Archive for the ‘Make Money’ Category

Are you a UK-based property investor. I’m on a property newsletter and this came in which I have to alert all of you to…

Peter Esders, a property lawyer, said ‘Just to confuse things even more I was at a Budget review breakfast yesterday and the view of the speaker was that CGT may have a further rise in the normal budget in April. The coalition document states that they will raise CGT rates to ‘Similar or close to those applied to income’ and the budget the other day said that the rate for 2011-2012 will be decided by the Chancellor in the future.’

Something all property investors ought to keep in mind.

The Daily Mail had a great article entitled “The tenant from hell: The woman wreaking a trail of havoc through south London’s rental properties” which ALL landlords MUST read (note the emphasis!).

If you or your letting agent are approached by a black lady calling herself Rose Chimuka  -  or perhaps Emily Mapera, Rose Maetune or Emma Magonna and posing as a middle-aged housewife with three children and married to a man with a respectable job then be advised…. steer well clear! She seems to be operating in South-East London.

Read more: http://www.dailymail.co.uk/property/article-1279146/The-tenant-hell-The-woman-wreaking-trail-havoc-south-London-rental-properties.html?ITO=1490#ixzz0oYgfMiP1

In 2008 I stressed out over the Christmas period preparing all of the paperwork needed for the looming tax return deadline. Two returns and a company return means I have a LOT of paperwork, receipts, bank statements to reconcile etc.

Last year, 2009, I was a bit more organised and stressed out about it BEFORE Christmas (getting better though!) and had the returns all done and the visit to the accountant before Christmans.

If you are like me, you will have spent at least some time over the last few months, or possibly the Christmas period, going through your paperwork for the dreaded tax return—and vowing that next year you will be more organised.

Many new landlords with perhaps just one property wonder if it’s necessary to do a tax return? The answer is “YES”, and you should do it even when you have made a loss. Any losses can be carried forward if these have been recorded with HMRC.

Being organised and having all the necessary paperwork to provide an audit trail is most important. If something is a little complicated, make a note of it separately and keep it on file as the faintest of ink is better than the best of memories (ancient Chinese saying).

The tax authorities are likely to come down hard on landlords that don’t comply with the tax rules. Always make sure you are ready for an investigation, as these often unnecessary fishing exercises by HMRC can be very time consuming, so be warned!

Remember – you need to do your Tax Return online by Sunday 31 January. If you are going to post it, make sure it reaches them by Friday 29th to be sure of not receiving a £100 late penalty fee. Better still, send it recorded or next day delivery to be sure. Make sure you visit www.hmrc.gov.uk/sa and do your 2008/09 Self Assessment Tax Return online by 31 January 2010.

For further help, including a ‘Step by Step’ guide to Self Assessment online filing and a bite-sized video, you should visit www.businesslink.gov.uk/hmrctaxhelp

Finally, start getting organised NOW for March 31st 2010 and aim to get the accounts and the returns done even earlier in 2010! I will be… will you?

I received an email from Andy Jenkins a little while ago (why do I stay up so late reading my emails? (   ) and I just had to read the blog post. It’s something I fully believe everybody should be doing; not necessarily in internet marketing and consulting for small businesses, but that everybody should have a second stream of income to supplement their day job and make their lives better. So I read the article and had to post a reply, which I felt was sooo good I had to share it with you guys. Here it is…..

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Hey Andy,

I like your style of writing: upfront, to the point, in your face, funny and so on. I didn’t want to say you’re an inspiration to us all because it always looks soooo cheesy and to me it borders on adulation by the masses… but this time I have to hand it to you… your message was pretty darned good and you’re so right. It did the job with me and got me to thinking about actually doing something along these lines.

You see, I work full time at the moment and I’ve got a bit of a thing about being a full time employee and then holding myself out to be a “consultant” to business people and entrepreneurs that have had the guts to break out of the J.O.B. mould and work on their own business. I haven’t done this yet (although I want to) as I’m not prepared to risk my families security for the sake of my dreams and ambitions. Why should they suffer IF it were to go horribly wrong? Those in the “guru business IM world” that espouse the ideology of “burning your boats and making it work”, i.e. give up your day job so that if you don’t succeed, you won’t be able to eat or keep a roof over your head or pay the bills etc which literally FORCES you to succeed, are plain wrong. Might work with some people, but not for most. Does that make us bad or poor entrepreneurs or business people. NO! We’re sensible. BUT, as you write so clearly, consult alongside your day job UNTIL the consulting work is more than the day job, THEN give up the day job (if you want to that is!).

So please keep writing posts about this topic and give your readers practical hints and tips on the best way to do it or the best resources from which to learn how to break into this market. Remember here in the UK we are in a deep recession so there is a barrier from the start in terms of winning over small businesses and hiring us for such work.

I would be very interested in knowing how to charge for such work. What’s it worth? How do you strike a deal that’s win-win for both me as a consultant and the business as the client?

Please continue Andy……

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The URL you should follow if you want to read more about Andy’s original post and follow the comments is below:

http://www.andyjenkinsblog.com/2009/10/22/rant-consulting-is-a-bad-business/#comment-1667

This is the first video in a series of four videos talking about How to Make Money Using Private Label Rights (PLR)

How to Make Money Using Private Label Rights (PLR)