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What Is A Forex Islamic Account?

Claire James
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What Is A Forex Islamic Account?

The Muslim faith has very strict rules and restrictions when it comes to money. Most notably, followers of the Quran and even those who are less observant abide by the law of not receiving or paying interest. This poses a problem for forex brokers all over the world as small interest charges are a daily norm.

In order to cater to a large and mostly wealthy demographic group, forex brokers are offering a Forex Islamic account. These accounts are designed to be compliant with strict Islamic rules.

Interest Is Forbidden

According to Islamic law, money itself has no intrinsic value and it is simply a medium of exchange. Strict observers of Islamic law states that Muslims are not permitted to profit from lending or receiving money.

The concept of interest within Islamic culture has been a religious, moral, and legal issue for centuries. Many brokers and other financial service providers are aware of this reality and have every interest in adapting their business model to accommodate religious laws and customs.

Simply put, an Islamic forex account is designed to avoid transactions involving the collection or payment of interest.

How To Apply For An Account

The process of signing up for an Islamic compliant forex account varies from broker to broker. Some forex brokers openly advertise the availability of Islamic compliant accounts while others choose not to.

Some brokers may even ask for proof they are in fact Muslim while others would be happy to open an account to people outside of the Islamic faith.

If a broker doesn’t advertise an Islamic account, the best course of action is to simply inquire. Chances are likely the customer support team is very familiar with this request and can advise accordingly on how to proceed.

Where Interest Is Charged In Forex

The foreign exchange market operates 24 hours a day and the total value of transactions far outweigh those seen on major stock exchanges. This makes it an ideal venue for day traders that want to enter and exit positions within the same day.

Traders that hold a position for less than 24 hours are not subject to any interest. So, Islamic traders that follow this guideline may not need an account with special status. However, holding an open position in a forex account for more than 24 hours is subject to a very small interest payment called a SWAP.

Every currency comes with its own interest rate that is established by the central bank. For example, the U.S. Federal Reserve determines interest rates related to the U.S. dollar while the Bank of Japan determines interest rates related to the yen.

The amount of interest charged to customers is also dependent on other factors, including a fee charged by the broker.

Generally speaking, if a trader holds a currency that has a higher interest rate compared to the currency sold, the trader will receive a credit in their account. On the other hand, if the interest rate is lower on the currency that was bought, an interest fee would be deducted from their account.

A Swap Example

To better understand the concept of a foreign exchange swap, it is important to look at a theoretical example. Suppose a trader opened a long EUR/JPY position for one lot (i.e, 100,000 units) and wants to hold it overnight. In essence, the trader bought euros by selling yen.

Suppose the EUR/JPY pair is trading at 120.0, the interest rate established by the European Central Bank (ECB) is 4.2% and the interest rate on the yen is lower at 3.4%.  Assume also the broker charges a commission of 0.15% as well.

Since the euro carries a higher interest rate compared to the yen and the trader bought euros by selling yen, a SWAP will be credited to the trader’s account. Again, this is not permitted according to Islamic laws.

The formula used to calculate SWAP is = position size times (interest difference less commission) / 100) times price / days per year.

So, the SWAP in our example is calculated as:

(100,000 * (0.8-0.15) / 100) *120.0 / 365 = 213.7 JPY.

A SWAP credit of 217.7 yen will be added to the trader’s account when the position is rolled over the following business day.

Islamic Account Is SWAP Free

As we can see from our example, the amount of interest is dictated by central banks worldwide. There is simply no way to avoid these fees since it is outside of the hands of a brokerage firm.

Forex brokers have found creative ways to avoid a SWAP fee. Islamic forex trading accounts could instead be subject to a flat rate financing charge or by increasing the spreads on trades in the account.

This workaround technically satisfies the conditions of not charging or receiving interest. But anyone still left with concerns should check with their spiritual and/or religious leader before proceeding.

Conclusion: There Is An Entire Islamic Compliant Industry

Financial institutions of all sorts have adapted their business model to accommodate followers of Islam. These include mortgages, car loans, and even the creation of a  £200m Islamic bond and an Islamic Market Index.

