Becoming A Personal Service Company

October 15th, 2020 by admin No comments »

Working within a Personal Service Company (PSC) is something that many self-employed contractors consider, but it is very important that they are aware of all the facts before they take the plunge.

What is a PSC?
An exact definition of the term Personal Service Company does not feature in any HMRC guidelines but rather PSCs are explained through examples. According to HMRC, a PSC is an intermediary, or in other words, a business structure which contractors use to manage their finances tax efficiently and to create a professional image. The company sells work of the individual who owns and operates the company. This is how a limited company works and therefore, it is considered to be a PSC. However, HMRC does also suggest that any other intermediary that cannot be defined as a Managed Service Company (MSC) might be able to be defined as a PSC for IR35 purposes.

MSCs are companies which were designed to minimise tax payments for contractors but instead of each individual forming their own company and taking on all associated responsibilities of doing so, the business was managed by the MSC, a third party. An MSC would take on a group of contractors as shareholders who would receive minimum wage salaries and the rest of the income as dividends. All administrative, tax and secretarial duties would be fulfilled by the service provider which would charge a fee for these services. Quite simply, these companies allowed contractors to avoid tax via PAYE and therefore have higher take home earnings while not having to undertake corporate responsibilities. Legislation passed in 2007 prevented such companies from functioning in the same way, forcing MSCs to either withdraw their services altogether or switch to PAYE operations. It is therefore vital that contractors limit the corporate work done by third parties and are fully aware of the legislation to ensure they are not guilty of tax avoidance.

Tax compliance within a PSC
It was the introduction of IR35 legislation that saw the creation of MSCs and it is still a difficult tax issue for contractors today. Being IR35 compliant is essential for contractors, especially as they are closely watched by HMRC to ensure that they are. To be considered as a PSC in the eyes of HMRC, every contract must be considered as IR35 compliant. The Revenue considers limited companies to be a risk in terms of tax avoidance so every contract must demonstrate that the relationship between the parties is not one of employer/employee. If it does appear this way, then the contractor is considered to be employed directly by the client and not through the intermediary PSC or limited company. They would then have to pay PAYE tax as normal. All contracts therefore must demonstrate a client/contractor relationship.

Tax advantages within a PSC
An average self-employed professional might find themselves earning an amount of money that puts them into a higher income tax bracket. To get around paying the larger amount, contractors can form their own limited company. Within it, they can pay themselves a very small salary, from which PAYE tax would be deducted and then they can take the rest of the money as dividends. Paying corporation tax and minimal PAYE tends to work out as less than the high amount of income tax many contractors would have to pay as self-employed workers. Contractors within their own limited company can also claim all expenses against their income whereas self-employed contractors can only claim some.

Working within a personal service company can be extremely beneficial but it is important to account for the extra costs of running a business. It is also vital that contractors fully understand their tax obligations in every circumstance and that they are careful to work within the PSC definition.

The Potential of Drones in Personal Services

September 25th, 2020 by admin No comments »

The unmanned aerial vehicle (UAV) that was once just a dream has now become a reality. The concepts related to this technology are becoming clearer with each passing day. Very soon, we will see drones and UAVs become a part of our everyday lives. One concept associated with drones is their use in the domain of personal services. Efforts are being made to make this a reality and it is only a matter of time.

Different researchers as well as companies are trying to search for new avenues where drones can be utilized and personal service is one of those areas. People need assistants in order to smoothly carry out their everyday work. Usually, a human is hired for such work but what if a drone could be used in place of an assistant?

There are many who have even conceptualized the use of drones for providing personal services like taking aerial selfies and making family videos. Keeping a parking space secured for you, ensuring that the street that you are walking down is safe for you as well as providing you personal protection are some of the other personal services for which drones can be utilized.

There are many who are trying to develop drones to provide specialized services but the only problem that is coming in the way of this highly ambitious project is safety. The safety of the people and their property cannot be ensured because of the unpredictability of drones. They can stop working at any time and fall to the ground. This may be a great hazard for the people going about their businesses on the roads and streets. Moreover, if the drone causes any kind of damage to the property then its owner will be held liable for it.

