Financial Mathematics Topics

R&D Tax Credit Claims Hit New High – Is Your Business Eligible?

Posted on

R&D Tax Credit Claims Hit New High – Is Your Business Eligible?

R&D tax relief claims see a rapid increase

Newly released statistics from HMRC show that businesses are rapidly taking up the incentive to claim for R&D tax credits. In 2015-16, claims increased by 25 per cent, with a whopping £3.7bn being claimed by large and small companies across the nation.

Further, the latest figures from HMRC show that 39,960 claims have been made for 2016-17 – a significant increase compared to the 26,255 that were reported for 2015-16 at the same time last year. Small and medium-sized businesses in particular are taking advantage of the relief, with 34,060 having claimed in 2016-17 compared to just 15,585 in 2013-14.

This is great news for the UK’s economy – it shows that organisations are continuing to invest in research and development, keeping us at the forefront of innovation.

Is your work eligible?

The majority of claims, however, have come from only three sectors. Organisations in the finance and insurance industries, for example, fall behind, while those in manufacturing comprise a significant proportion of the total businesses who claimed.

With the average claim reaching £53,000, there’s a huge benefit – especially to smaller businesses – in claiming relief. Many still believe that their work isn’t eligible, but R&D tax credits aren’t reserved for science laboratories, manufacturers and construction firms. The food and drink industry, for example, innovates all the time, agricultural businesses can claim, as can those leading developments in land remediation.

In order to qualify for the relief, your business must simply be seeking to advance knowledge by resolving technological or scientific uncertainties. These advancements must be those that a competent professional in the field could not readily make.

The requirements are deliberately vague, so that a wide range of projects can reap rewards. Examples include:

  • Developing new processes or modifying existing ones to improve efficiency or performance
  • Creating packaging that increases food shelf life
  • Developing gluten-free or lactose-free foods
  • Adapting materials for subsea or arctic conditions

These are a mere handful of projects that would qualify for the relief. To check if your project is eligible, simply contact an R&D tax solutions expert with the details of your activity and they can indicate whether or not a claim is likely to be successful.

What costs qualify?

Of course, only certain costs qualify for the relief. These include staff wages, pension contributions and NI contributions – which must reflect the proportion of time they spend on the project; materials used in connection with the project and utilities such as water and electricity that were used directly for the activity.

Again, speaking to a specialist R&D tax advisor will help you work out which costs you can claim for and make the process of applying much simpler.

With such significant rewards available, can you afford not to claim money back for your investments into innovation?…

Finance Business

Advantages of Choosing Career in Insurance

Posted on

Advantages of Choosing Career in Insurance

If you are not sure which career path you should take, and you have commercial skills, then you should choose a rewarding job. Usually, people are not sure what they want to do in the future. Even though you have a degree that requires full-time study, when you finish maybe, you do not have prospects that will help you pay off your student loan and to start living by yourself.

You will be able to earn money while studying which is a great way to increase your experience so that you can get a better job when you finish studies. The insurance industry is the one with plenty of opportunities.

You can click here so that you will be guided in choosing an insurance software that is best for your specific needs. However, before you choose it, you should develop yourself professionally, and the best way to do it is by entering the insurance industry.

You Can Work During the University Years

The standard model of education is that you finish university and then you get a job, and everything that goes with it. However, since the financial crisis broke down numerous industries, people are unable to get the job they want, especially if they are studying arts or literature.

Have in mind that scholarship is expensive, and you may leave college with lots of debt and fewer prospects than other people. Even if you wish to pursue MA degree, you will lose one year after the college, and sooner or later you will become highly qualified but inexperienced, which is a bad thing in the competitive market.

By choosing an insurance career, you will be able to work as the part of the study, which means that you will start working and enter the industry before you become overly qualified. It will also provide you with the possibility to make career plans and to get additional money that you can spend for yourself or scholarship.

Affordable Alternative to Other Qualifications

Have in mind that third level education is expensive because you have to pay suppliers, fees, expenses, rent, and most parents will start saving for education when their baby is still in nappies. Most students will leave university under the significant debt that will force them to put off their careers and to find a way to repay it by working.