It is simply bad business for companies not to adapt to the needs of the global Islamic community.

A Glass Of Milk That Helps Boosting Immunity

ABC Staff
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A Glass Of Milk That Helps Boosting Immunity

No less than 74% of people over 35 years of age are very concerned about having a strong immune system, capable of defending their body from attack by infections and foreign substances.

An unsurprising piece of data revealed by the Omnibus 2020 survey. The question is: how to achieve it?

Immunology experts have developed a kind of magic formula: 0-5-30. It corresponds to zero tobacco (that substance creates an inflammatory response in the lungs and damages the immune system), five servings a day of fruit and vegetables (read Mediterranean diet, which includes nutrients that strengthen the defenses) and 30 minutes of physical exercise a day .

The problem is that, according to the specialists, we do not ingest all those substances that strengthen our defenses, and also not always in the quantities that are required.

It is revealed, for example, by the study of Anthropometry, Intake and Energy Balance in Spain (ANIBES), carried out by the Spanish Foundation for Nutrition and which has evaluated the intake of macronutrients and micronutrients.

His conclusion is resounding: the majority of the Spanish population has a series of nutritional deficiencies that affect several vitamins and minerals relevant to the proper functioning of the immune system.

Observing precisely those vitamin and mineral deficiencies that affect the majority of Spaniards, as well as the recommended intake of each of these elements, Pascual has carried out a detailed nutritional study and has created a milk that helps to strengthen the immune system : La Leche Pascual Salud.

“We have thoroughly studied the essential nutrients that help to strengthen the immune system of the Spanish adult population and are currently lacking in the diet, such as vitamins B9, B6, D and zinc”, underlines Elena Garea, director of Nutrition and Pascual’s health.

“And we have also studied the nutrients that, although they are not deficient, complement and play an important role in the immune system. In other words, vitamins A, B12 and selenium, which are reasonably present in a balanced diet, but due to their involvement in the immune system, their presence provides added value “

Greater quantity of nutrients in the most sustainable brick.Leche Pascual Salud incorporates these four deficit nutrients in the majority of the population. A single glass of this new milk contains at least 30% of the recommended daily intake of each of them.

But, in addition to vitamins B9, B6, D and zinc, Leche Pascual salud is also enriched with vitamins A and B12 as well as selenium, providing at least 15% of the latter elements that play an important role in maintaining defenses. powerful.

“We provide more of the nutrients with the greatest deficit in the population and a good percentage of those that are already covered, since all of them play an important role in caring for the immune system”, highlights Pascual’s Director of Nutrition and Health .

Experts, starting with the Spanish Federation of Nutrition, Food and Dietetics Societies, recommend consuming about three daily servings of milk or dairy products, a healthy food.

“In this way, a consumer can take advantage of the relevant position that milk has in food and cover other additional benefits such as taking care of their immune system”, highlights Elena Garea.

But in addition to being enriched with vitamins A, D, B6, B9 and B12 and the minerals zinc and selenium, all of which act on the immune system, Leche Pascual salud is presented in the most sustainable UHT brik container on the market, with a 89% of materials from renewable sources.

Thus, the consumer not only takes care of himself, but also takes care of the planet.

Groups Into Which Population Will Be Divided For Corona Vaccination

ABC Staff
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Groups Into Which Population Will Be Divided For Corona Vaccination

The Ministry of Health has divided the population into 15 groups to receive the covid vaccine, as its head, Salvador Illa, announced this Friday.

Immunization will be carried out in three phases, which correspond to the first three quarters of the year, and will be gradually extended depending on the availability of doses.

In the first phase, there will be those admitted to residences, the personnel who attend to them, the rest of the toilets and people with severe disabilities, who add up to about 2.5 million people. The ministry intends for them to be immunized between January and March.