There is always a danger of the use of drones by anti-social and anti-national elements. Rules and regulations regarding the use and ownership of drones need to be put in place before these aerial vehicles can be used for personal services.

The FAA is fully aware of the misuse drones can be subjected to. This is why it delayed the process of bringing drones into the commercial sector until this year and is very selective when it comes to giving airworthiness licenses to businesses.

Though these concerns are genuine but these have always been there whenever a new technology has been launched into the market. When TVs were introduced for the first time, people used to be issued license for keeping and using TVs in their houses. Similarly, there were many other things that were seen with suspicion but when they became prevalent, their use became indispensable.

Probably, it is the same with drones as far as the personal services are concerned. As soon as the FAA gives its approval there would be drones all over the place. There are companies that already have everything ready for the launch of the drones in various sectors of the market. In the not too distant future, we will see on-call drones hovering in the sky waiting to be deployed for personal services.

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Get Your Personal Service Website Up Now

September 2nd, 2020 by admin No comments »

With the growing unemployment rate in the US job market, more and more independent workers and personal service providers are looking into going solo in the workforce environment. Mainly due to the an ever increasing job loss and unemployment, job hunters are finding it more difficult than ever to land on a good paying job. We are so populated with highly skilled individuals who some have more than one service to offer but cannot find a decent gig. So since there are more competitions, applicants get lost into the growing pool of job hunters and the chances of getting noticed are getting slimmer by the second. I know. It’s old news. However, we just can’t help hearing this old news.

I notice that more independent workers, especially the ones with personal services to offer, are becoming savvier with their tactics and strategy when it comes to finding work. Some started their personal blogs, offering free information in exchange for opt-in emails, a subscription method to generate leads. Others sell packaged information in the form of ebooks and video tutorials valued at a very affordable cost which also opens up the door to invite prospects to hopefully purchase more of the other products and services in the near future.

Whatever the type of profession you are in or products and services you are offering, one thing you cannot live without, an online presence. You must have some sort of personal services or general business services webpage, a blog page, or at least a one page online info about who you are and what type of personal services you are offering.

There are tons of auto-create web apps that you can use, some are free and some will cost you your mortgage. Depending on how good you are in your research skill level, you can find yourself tinkering forever and a day on a free web application you downloaded because you don’t have the technical skills to manage it or someday wondering why you have been paying a lot of money for a service that has not got you farther than since you have installed the program. Well some of us just have to learn the hard way.

But in order to compete in this cut throat job environment, we must learn how to leverage our chances of becoming noticed. And having your own website is a tool that still many people do not take advantage of. I know that it is harder than it sounds, but what isn’t when it comes to earning a living.

You have to learn a new way of self-promotion online if you haven’t yet. It is by far the easiest method to learn. There are multitude of resources and tutorials, and most of them are free! Just take your own pace to not get frustrated (too soon).

Having your own web presence not only makes it easier for you to elaborate and present your personal services or general business services to your potential clients or customers, it also can be very affordable. Good and careful online research will be one of your most important time investments of your life….beginning today!

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Personal Services Growth Through Mobile Marketing

September 2nd, 2020 by admin No comments »

One of the most excellent methods of advertising today is mobile marketing. This potent platform allows especially the small and medium businesses an opportunity to connect to target audience in the most effective manner.

Mobile marketing is personal in nature. There is a huge difference between advertising on billboards waiting for passersby to turn around and see the ad and giving individuals personal attention by sending them messages, advertisements, updates and offers through mobile SMS.

On a mobile, your ad gets instantly and compulsorily viewed as compared to advertising on television channels where there are great chances of channels being changed during commercials. The most charming aspect of mobile marketing is the personal touch.

This is the reason why this unique and effective marketing platform is used by many small and medium business sectors including the personal services market.

Almost everyone is busy today and this has resulted in the emergence of a new market segment namely the personal services. Those who opt for personal services include busy working couples, the baby boomer market and overworked single parents.

