents a great message to investors that your business has nothing to hide and will be worthwhile investment.

Why an approved and qualified auditor is important

Now that you know why auditing is important in today’s business let’s look at why a qualified and approved auditor is important to check your finances.

A qualified and approved auditor is a professional that inspects your business financial records and evaluates the evidence to make sure it is all legit and that your financial records comply with tax laws.

Here are some advantages of having a qualified and approved auditor to check your financial accounts.

  • Reduce the possibility of fraud and take measures to protect the company’s assets
  • Financial reliability and integrity
  • Enables your business to comply with statutory laws and regulations
  • Productivity improvement in business operations
  • Keep track of all the procedures 

Travelling to the US From the UK

Sam Allcock
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Travelling to the US From the UK

The United States and the United Kingdom have practically always been tied at the hip. The relationship hasn’t always been on steady ground but the fact remains that they are each among the closest and most important allies the other has

For as long as ships have crossed the Atlantic, holidaymakers from the US have gone to the shores of the UK to see cities like London and Glasgow and to reconnect with what for many of them remains their ancestral lands.

Similarly, for centuries, the glitzy appeal of New York City has been drawing British citizens yearning for the hypnotic glow of shimmering lights. As the world continues to shift and settle, the connection between these two countries and their respective populations remains tight.

Since both countries derive a huge amount of money from their tourism industries, it makes sense that they would highlight and prioritize the other’s business. That is why United States tourism officials, to entice even more visitors from the UK, have introduced the Electronic System for Travel Authorization or ESTA visa, which passport holders from the UK are eligible to apply for.

Once a prospective tourist to the United States holds a valid ESTA, they will be able to spend as many as 90 days exploring the country. However, before they fill out their application and book their flight, it is crucial to inform themselves of the latest information regarding the opening and closing of international borders.

Are UK Travellers Allowed Into the US Now?

The coronavirus pandemic forced governments to take decisive action, which took the form of globally coordinated sealing off of populations to drastically slow down the transmission of the virus. For over a year and a half, people have been wondering when those international borders will reopen for foreigners.

The border closures have brought about a reason for locals to rediscover the UK’s hidden gems, but they have also led to an antsy feeling of cabin fever on a country-wide level.

While many British citizens would prefer to get away for a summery island escape, the complexities of each individual nation’s rules regarding quarantines, vaccinations and PCR testing means that travellers are searching for more familiar holidays, like the United States.

Unfortunately, as a result of the troubling resurgence in COVID-19 cases, largely a result of the more contagious DELTA variant, the United States is still not allowing British nationals to cross the border, even if they have been fully vaccinated.

However, there is one loophole for British passport holders to enter the United States should they qualify.

How UK Passport Holders Can Enter the US

While time is beginning to dwindle down for a summer holiday to the expansive shores of South Carolina or Los Angeles, there are plenty of upcoming events to be excited about in the United States even after the temperatures drop.

The problem, as mentioned above, is that the US will still not let most UK citizens into the country.

A solution to this problem does exist, though it is only available to UK passport holders who have not been within the UK’s borders for a minimum of two weeks.

Essentially, the UK remains on the list alongside Ireland, Schengen Area countries, Brazil, India, South Africa, China and Iran on the list of countries whose citizens are not currently allowed into the US. That means the way for UK passport holders to be allowed into the US is to spend at least fourteen days outside of these countries and hold a valid ESTA.

Spending two full weeks outside of the UK before even setting foot in the United States may not be the most budget friendly summer vacation, but it is currently the only option available to those UK passport holders who are hoping to visit friends or family on that side of the Atlantic.

Will UK Citizens Need to Quarantine Upon Arrival from the US?

In addition to all of the hurdles for foreign travel these days, UK citizens need to consider which destinations are on the red, green, or amber lists.

Green list countries mean that if a fully-vaccinated UK citizen travels there, they will not be required to quarantine on the way back provided that they test negative within two days.

Amber list countries mean that fully-vaccinated UK citizens will not need to quarantine upon their re-entry to the UK provided that they test negative for COVID after two days.

Red list countries mean that even fully-vaccinated UK citizens will be required to fully quarantine in a hotel when they re-enter the United Kingdom and test negative for COVID two times.

Currently, the United States is on the Amber list, though that is subject to change, so it is best to check the most recent information before travelling.

How the Traditional British Cuppa Could be Underthreat due to Climate Change

Sam Allcock
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How the Traditional British Cuppa Could be Underthreat due to Climate Change

Do you love a good cuppa? Whether it be with your morning cereal or as a pick me up for the afternoon slump, sometimes all you want is a nice hot cup of tea. It’s one of the most popular beverages in the UK, no wonder we are the crowning glory of the traditional British Afternoon Tea.

