Monthly Archives: November 2008

What Do You Drive Around Town With

Posted by babyjoe on November 11, 2008 None comments

Under UK law it is a requirement that you have, at the very least, the required minimal insurance cover for your commercial van. There are many different commercial vans which are covered under this type of specific insurance. Small vans which are similar to a car at the front end but having a van back end which are used for carry light loads or for making deliveries, including those with a raised roof are included under commercial van insurance, as are medium sized or panel vans, box vans and pick-ups where the load is uncovered in the back. 

Commercial van insurance is calculated using a number of varying factors such as the total weight load of the vehicle, the size and type of goods being carried. Hazardous goods such as flammable liquids are considered to be a greater risk and therefore the insurance costs are typically higher. If you have made any modifications, such as lifting ramps to the van, these will also be taken into consideration by the insurers. The ownership of the contents is also a key factor. Contents which are being carried or delivered for a third party, for which payment or reward is received, will need to have additional goods in transit insurance cover in most instances.

Insurance quotes are always for one vehicle, if you own more than one commercial van it may be more cost effective to consider fleet insurance, insurance companies differ on the number of vehicles owned to be legible to qualify for fleet insurance, however, all will be more than happy to give you a quote! 

Insurance brokers can be a very effective way of finding the most competitive commercial van insurance to meet your needs. By providing all relevant information, either on-line or by phone, they will carry out searches and come up with the most appropriate insurance companies on your behalf. 

Additional incentives being offered by insurance companies include generous introductory No Claims Discount offers for new ventures or second vans, unlimited mileage policies with no radius restrictions and replacement like-for-like vans in the event of a non-fault accident. Free legal expenses which try and re-coup any out of pocket expenses for non-fault accidents are also used as incentives, which you may wish to consider when selecting which commercial van insurance company to use. 

Many insurance companies realise that paying for insurance can be quite a large sum of money in one up-front payment. As such many offer monthly instalments and easy payment options, including direct debits to help you spread the costs. 

All commercial van insurance requires you to up-hold your ‘duty of care’ to ensure the vehicle is maintained as roadworthy and that reasonable steps have been taken to prevent or minimise loss, damage, accident or injury, including the maintenance of security precautions to reduce the cost of claims and legal proceedings. Your duty of care will often include that you take reasonable care when selecting employees. You also have a duty to disclose the purpose of the commercial van and any contents you are carrying.

Payday

Posted by babyjoe on November 8, 2008 None comments

It is now the time of the month when all of us working mothers and fathers crave for the most. It is payday. It is the time of the month when we sit down and calculate the expenses that is known to us for the month and to confirm that all the expenses are able to be made payable.

Payday is also the time of the month to pay for all the credit cards, loans, car loans and all the other misc. Such things are like housing rent house loan, vacation plans, holidays, baby products, household items, groceries, insurance policies and many more. Sometimes this task can be the most painful task of the month.

Receiving your salary at the end of the month sometimes is a joy to people as they think this is the best time to go for shopping. They buy almost everything they want from shoes to clothings and perfumes. Some even go further and purchase their vacation plans. But for me payday is the time of the month to sit down and calculate all the expenses to be.

It is not an easy task to do for most parents as there are so many bills to pay. Sometimes you would even overlook the smallest payment and it will come to haunt you later on. Such payments are credit cards, loans and personal loans. So do make sure that when you receive your salary on payday to make sure that you plan properly.

Debt Consolidation

Posted by babyjoe on November 6, 2008 1 comments

Q: I am 38 years old and would like to work with a financial planner to plan for my retirement. How do I choose one? There are so many of them, and some might not be nearly as qualified as others. I don’t earn much money, but I do have a small sum that I have saved and want to invest.

A: A lot depends on how small that sum is. Many financial planners won’t accept clients with assets of less than $100,000, and some insist on a million dollars or more. They evidently feel that the fees they would receive from small accounts wouldn’t be enough to justify their time and effort.

If you know someone who works with a financial planner, and who is thoroughly satisfied with the services provided, that might be as far as you have to search. You also might be able to get a list of recommended planners from your securities broker, if you have one.

It also would be worthwhile to explore the Web site of the Financial Planning Association, a trade group that represents thousands of certified financial planners.

Members are licensed by the federal government or the states in which they live and must adhere to the association’s professional requirements, including a code of ethics. The Web site — at www.fpanet.org – gives detailed advice on how to find a planner and what to expect from one.

Included on the Web site is a search engine that allows you to get the names of planners geographically and by any of 32 specialties.

Q: In a recent column, you mentioned Internal Revenue Service Publication 590, Individual Retirement Accounts. I tried to find it on the Internet, but couldn’t. Can you tell me how to get a copy?

A: Go to the IRS Web site at www.irs.gov. On the left side of the screen, click on More Forms and Publications.

Next, click on the link for Publication Number. You will see a window that lists the publications in numerical order. Scroll down to the entry for Publication 590, highlight that line, then click on the button that says Retrieve Selected Files.

Now you will see a link to Publication 590 in PDF format. Clicking on the link should bring up a copy of the publication, all 104 pages of it. You can print it if you have enough paper.

If your computer refuses to cooperate, request a copy of the publication by telephone. Call (800) 829-3676.

Q: I recently received a check for about $200 from a class-action lawsuit related to stock which I had sold about five years ago for a big loss. How do I show this on my tax return?

A: The answer hinges on information that you haven’t supplied, says Internal Revenue Service spokesman Jesse Weller. The reason the suit was brought and the way the settlement agreement was structured will affect the tax treatment.

Because you previously sold the stock, you most likely would have to report the settlement as income. Whether it is characterized as ordinary income or a capital gain, or both, depends on what the damage award represents.

For example, if any part of the award consists of punitive damages, that would be reported as “other income” on IRS Form 1040 and taxed as ordinary income. (This also would be true if you hadn’t sold the stock.)

On the other hand, any part of the settlement that is designed to reimburse shareholders for a decline in the stock’s value might be considered a return of the purchase cost, which ordinarily would reduce a shareholder’s cost basis.

Because you already sold the stock, however, you have no cost basis left to reduce. In such a case, the payment usually would be reported as a capital gain.

For further information, see IRS Publication 4345, Settlements — Taxability.