There are many different personal services on offer to make life simpler for them. Wedding planners help people deal with one of the most romantic, emotional and stressful days of their lives. If you are a wedding planner looking to advertise your service, without doubt, mobile marketing is the best option for you. You can reach a huge audience base by just typing in your advertisement and sending out mobile SMS. You can also send periodic update messages and information on packages and discounts.

Another personal service market that can benefit from the low cost mobile advertising is professional organizers. These organizers help organize your office or home space by replacing chaos and clutter neat organization. Right from designing storage space for firms, professional organizers help organize just about anything including shoe closets.

The most cost effective method of advertising today for small and medium businesses such as professional organizers is mobile marketing. This is a platform that provides unimaginable reach to targeted audience. This cost effective method of marketing is ideal as you can send your advertisement through mobile SMS and also send periodical updates on discount offers and schemes.

If you run a day care centre, then market your service through the powerful mobile platform. Target every single residence in your area through SMS and let them know you are available to look after small children and provide quality day care service.

No matter what type of personal service you are offering including pet sitting service, in-home personal chef or nanny service, mobile is the most powerful and result oriented medium through which you can contact and advertise your service to a huge database of potential prospects in your area.

The audience you target comes to know of who you are, what you offer and how you can be contacted. They also come to know instantly of what discount schemes and plans you offer helping them make a decision and act on it. Mobile marketing has taken the world of advertising by storm and is fast becoming one of the most successful marketing options.

Marketing, Promoting and Advertising Your Business

February 28th, 2020 by admin No comments »

One thing that goes without saying in today’s business world, is that regardless of the nature of your home based business, a website is an absolute MUST. Whether you have a product or service to sell, whether local or global, your business will go nowhere fast if you don’t have an online presence. If you need internet marketing help, you’ve landed on the right article. I’ll give you some home based business marketing ideas that will help you promote your business successfully.

The first step is choosing a domain name and getting it registered. You can build your own website (if you have the time) and host it yourself or you can have everything done by another company (if you have the money). Either way, you have many options and tools at your disposal that can align with your business plan and budget. Also note that you can still start your own home based business even if you don’t have a product or service to sell. There are thousands of individuals and companies that have products you can sell for them while earning a commission, called affiliate marketing.

Of the many business marketing strategies known to man, internet marketing is, hands down, the best strategy to use for promoting a home based business as it is the cheapest method and has the potential for reaching millions of people all over the globe. Driving traffic to your site through online resources is like killing two birds with one stone. You can tackle print advertising by writing articles and publishing them to directories and ezines and by submitting ads to the many available (and most of them free) classified ad sites. Online media advertising encompasses writing press releases and distributing them to press release sites. One of the biggest and most popular online advertising trends today is via social media advertising through sites such as Twitter, Facebook, and LinkedIn where you build relationships with your customers. Forums and communities are also great ways to build relationships which helps promote your home based business in the long run. Simply Google your market or industry with the word ‘forum’ or ‘community’ behind it and search for one or two that seem to be the best fit for you.

All of these methods of online advertising contribute to search engine optimization (SEO), which is to say improving your online visibility and escalating in the search engines like Google, Yahoo and Bing. Your goal is to claim the #1 spot in the organic search results (the results on the left, not the right side which are paid ads). This is where your traffic will come from. If you are 800 in the list of search results, no one is ever going to see your site because very few people have the time or patience to scroll through 800 search results. Research shows that people typically won’t even scroll past 4 or 5 search results, let alone 800.

Can you grasp the importance of internet marketing for any business? If you are new to the internet marketing phenomenon and don’t know exactly where to start, there are many great programs or systems online that walk you through every aspect of marketing your online business. A lot of these systems were created by online entrepreneurs who have spent thousands of their own dollars trying to figure it all out over the years and finally DID. Their sacrifices have made it easier for newbies to become successful at their own online home based business. If you are new to running your own home based business, I recommend you find a great system (do your research, read reviews, ask questions in forums) and start marketing your home business from there. Don’t waste the time and money that so many of us have in going it alone, without a proven system, as it will just set you back further and hinder your progress.

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