Spain’s coronavirus vaccination drive: these are the 15 priority groups

In the second and third phases, which would begin next and each would last a quarter, the rest would go, some of which can be divided into subgroups:

Older than 64 years (about nine million)
People with risk conditions (obesity, diabetes)
Those who live or work in closed communities or environments
Vulnerable population due to their socioeconomic situation
Essential workers
Staff
Children population
Population in areas with high incidence or in outbreak situations
Pregnant women and mothers with nursing babies
Already immunized people who have passed the covid
Adolescent and young population and the rest of the adult population

The order of vaccination of each group in these phases is not yet decided. “The groups cover the entire Spanish population. On this basis, it will be decided who will have priority in stage two and three. It will be a flexible decision, which will be made by the technicians when we have more data on the vaccines and their availability.

The strategy is going to be updated ”, Illa explained. “The rest of the groups that will be incorporated in stages two and three will be progressively agreed as the doses arrive, their availability increases, the information on the final characteristics of the vaccines and immunity increases”, he has added later the ministry.

Logically, the deadlines will depend on a factor that Health does not control: which vaccines will arrive, when they will arrive and in what quantity. Health, through the European Union, has signed or finalized contracts with six pharmaceutical companies (AstraZeneca, Sanofi-GSK, Janssen, BioNTech-Pfizer, CureVac and Moderna) .

Spain has 140 million doses, which are equivalent to 80 million immunizations (most require double doses), almost double that of citizens, a margin thought to have enough doses in case the experiments fail or are delayed and to boost production so that developing countries can benefit.

What the minister has insisted on is the guarantees of the drugs used, and that their distribution between the groups and their prioritization will be based on aspects such as the risk of serious morbidity or mortality of people, risk of spreading the virus , the socioeconomic impact of being infected and the risk of exposure to the pathogen.

This may cause some of the established categories to unfold (for example, among young people and adolescents, among those who live or work in closed environments, or between pregnant and lactating mothers), which could raise the number of groups to 18, according to the report. Illa said.

He has also repeated that vaccination will be voluntary and, for the moment, it has not been considered to establish the requirement of vaccination to carry out certain activities.

The World Economy Will Fall In 2021

ABC Staff
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The World Economy Will Fall In 2021

Doubts about the implementation of fiscal stimuli hinders the work of central banks and jeopardizes the recovery

Despite the hopeful news about vaccines, the lockdowns and restrictions applied in the West and the United States are fueling fears of a new recession in the world economy.

This could increase pressure on central banks and governments to put aside other concerns and do more to stimulate demand.

Vaccines will not arrive, at the earliest, at the end of the year or the beginning of the next, meanwhile the economic situation continues to deteriorate.

Thus, the latest macro data does not accompany and show a weaker activity .

Thus, the indicators point to a double decline in the economy. This is demonstrated by the European PMIs, falling to 45 points, the exact level that separates growth and contraction, compared to the 50 points of the previous data.

These indicators generate a demand effect for more economic stimuli by politicians despite the fact that the European central banks have taken out the heavy artillery.

And in the case of the European Central Bank (ECB) it is preparing the reload of its pandemic purchasing program for December.

And it is that “while there is a lot of enthusiasm for the progress of vaccine development, it will not be the quick fix that many hope it will be,” said Singapore’s Minister of Trade and Industry, Chan Chun Sing.

“Making enough doses, then distributing and vaccinating a significant population of the world, will take years.”

For its part, the Federal Reserve could focus more of its bond purchases on term securities to lower interest rates.

Doubts about whether it will be enough.But there are concerns that central banks have run out of room to act decisively and that even easier financial conditions will not translate into an economic boost.

The International Monetary Fund warns of high asset prices and this points to a disconnect from the real economy and therefore may pose a threat to financial stability.

“There is an excess of savings and a shortage of investment”, which is the central problem facing developed economies, says Janet Yellen, who will be nominated for Treasury by Joe Biden.

Governments block fiscal policies “Our base scenario is a contraction of 4.1% for the world economy in 2020, followed by a rebound to 4.9% growth in 2021,” they point out from Bloomberg.

The problem is fiscal policy in both the United States and Europe.