Tea has been around since 2737 BC, so it’s fair to say that Brits are pretty darn fond of their cuppas. In fact, we drink 1.2 billion cups of tea every single day over here (that’s about two cups per person!). 

(Image Source: Forbes)

And we’re not just talking tea with milk and sugar; we actually mostly have tea straight out of the pot with no additional toppings. Despite this, green tea is the biggest seller in the UK by far, up to 35%, making green tea 10 times as popular as black tea.

So why do we love tea, and is it good for you?

Tea has been shown to be an effective way to prevent heart disease. It can lower the risk of heart disease by as much as 25%, making it a perfect choice for people who are watching their weight or have high blood pressure. 

Although the effect of green tea on lowering cholesterol is a little less known, the impact on the arteries more than compensates for any harmful effect that it may have. Tea also contains powerful antioxidants such as epigallocatechin gallate (EGCG), making it a great way to boost your immune system. Many studies have shown that these antioxidant compounds kill free radicals and boost immunity in our bodies. However, it is under threat.

Tea and climate change

According to a recent study by the Royal Botanic Gardens in Kew, Climate change may reduce how much rain falls and thus reduce the quality of tea leaves. Specifically, the study found that climate change may reduce rainfall in Sri Lanka by up to 20%, where 75% of tea production occurs. 

Crop yields are projected to be lower and warmer conditions will make for shorter growing periods. Meanwhile, demand for tea worldwide is projected to rise by 4% each year as more people drink it for its antioxidant properties instead of coffee.

(Value of Tea market from 2012- 2025: Statista)

If these conditions deteriorate enough, they could potentially decimate this billion-dollar industry and lead to massive unemployment in Sri Lanka. According to a 2010 study by the International Labour Organisation, employment in the tea industry was estimated at 619,000 people. The reduction of rainfall would not only negatively impact tea production, but it would also put at risk the livelihoods of some of the most vulnerable communities in Sri Lanka.

Coffee is already grown in Sri Lanka as well as India and Brazil (though coffee isn’t a big crop in Sri Lanka). Hopefully, with time, they will be able to adjust to these changing conditions. However, this is an issue that the world will have to deal with eventually if climate change continues progressing at its current rate. 

Climate change is a severe threat to the world’s food and water supplies. Consumer demand for the climate-friendly products that we use every day can help combat this risk. Our use of smartphones and technology-heavy lifestyles are damaging the earth and its natural resources.

Climate change threatens our global supply of safe drinking water by causing the sea-level rise and more intense storms that damage infrastructure and increase contamination from sewage systems. It also changes traditional farming practices for several crops important to tea production, like coffee, wheat, soybeans, etc., by disrupting rain patterns that harm crops’ ability to grow. This will have an impact on the cost and quality of these ingredients in the future.

The Top Ways to Make Your Next Event a Success

Sam Allcock
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The Top Ways to Make Your Next Event a Success

Are you organising an event? If so, there are a number of things that you need to think about in order for it to be successful. These include the date and location of your event, who is sponsoring it, what type of ticketing system you will use and how many attendees you expect. By thinking about these points beforehand and making sure that they are all covered properly, then chances are your next event will be a success!

1. Find a venue that is large enough for your event.

As the organiser, you need to make sure that your venue is large enough for the number of people who will be attending. This includes room for both audience members and those on stage, as well as food stalls or any other attractions that are being set up.

In addition to this, it’s important to find a venue that fits with your event theme so attendees feel like they’re part of something special. For example if you were organising an art show then having lots of space in a gallery-style setting would work best. Making sure you have the correct exhibition stands would be crucial. Whereas if you wanted everyone feeling close together then finding out where there was plenty of standing room might be more advantageous? Similarly if you’re looking at holding an outdoor event such as a music concert then finding somewhere with a large outdoor space that can be set up for the occasion is crucial.

2. Create an invitation list and send out invitations to all the guests.

Boost your attendance by inviting a list of people who fit the demographic for your event. Utilise LinkedIn contacts and promote via ads to your target demographic.

3. Plan transportation for your guests, including carpooling, public transportations, or taxi services.

If you are organising an event that is taking place in a city, it’s important to consider the number of people who will need transportation. In addition to this, there might be some people who have mobility issues or any other reason for not being able to drive themselves so providing alternative methods of transport can help make sure that everyone has an equal opportunity and access.

It may also be worth considering how long your guests will be travelling before they arrive at the venue because if it’s too close then they won’t feel as though their journey was worthy but on the flip side, having them travel too far away could put off those with limited time available!

4. Make sure you have food and drinks at the venue, or at least a space where guests can easily find food and drinks.

A lot of people underestimate the importance of having healthy, high quality catering for your event-something that tastes good but is also nutritious. The same goes with drinks; rather than just providing beer, wine or champagne to drink while they’re there, you could instead arrange something like an ice water station which will keep them refreshed throughout the day!

