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System reforms can solve the problem of tax avoidance

March 30, 2023 By Gordon

Based on what a group of business leaders have discussed in a recent gathering, a comprehensive reform in the tax system is the most effective solution to the problem of tax avoidance.

According to a recently conducted comprehensive study on tax avoidance, the Institute of Directors (IoD) has signified its advocacy for the redesign of the entire tax system in order to remove the current artificial boundaries between things that are considered as close commercial substitutes.

The employers’ organisation has been insisting that a swift action on the problem is absolutely needed what with taxpayers getting more and more creative with regards to finding ways around the anti-avoidance legislation and the Government formulating an increasingly complex legislation as a response to these methods.

According to Richard Baron, IoD’s Head of Taxation, “Reforming the tax system would obviously not be an easy task. It would mean some drastic changes. However, the task may still be worth undertaking as the current approach is leading to an impossibly complex and confusing tax system.”

The IoD report emphasises the kind of moral ambiguity that is associated with the commission of tax avoidance. The report also acknowledges the arguments that are forwarded against avoidance like competition distortion (this is when a person who performs extensive tax avoidance pays less taxes than a person who does not). But even though it may be true that a business can present more avoidance opportunities compared to others the real fault still lies with the tax system.

The first step

March 30, 2023 By J. Angelo Racoma

Among the first essential steps to starting a business is establishing the corporate entity. Sadly, this is sometimes the last thing aspiring entrepreneurs take care of. For instance, I have a business contact who’s had an interesting (and viable) business idea for years, but still has not incorporated a local company. My friend goes about talking to prospective investors and partners, but some feel that he is not too serious about getting into business because of the lack of a solid corporate entity.

Hence, the first step one should consider in setting up a business is incorporating into a new legal entity. Not only does a businessperson get the protection of limited liability, he also enjoys a higher level of trust from prospective investors.

Besides, incorporating is an easy and inexpensive activity to undertake nowadays. Even if you don’t have a bankable idea yet, you can actually already begin to incorporate a holdings company for all your business ideas.

UK business owners over-stressed

March 30, 2023 By Gordon

A recent survey of 7,000 small and medium-size business owners in the UK shows that as much as 43% experience rising stress levels. This is due to various factors, majority of which involve an unsure business environment in some sectors.

For instance, business owners are said to be facing constant pressure in terms of competition from the global market (after all, who could compete with low-cost labour countries such as China?). The study also points out the number of holidays in a year taken by the respondents as a factor to reducing stress.

Here’s a great tip for business owners and those planning to start a company: don’t work hard; work smart! That goes against the age-old tradition of working hard, does it? Well, working hard involves putting in a great amount of time and effort onto one’s craft. But working smart involves coming up with creative business solutions to achieve the same amount of output with less effort. And with less effort means more time to relax and spend on much-deserved vacations and holidays.

Worth considering, eh?

Good news for BlackBerry addicts

March 29, 2023 By Gordon

Businessmen and company execs who are glued to their BlackBerry mobile email devices can stop worrying that their beloved service might soon disappear. Canadian firm Research in Motion (RIM), creator of the highly popular technology, is planning to release a workaround to the patent infringement issue currently pending in court.

RIM had been in the losing side of a legal battle with American patent-holdings firm NTP spanning more than three years for alleged copyright infringements by some technologies used by the BlackBerry software and service. Many users have feared that US courts might order a stoppage in service.

RIM is confident that the workaround has adequately sidestepped the technologies owned by NTP, sparing the service from closure. BlackBerry users will not notice any change in the way they use their mobile email, as the patch is on the back-end of the service.

Company formation and business solutions experts are aware of the importance of on-the-go communications among managers, staff, and clients. It is said the economy could take a hit with a stoppage in a popular business communications service such as the BlackBerry. News about RIM’s release of a patch is therefore a welcome development in the business community.

Productivity and being on-call

March 29, 2023 By Gordon

You’re midway into a week-long vacation in the peaceful countryside when your boss rings you up and asks you to turn in your report due for the week after you arrive. You try to argue to no avail–as if you had a choice. Road warriors are all too familiar with this scenario: with all the high tech gadgetry we carry around us all day, we tend to feel as if we’re on a short leash with our offices.

Sometimes, the freedom of mobility associated with being connected and/or online from anywhere translates to the feeling of being tethered within a tight circle. In other words, vacation time may just be a transfer of office space to somewhere with better scenery.

Perhaps businesses are not quick to realize it, but business solutions experts believe that companies should respect employees’ vacation times as these are moments to unwind, relax and recharge—coming back to the office in the next few days more productive and more efficient. Well rested employees are known to have better output and faster turnovers than overworked and stressed staff. Company formation experts advise startup firms to consider having contingency measures for instances when employees go on vacation, such as redundancy of tasks, or redistribution.

Otherwise, an employee’s vacation may just end up being costly in terms of communications cost and decreased productivity.

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