A clear example is the disagreement between US lawmakers over how much more to spend as Biden prepares to take office.

President Donald Trump’s Treasury Department cut the Fed’s ability to help some credit markets last week.

In Europe, $ 2 trillion from the European Reconstruction Fund in aid is being held back by a fight over political control , sponsored by Poland and Hungary.

“Exactly at the moment when central banks around the world recognize the centrality of fiscal policy in dealing with the economic consequences of the pandemic, governments are creating difficulties to implement the next stage of their stimulus,” said Gilles Moec , chief economist at AXA.

For the United States, the pace of infections prompted JPMorgan to forecast an economic contraction.

The Advantage of Utilising 3D Printing Technology in Industrial Manufacturing

Claire James
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The Advantage of Utilising 3D Printing Technology in Industrial Manufacturing

The 3D Printing technology comes in handy in most industrial manufacturing processes. Whether it’s on the internet and the ground, you will find details of 3D printing and how companies invest in it because of its several advantages. From the little things such as toys and figurines to the industrially printed bridges, propellers, and rockets, 3D has become a game-changer in the technological and industrial world. Here are some of its advantages.

Enhances Faster Production

To companies that have invested in 3D printing, most processes that lead to a complete production have become unnecessary or redundant. With this type of manufacturing, a program gets installed into the 3D printer and then fed with the right materials to produce the item. You only need a small workforce or another machine to assemble and put the last touches on the product. Before then, it could take tens of processes, human labour, and machines to develop a single product. Besides making things produced on time, companies are now producing items where they are needed. NASA is preparing a major milestone to print its items on the moon, making astronauts have ready tools when they need them. It is also helping doctors in remote areas come up with prosthetic limbs and implants in real-time, on location.

Produces less waste

In most manufacturing processes, the raw material is often more than what is required for the product. Production starts with the larger quantity as it molds the product, leaving the excess material behind. While this material is later reused in the next process, its time consuming and not all can be reused. According to specialists of 3d printers from Konica Minolta, most 3D processes layer down the raw materials, reducing their usage. There is less or no trimming of the finished product, which reduces wastage. It also prevents transferring raw materials to the production site, reducing costs, damages, and other environmental expenses.

More Product designs

Before the arrival of 3D, most companies stuck on one design because it took time to create new ones and adjust machines. With 3D printing, manufacturers now have the freedom of producing as many designs and structures as possible, depending on their products. 3D uses thinner layers of materials and mathematical methods that engineers couldn’t apply to production machines. Products are now customisable, depending on the user, making it possible to produce organ implants that perfectly fit patients, Intrauterine Devices for women with larger or smaller uteruses, and other customised items in the medical and other fields.

Reduces Production Cost

Before introducing the 3D printing service, investors had to provide huge funding to purchase several machines and equipment to produce a single product. It also involved getting enough labour force, materials, and transit for each process, making the total production expensive. Things have changed. Companies can now produce several complex items and parts using the printer and fewer machines to finalise the product. It also requires fewer workers, less power, and less working space. There is also reduced transport for raw materials and finished products since production can be done remotely.

There are several benefits for companies indulging in 3D printing. The above are only a few but greatly highlight what this process can do. With it evolving, we will continue witnessing new product designs and more companies since production will be affordable, fast, and flawless.

THE DEFINITIVE GUIDE: THE SMART WAYS TO DO TAX AS A FREELANCER

Sam Allcock
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THE DEFINITIVE GUIDE: THE SMART WAYS TO DO TAX AS A FREELANCER

Freelancing seems fascinating and tempts many people. It does not compel you to follow any timetable and allows you to set your schedule. Neither does it fill you with Mondays’ anxiety, nor does it bind you to report to any boss. Studies reveal that most people who leave their well-settled jobs do so because they are unhappy with their bosses and cannot seem to have enough strength to deal with them. Being their boss seems thrilling, and people believe that it boosts their creativity and opens up more gates for them as freelancing helps free their minds. As much as freelancing appears appealing, it has its perils as, generally, it does not give you a guarantee about income. Some months you may earn a substantial amount, while some days might be difficult. While there is no guarantee of making money as a freelancer, some expenses are mandatory, such as taxes. 