In addition to this, it’s important not only to provide enough food in order to satisfy everyone’s hunger but for it all be within reach so no one has to leave their seat if they want another plateful. This might mean installing long plates on tables so people don’t have far walk back and forth from the buffet to their table for seconds.

It is also important to ensure that you have adequate facilities to cater for guests. Though not very glamorous, ensuring you have hired the correct number of portable toilets is crucial for a successful event. The number you should hire goes up in correlation with the number of people attending your event. Plus if you’re planning on serving alcohol at the event, you should consider hiring a greater number of portable toilets, as people tend to require the toilet more when they’ve had a drink!

In Summary

In conclusion, the most important thing to remember is that your event should be tailored to the people who are attending it. You want them all to feel as though they were a part of something special and not just an audience member or someone on stage! It’s also worth taking into account how somebody would experience an event-if there was too much noise then what type of music might you need at each point in order for guests to still enjoy themselves? Planning ahead ensures that everything runs smoothly so don’t forget about transportations, catering, and even decoration before sending out invitations!

The Art of Learning About NFTs

Claire James
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The Art of Learning About NFTs

Digital art known as NFTs (Non-fungible tokens) have taken a dramatic turn to high popularity in recent times. Although they have been around for years, prices for NFT crypto art have soared to unthinkable numbers. Like traditional works of art, most of these digital pieces are one of a kind or at least a limited run on the quantity. These now precious digital assets include everything from works of art to beautiful music. It also includes pieces from Taco Bell tacos to Charmin’s toilet paper. Yes, even toilet paper has gone digital.

What is an NFT?

As previously mentioned, an NFT is a digital asset that represents real-world objects. Essentially, NFTs are the same as physical collector’s items, only digital. They can be bought and sold online through a crypto exchange using some form of cryptocurrency. NFTs are created much like a crypto currency on the blockchain however that’s about the only similarity. Each one has a unique digital signature which means it has its own value. That value can be whatever the creator decides.

Are NFTs safe?

NFTs are created and exist on the blockchain. Because of that, buying and owning one is about as safe as buying and owning any cryptocurrency. Overall, they’re fairly safe, but you should take appropriate steps to protect them like you would with any investment. You will need a secure wallet to store your NFT. Use due diligence in selecting a crypto exchange or wallet, this can have a big impact on the security of your asset.

How much do NFTs cost?

That’s the million-dollar question. NFT popularity continues to climb. In a recent article form Forbes Advisor, nearly $200 million dollars has been spent acquiring these digital art pieces. Not all NFTs require huge sums of cryptocurrency to acquire them. There are several out there for mere pennies. Some of the purchases that have been completed for huge dollar amounts are:

Beeple image courtesy of NYTimes.com

A collection of art by Beeple – $69 million

Hashmasks (another art collection) – $16 million

Grimes artwork and music videos – $6 million

CryptoPunk #3100 (an algorithm-generated pixel art image of an alien) – $7.58 million

A clip of Steve Aoki’s music and a dancing blue-and-purple figure – $888,888.88

This begs the question ‘why do people spend this kind of money on these digital assets?’. The short answer is because they can. Some consider it a status symbol. They want to show off their shiny new NFT to the world knowing theirs is a limited edition or one-of-a-kind.  Others look at it as another type of investment in hopes of growing in value. There is also a fiscal responsibility that goes along with these digital assets. Depending on where you reside, you could be hit with rather large tax liabilities.

Minimalist Watches

Sam Allcock
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Minimalist Watches

You want all high-end watches’ elegance, sophistication, and functionality, but none of the extra features. You’re not alone if you keep things simple in various areas of your life, from your EDC to your accessories (wallet, ties, etc.). Watches can accomplish a lot, possibly more than we need. You asked, and we listened: here are the most outstanding timepieces with a minimalist aesthetic that we were able to find, test, and fall in love with.

Classic Mondaine

Mondaine has designed a minimalist watch; its Classic edition is undoubtedly eye-catching with its very bold hands. The Swedish company characterizes this clock as “straightforward with a simple case form and sapphire crystal.” The Classic model’s color selections are also highly diverse, making it simple to mix this watch with various accessories. The timepiece is a tribute to nineties style, with black, white, and cherry red accents. The look is also playful and boyish, making it ideal for everyday wear.

Daniel Wellington St Mawes Classic 36mm

The Daniel Wellington Classic St Mawes 36mm is a slim watch with a streamlined frame and a plain round dial. The brown strap is the ideal hue for various tonal combinations, and it nicely matches the rose gold hands and the watch dial’s edge. Are you not a fan of rose gold? Fortunately, this watch is also available in a silver finish. The dial is timeless and straightforward, with minimum numbers and an eggshell white color consistent with the famous Daniel Wellington aesthetic.