Avoid Points Race

We all know that madness is problematic when it comes to CAO point’s race. For example, you will need many points if you wish to study Medicine, Law of Veterinary University. At the same time, you will have the stress of filling other choices, which you do not want to study but have to compile due to your points.

If you become an insurance practitioner, you will be able to pass a certain education, but the competition is not as intense as for other degrees. You will avoid the hassle of stressing out and you have to pass an interview process to become an insurance …

Economics Business Mathematics

How To Maintain Work-Life Balance As a Startup Founder

Posted on

1. Saying no

I’ve recently understood the power of a simple ‘no’, and drawing boundaries. Relationships formulated on trust and mutual understanding are the ones that take you forward. It is important to remind yourself of why you’re doing a certain job, or why you’d take on a certain client assignment. It needs to add value and not drain you out. There are times where you may choose to say no. Relationships that are trustworthy and strong will not get tarnished by this. Talking to another entrepreneur today, she said simply, “I can’t work with people that I don’t like”.

While this person has been in business for a while, and not every Startup founder can say that (especially when it’s a B2C business), it made me think. We spend a lot of energy trying to convince people of our ideas at times. Sometimes, it is indeed better to stay within the niches where people love our work and collaborate in a way that helps us stay more creative. Although this might sound like HR metric manipulation, it’s important to stay true to ourselves and say ‘no’ where we feel our ideas will get compromised in ways that we don’t like. After all, I thought, even when I am a founder and taking the big risk, why do I need the experiences of the usual 9-5 job where I can’t control it? I am a “yay-sayer”, but every now and then, saying ‘no’ is a good step to keep up my sanity. Here are some other things to help keep your sanity:

How To Maintain Work-Life Balance As a Startup Founder_worldwifeindo

2. Walking in the forest

Shinrin-Yoku is a Japanese technique meaning forest bathing. Walking through nature clears up your head, relaxes you and makes you feel creative. Having done this for a 30 odd day period as a habit forming project, I can say this works. When I am dead tired or can’t think of anything creative, I go for a walk in the forest behind my house. And just walk till my legs feel the pressure. It’s a different me that comes back to the work-desk. There are plenty of such exercises to stay more energized and creative, and it’s been proven often that physical activity makes a huge difference to our lifestyles. Whether you go for a run, or a short walk, the point is to remain consistent and stick with something.

3. Keeping the phone away

My friend, and a startup CEO, told me this: “in a Startup, you are almost working 24/7. It’s hard to balance so many things with personal life. I love spending time with nature and without my phone at least for a couple of hours per week. I have learned that not carrying a phone in your free or personal time is always so much better. Otherwise you end up working and looking up different things about your work. Simple but an extremely valuable trick.”

I admit that I struggle with this one. Most times even while walking I carry

Mathematics in Marketing

Health Insurance Covers Offered by Oriental Insurance

Posted on

Health Insurance Covers Offered by Oriental Insurance

Health Insurance covers the expenses related to hospitalization and medical expenses. When the coverages are cashless, the insurance plans make your life affordable. Oriental Health Insurance offers all the benefits through its insurance plan anyone would ever want. The plans offer coverage according to the type of plan chosen and premiums paid for the same.

All the Oriental Health insurance plans provide standard coverages. Some of the coverages are listed below.

  • The Health insurance plans cover In-patient hospitalization expenses such as room rent, boarding, and nursing, ICU charges, Surgery related charges, medical practitioner’s fee, medicines etc.
  • Provides coverages for Pre-hospitalization expenses incurred 30 days pre-hospitalization.
  • All the expenses within 60 days of the post Hospitalization.
  • Provides you daily cash benefits for the sum assured.
  • Covers a limited domiciliary treatment expenses based on the plan chosen.
  • As listed in the policy plan, Daycare treatment or procedures are covered.
  • The plans also cover surgical expenses incurred.
  • Comprehensive coverage such as Maternity Cover, Newborn baby cover.
  • As specified under the policy chosen, convalescence Benefit is paid to the insurer.

The coverages offered to vary according to different plans. However, most of the plans offer the above coverages. There are several health insurance plans online offered by the oriental insurance company.