Several people find freelancing alluring, and they feel they have the skills of making a career as a freelancer. Still, the aspect of ongoing and indispensable expenses puts a chain in their feet, and they do not venture into it. The fear of handling federal income tax bounds them with their jobs, and they find themselves unable to leave it. Taxes are one form of obligatory expense as citizens. Unless you have a severe condition, there is no way you can prevent it. Several governments have made stringent laws that help them monitor people’s financial situations and collect taxes.

As a citizen, we avail several services from governments. Still, it needs to pay its employees and keep the organizations running, and the government collects taxes from citizens. Several laws charge extra money on late submission. People have to bear numerous other consequences if they try to do any funny business with their taxes. People need a guarantee that they will handle the necessary expenses and not have to worry about taxes. Once they figure out a way, nothing stops them from venturing into freelancing.

Several people do freelancing and keep their jobs parallel so that they can pursue their passion while serving as a full-time worker. Numerous software, such as a freelance tax calculator, help determine your tax and alert you when your tax is due. Paying tax is a civil and ethical duty, and below we are giving a comprehensive guide which will help you in figuring out smart ways to do taxes as a freelancer:

  1.  TAX MANAGEMENT

Smart people figure out their expenses first and have a good list of mandatory payments. They make sure to keep some money separately for necessities and spend on other recreational activities. It gets challenging as a freelancer because you do not have a certain amount coming into your account every month. Yet, bills and additional fees are due every month. An easy way is to determine your tax payments beforehand to have a figure in mind that you need to pay in any case. Managing taxes is crucial. Not everyone has insight into tax payments; you must talk to someone aware of the procedures and give you an overview to easily manage your taxes.

  1. ADVANTAGES AS A FREELANCER

Many freelancers stay in ignorance and miss out on the benefits that they can avail of being a freelancer. Depending on what form of business as a freelancer you are getting into, you can get certain advantages based on your nature of work. When you have a salaried job, the government collects your taxes from your paychecks. Still, when you are self-employed, you can save yourself from some percentage of taxes by filing for ‘Schedule C’ or by getting a ‘Corp Election.’  You must do your research and have a thorough knowledge and proper documentation to avail advantages, and have the appropriate paperwork to avoid any hassle in the future.

  1. TRACK MILEAGE AND EXPENSES

Did you know that mileage that your drove for business is tax-deductible? Many freelancers do not keep an eye on changing laws, and thus, they miss out on the favors that governments have set solely for them. Business mileage is a vast term, and many expenses come into it. As a freelancer, you should have an in-depth insight into it. People do not consider business meetings and going to and from clients as business expenses, which is a huge mistake, as business mileage constitutes all these costs. Having a laptop or other gadgets is a need of time, and as per your work, you may have to invest in additional equipment. You can get all these exempted from taxes through proper documentation.

  1. ORGANIZATION IS THE KEY

Keeping things organized is a skill that comes to some people naturally, while others can learn it. Regardless of what field you are in, if you keep your things and tasks organized, it will help you succeed in public life and your profession. Many people overestimate their capacity and assume that they will save money later in life. During rainy days they face difficulty in managing expenses. As a freelancer, you must organize your taxes and other payments and not leave it for the last day, and it will save you from the hassle.

  1. TIMELY PAYMENTS

More often than not, taxes and other bills give you a few days to pay, and a surcharge applies after the due date. When you can avoid extra payment by making timely payments, there is no reason that you show laziness in paying and end up spending extra money.  Some people decide to pay a lump sum amount annually and consider monthly payments trouble. Experts recommend that they make timely payments for freelancers to neither have high expenses nor any added stress.

CONCLUSION

Tax is an obligation, and as a dutiful citizen, there is no way you want to avoid it. Wise people understand the importance of taxes, and while they may have their reservations about policies and all but they make sure to pay their dues on time. Many people hesitate to barge into freelancing because they assume they will not file taxes on time. And it could be an added pressure on them. Planning and organization save freelancers from any trouble and help in the management of taxes and other payments.