BN0032WHSLMHG Braun

Braun’s simple watch has a brushed stainless steel case with a smart metal mesh band. While the band gives a unique tactile appearance not frequently seen in minimalist watches, the overall look is kept free of dirt thanks to the light silver tone and the presence of the face. With a white background and black numbers, the front, which rests inside a 40mm case, is light, vibrant, and transparent. A yellow second hand and a tiny, red-topped date display lend just the perfect bit of whimsy to this watch, making it appropriate for both the office and the weekend.

Accessible Reader Grande by Timex

The Timex Easy Reader Grande is the definition of understated elegance. A timeless timepiece for men of all ages that boasts a 35mm brass case with a protected mineral crystal dial glass and Quartz movement with an analog display. This model is also water-resistant to 30 meters, features a genuine leather strap, and comes with a 2-year warranty from Timex Originals.

Philosopher Nordgreen

The Nordgreen Philosopher, developed by Jakob Wagner and supported by the CSR initiative, is a superb minimalist dress watch for an exquisite look. A stainless steel timepiece powers the Quartz movement with a silver face and a black leather strap that is water-resistant to 3ATM. Its conically formed case is broader at the base than at the beginning, resulting in a crisp two-piece dial that draws attention to the watch’s center. The raised casing and straining lugs complete the watch’s distinctive style. The Philosopher’s replaceable straps allow you to personalize it to fit your style.

What self-employed people can do to improve their mortgage chances

Sam Allcock
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What self-employed people can do to improve their mortgage chances

When it comes to getting a mortgage, if you are self-employed, it can sometimes be more difficult to get a mortgage approved. One of the main criteria that is used to assess the affordability for a mortgage is income and a lender will require adequate proof of income from mortgage applicants.

For many people, this simply means that they provide 3-6 months of payslips from their employer. For self-employed people, it is not as straightforward, as you do not usually get payslips.

Historically, people used to be able to get self-certification mortgages, which basically enabled them to say how much they earn per year, without the requirement for any evidence.

However, these types of mortgages have been banned, as the UK mortgage industry now has much stricter regulations around the criteria that must be met to approve a mortgage. Lenders must have adequate evidence of an applicant’s income to ensure that people can afford the mortgage. 

As well as the amount of income an applicant earns, other factors will be taken into the affordability calculation, such as whether they have any outstanding debt and whether they have any adverse credit history.

How to prove income if you are self-employed

If you are self-employed, to prove your income you can provide the following:

  • Two or more years’ certified accounts.
  • SA302 forms or an HMRC tax year overview for the past 2/3 years.
  • Evidence of contracts for upcoming work that has already been agreed.
  • Evidence of dividend payments (if you are a director).

In addition to providing these documents, you will also usually be required to provide additional documents such as:

  • Photo ID (passport or driving licence).
  • A council tax or utility bill to your current address.
  • Bank statements for six months.

The requirements from each lender can vary, for example, some will request to see two years of accounts, while others can ask for three to five years of accounts. Some lenders may want to see more than six months of bank statements, while other may just request three. Your mortgage broker will be able to tell you the exact requirements for the chosen lender before you submit the application, so that you can prepare the necessary documents in readiness.

How much can a self-employed person borrow?

The mortgage lender will review the income evidence that you provide to them, to calculate your affordability. As a general rule, people will normally be able to borrow around 4 times their annual income. You can see how much you can borrow using a self-employed mortgage calculator.

How to improve the chances of getting a self-employed mortgage

As well as ensuring that you have all of the required evidence listed above to prove your income, it is a good idea to check your credit record using a credit reference agency such as Equifax. If you have any recently missed payments, it might be better to wait until your recent credit history has improved, by paying off all your payments on time.

If you have any outstanding debt such as loans, credit cards or store cards, paying the outstanding balance will also help to improve your chance of getting a mortgage approved. The more outstanding debt you have, the less you are likely to be allowed to borrow. 

The lender will also take into account what your other outgoings are each month, such as groceries, bills, car loans or any other regular expenditure that you have. They will use this information provided in your bank statements to calculate how much disposable income you have each month. 

Being more careful with your spending in the six months leading up to applying for your mortgage can help to improve your chance of having a mortgage approved and also being able to borrow a higher amount.

Another way to help you to get a mortgage if you are self-employed is to use a specialist broker who can find you a lender that provides self-employed mortgages. With some mortgage lenders, self-employed workers will be approved for a mortgage but will be required to pay a higher interest rate.

However, when you use a broker who specialises in self-employed mortgages, they should be able to find you a mortgage deal where you do not have to pay a higher interest rate. You can also use comparison sites to find out the best mortgage deals for self-employed workers so that you do not end up paying a higher interest rate than you need to.

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