The health insurance plans are eligible for expenses such as expenses related to the surgeon, Anesthetist, Medical practitioner, consultations, purchase of anesthesia, blood, oxygen, Operation theatre charges, surgical appliances, medicines, drugs, expenses related to chemotherapy, radiotherapy, artificial limbs. It also covers surgical procedure like a pacemaker, laboratory/diagnostic tests, X-Rays etc.

There are exclusions in the health insurance policies such as claims for the accidents caused by dangerous sports activities, medical expenses for the treatment of obesity, sex change, genetic disorders,

Stem cell implantations, surgeries etc. It also does not cover ailments for Psychiatric, Psychosomatic disorders, hysterectomy, benign hypertrophy, hernia, root canal analysis etc.

Before buying any health insurance plan, you must consider all the inclusions and exclusions.

Hospital Covers Offered by Oriental Insurance

There are several coverages offered from the Oriental health insurance. Majority of the coverages are covered in the hospitals.  Oriental Health Insurance plan offers cashless treatment in the network of hospitals. The hospital coverages include pre and post hospitalization expenses, ambulance expenses, the medical practitioner’s cost, prescribed medical expenses. Surgery-related expenses, critical illness treatment expenses, room rent expenses, Daycare treatments, Organ donor related expenses, Comically related expenses, maternity and baby delivery-related expenses.

Features of Health Covers from Oriental Insurance

Oriental insurance is different plans are different from other health insurance plans based on the unique features it offers. There are some unique and critical features offered by the insurance plans.

  • Co-Pay – In case of the health emergency, the insurer will claim the expense amount. The Insurer has to pay 10% of the co-payment of the claim amount.
  • Life Long renewable – Plans are available for lifetime renewal and you can renew the plans online.
  • Pre-existing diseases – Health Insurance plans generally do not provide coverage for the pre-existing diseases.
Economics Business Mathematics

Payroll Compliance and What It Means for Your Business

Posted on

One of the biggest headaches of any HR department is payroll. It is the place where companies are the most likely to have compliance violations from taxation issues to pay cycles and overtime. Being savvy in this area is vital to business success.

Here are some of the areas of payroll compliance and what they mean.

Pay Cycles

There are several intervals for pay cycles, and each company uses a different one based on their needs and desires. The less frequently you have to process payroll, the easier it is. However, monthly payroll is extremely unpopular with employees and less than 11% of American companies opt for this option.

Payroll Compliance and What It Means for Your BusinessThe majority of companies choose a bi-weekly pay cycle option. This is the easiest to figure, although in some months employees get three paydays instead of two. Bi-monthly pay cycles such as on the 1st and 14th are also popular, but it is a little harder to stay in compliance with overtime rules, and sometimes holidays and weekends will mess with the cycle. The best policy in this case is to pay employees on the day before the weekend or holiday, but sometimes this can make it challenging for employees to schedule bill pay and automatic payments.

Whichever pay cycle you choose, the key is to stick with it and meet your payroll deadlines on time. This way, you keep your employees happy, and avoid penalties from the IRS.

Federal and State Taxes

This is the most common area where employers get in trouble, although the guidelines are pretty simple and there are automated programs and outsourcing options that make this easier. Still, it is important to double check the numbers and make sure taxes are in compliance.

These taxes not only relate to the employee checks, but to what the employer owes for their portion as well. Federal taxes essentially consist of these parts.

tax These are the taxes that the employer typically pays a portion of. There are simple tax calculators and apps to make sure these amounts are correct for each employee. The employee chooses their own withholding, which we will talk about in a few moments.

The Local Share

Unfortunately for the sake of both businesses and employees, the Federal system is not the only government entity who want a slice of the financial pie. The state also wants their share, and so do locals like city and even county governments from time to time. The key is to know your local regulations and fall into compliance with them.

Forms

For everything payroll, there is a form of some sort, and you need to have all of the appropriate ones on file, and file some in a timely manner with the IRS to avoid penalties and regulation violations. Here are some of the forms every business should know about.

  • 941: This form is an employer’s quarterly tax return form, and most companies who have