The UK to ban the sales of petrol and diesel cars by 2030

Sam Allcock
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The UK to ban the sales of petrol and diesel cars by 2030

Bold moves from the PM at a time of national crisis

The head of the UK conservative government has now confirmed that sales of diesel, petrol and hybrid vehicles will be banned from 2030. Mr Boris Johnson has dubbed the move as the ‘Green Industrial Revolution’.

Initially, the UK was aiming for a ban in 2040 but projected to come in for 2035. But the sweeping move that has sent shockwaves across the automotive sector now brings a ban in just nine short years.

It’s all part of the UK’s ambitious aim for carbon neutrality by 2050.

Of course, petrol, diesel and hybrids can still be driven on the road after 2030, but production will stop.

UK motorists can access a car check and find out the current CO2 output of a car they own or plan to buy. This data can help drivers who are conscious of their carbon footprint before moving across to electric or hydrogen-powered vehicles.

Green revolution confirmed

Mr Johnson said: ‘the government will invest more than £2.8 billion into electric vehicles, lacing the land with charging points and creating long-lasting batteries in UK gigafactories.’

The Society of Motor Manufacturers and Traders are said to welcome the move for UK sectors. They will work with the Government for thrashing out the plans that must be pushed to a rapid transition. The benefits are exponential for the British people and the rest of the world. It also supports a struggling automotive sector, including manufacturing and employment.

More comprehensive sections of the car sector are keen for clarity on the future of motoring and law changes that impact markets.

It’s hard to argue with the positive impacts that electric and plug-in hybrid electric vehicles (PHEVs) will hold in the reduction and eventual elimination of CO2.

Some car manufacturers like Bentley already have a third of their customers driving one of their plug-in vehicles. Such brands are behind the 9-year transition goals set out last week.

The focus must now shift from the development of petrol and diesel vehicles to the creation and implementation of a cross-industry approach that focuses on modern infrastructure that brings new customers to the green revolution much sooner than initially expected.

What happens to my current car?

Previously mentioned, the Government looks to cease new car sales of diesel, petrol and hybrid by 2030 and PHEVs by 2035.

Current fleets of cars are likely to remain on the roads although we can expect hefty road tax and insurance premiums after 2030.

The Government wants fossil-free propulsion as quickly as possible.

As a society, we are all well aware of the electric car revolution, but Mr Johnson has hurried us along by halving the cut off date by 10-years.

Why will there be a ban or petrol/diesel cars so quickly?

UK ministers are claiming there are 40,000 premature deaths every year linked to air pollution. Hurried measures are designed to reduce toxic air intake by clearing up Britain’s smog infused towns and cities.

That’s not all – local authorities will have access to a £255m cash fund to focus on reducing emissions locally, encouraging public transport and deploying electric vehicle charging zones across towns and suburbs. These changes are happening much sooner than 2030.

A lack of electric charge points and short battery life are two of the biggest obstacles faced by Government, Councils and car manufacturers.

For large pockets of UK drivers, an electric vehicle remains unaffordable and a most inconvenient way to maintain commutes and to get around. There is a big push for changes in legislation that allows electric scooters to be ridden on the road legally, so they fall in line with electric power bicycles. More on that here.

The motor-industry certainly has its work cut out if it’s going to support the nation to carbon neutrality by 2050.

CarVeto helps UK motorists who want to buy or sell a car. They provide details history checks, and most of their data is free to use with any car registration mark.

UK Taxes: What You Need to Know

Sam Allcock
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UK Taxes: What You Need to Know

Doing your taxes can be a confusing task for many people, especially if you’re new to it. That’s why so many people hire others to do their taxes for them. No matter which way you decide to go when doing your taxes, the important thing is that they get done.

It’s always a good idea to understand the basic concept of tax, even if you won’t be doing your taxes yourself. The word ‘tax’ refers to money that has to be paid to the government for a variety of reasons. In this post, we’ll be exploring some of the most asked questions about tax.

For home offices in the UK, there are plenty of items you can claim including office cost and travel cost. For work from home, you can claim a proportion of the cost for heating, internet, and Council Tax. Meanwhile, in Australia, tax returns online for work from home employees or those with home offices can claim even improvements in the house that are deemed essential to work.

What are tax rebates?

In certain circumstances, the amount of tax a person has to pay can be reduced after they’ve already paid. This means that some of your tax money will be returned to you. There are various scenarios that could lead to a person possibly earning a tax rebate, such as age, or using a personal vehicle to travel for your employer. If you think that you qualify for a tax rebate, you should try to get your claim in as soon as possible. To learn more about tax rebates, visit QuickRebates.

Why are taxes important?

Simply put, taxes help make your life more convenient. The government uses tax money to strengthen certain areas of a city in various ways. Tax money is used to improve infrastructure and roads, as well as improve public schools and medical facilities. Your tax money is therefore used to improve your lifestyle. Tax matters more than we think, so even though it may be a hassle and an inconvenience, it would be more of an inconvenience if the government didn’t have the funds it needs. Your tax money isn’t just disappearing into a void – it’s being used to improve your quality of life, every day.

Who has to pay taxes?

Generally, everyone who deserves some form of income will need to pay taxes. There is usually a minimum income required for you to have to pay taxes, so if you earn less than that you might be exempt from paying tax. Many people think that income tax only refers to money earned from a job, but that’s not true. Income tax is the main type of tax, and refers to all forms of income, not just income obtained through employment.

What types of taxes are there?

While income tax is the most common tax and the one that will cost you the most, you probably encounter various other forms of taxation on a daily basis. For instance, consumption tax is charged on nearly everything we buy. You may also need to pay property taxes. On top of that, there are various lesser-known forms of taxes, such as travel tax. Knowing whether you need to pay taxes on a certain thing and what type of tax you’ll need to pay can be quite confusing, especially when it comes to things like personal loans and taxes. Don’t be afraid to ask for help if you’re unsure or have any questions.

Britain’s Disappearing HGV Drivers

Sam Allcock
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Britain’s Disappearing HGV Drivers

Now more than ever, British businesses have come to rely on an efficient supply chain. The pandemic may have put a dent in consumer spending, but certain goods are still a necessity.

And what forms the backbone of an efficient supply chain? Heavy Goods Vehicle Drivers (HGV) play a pivotal role in the economy and the functioning of society.

Yet, Britain’s HGV Driver numbers are in decline.

The Crux of the Matter

An aging workforce, low unemployment, and problems attracting skilled younger people to the Heavy-Duty Goods transport (HGV) sector are just some of the factors attributed to the decline in HGV drivers.

The findings published by the Freight Transport Association (FTA), now known as Logistics UK, last year estimates the number of HGV drivers was down by 5% year on year from 2017.

This translates to 59 000 shortages as 64% of storage and transport businesses face severe skills shortages. But it’s not just Britain facing a decline in numbers. The report indicates a 21% HGV driver shortage across Europe.

The Pressure is On

With seasonal demand set to increase over the next two months, fleet managers look set to have their work cut out for themcreating a reliable commercial fleet. Time constraints, seasonal pressure, backlogs, and shortage of skilled HGV drivers all add to the pressure.

“A breakdown should be the least of their worries,” says a representative from Fleetcover – the fleet insurance specialists. “We get the tight margins and high turnover, in short, all the dynamics involved in running a logistics business.”

Where to From Here?

Perhaps more tellingly is the age demographics within the HGV industry, where some 60% of drivers are aged 44 and older, with only 19% under the age of 35. Exacerbating the situation is the lack of young people considering HGV driving as a career option to fill the gap by those leaving the industry.

Managing director at Paragon Software Systems, William Salter, asked logistic professionals how best to plug the HGV industry’s skill gaps. And this is what they came up with.  

●          Address the poor public image of the sector. The industry needs to present itself as innovative and technology-driven to make it more appealing to the younger generation.

●          Make logistics financially rewarding. Wages in the logistics industry are simply not good enough to attract younger applicants. 

●          Create an appealing career path. A framework for the industry needs to be created, which recognises industry standards and qualifications.

●          Improve working conditions. Long hours, inflexibility, loneliness, and low pay were all key factors in the decline of ‘new blood’ into the HGV sector. These issues, along with a lack of quality driver facilities, need to be addressed to make the role more appealing to a younger audience. More alarmingly is the stress and risk factors associated with the job.  

●          Engagement with the education sector. Engage with Educational facilities to increase the visibility of the range of jobs on offer.

Hope on the Horizon

So, what is the solution? According to industry insiders, increased wages and an overhaul of the HGV industry’s image would go a long way to solving the problem.

Why online gambling has the potential to be a great side hustle

Sam Allcock
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Why online gambling has the potential to be a great side hustle

Having an extra source of revenue, such as a side income, is something that many people want to have. It can provide relief to worrying about stretching your salary throughout the month. Some people supplement their income by doing freelance work online, others pick up a few online classes and teach a skill. Others have opted for a different route and kill two birds with one stone by gambling online and making money at the same time. Online casinos have skyrocketed in popularity over the last few years, more so this year because of the COVID-19 pandemic. Over the last few years online casinos have evolved with the times; offering thousands of games, providing players the opportunity to experience a live casino from home with live table games and they are available across multiple platforms such as desktop computers, laptops, smartphones and smartwatches. Online gambling has never been so accessible, but how can they be a great side hustle?   

Free sign-up bonuses

Many, if not all, online casinos offer welcome bonuses for new and returning players. This can be in the form of free spins for slot games or free money to be used on the site. Some casinos have also started to provide a cashback incentive as a welcome bonus, meaning even if you lose, you will still be earning some money back.

This effectively means that players are making money before even playing any games, and gives players the opportunity to learn how different games work. The best kind of sign-up bonus is the no deposit welcome bonus. It is important to read through all of the terms and conditions before registering or depositing money though. I usually check this website to find the best bonuses that are currently available.

Most online casinos have requirements that need to be met before players can withdraw any winnings received using the welcome bonuses. It would not be profitable to waste time and money if you aren’t able to cash out the hard-earned winnings.

Portability

Online casinos have come a long way since dial up modems and having to be confined to a desk, plugged into a power source. Advancements in technology have allowed online casinos to be accessed over a variety of platforms. Of course, its nothing new for smartphone players to be utilize online casinos, however it is relatively new that those players are able to experience the exact same level of quality without needing to sacrifice anything in return for increased mobility. Now even you need to get something from the supermarket, it possible to continue earning money while on the go, without needing to stop and then resume when getting home. This portability offers players the ability to participate in time consuming games of poker without being interrupted, not even by intermittent internet as smartphones use stable mobile data.

Relaxed and enjoyable

A lot of people don’t gamble online or visit physical casinos just to make money. More often than not, it is done simply for enjoyment as clicking a button or pulling a lever for a slot to spin is something anyone can do. This means that even players with limited knowledge about casinos and the games can make money. However, it is worth researching which slot games pay out more often and which have the highest payback percentage, so that when you do win it’s worth it.

This information can be found easily with a simple internet search. To make it more profitable, consider learning about table games as those require skill, therefore your ability to win won’t just be based on luck. Online casinos also give players the ability to gamble in a quiet, comfortable and relaxed environment. This allows players to be relaxed when playing, increasing the level of enjoyment and immersion.

By using welcome bonuses, players can learn how to play the many different games available on online casinos, without needing to use their own money. Welcome bonuses also start players off with a profit, then can be increased. Technological advancements have allowed players to gamble using their smartphones, which has had a huge influence in the efficiency of making money by not needing to stop playing because of day-to-day interruptions. Online casino games such as slots are simple and easy to use, providing a relaxed and enjoyable gaming experience for those who are new to gambling.

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