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Tax Credits: What Are They and Who Gets Them?

One of the hottest issues in this era is the pending cuts on tax credits and the significant effects they will have on families in the UK. In order to understand what the cuts really mean, let’s look at tax credits, what they are and who benefits from them. Tax credits are simple mechanisms that ensure the redistribution of income to people who have low wages. The credits are usually classified into 2:

    Child credits - payments to families with kids
     
  Working credits - payments to people with low incomes

What Is the Importance of the Tax Credits?

This mechanism was made with only one purpose; to raise the living standards of people with low incomes. The tax credits aim at lifting families to reduce dependency on welfare as well as give people incentives to go to work. Initially, before the credits were introduced, welfare benefits were withdrawn soon after one got a job, regardless of the wage. Therefore, if the welfare was better, it was preferable to remain jobless. With the credits, low income earners can still get benefits to boost their income.

Who Gets the Tax Credits?

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Banking Regulators FinCEN backtrack after facing legal action

FinCEN backtrack after facing legal action led by the Cierco's Family (the former owners of BPA Bank in Andorra which has led a ferocious battle against the USA Treasury for the last year in their battle to regain control of their bank which was stolen from them when the Andorran Government stepped in prematurely following the sanctions placed by FinCEN last year.

Ironically it turns out that FinCENs action was illegal, based on erroneous data and missing fundamental checks that are supposed to ensure the agency acts in the interests of the global banking community. In this case they bypassed regular controls in-order to send a warning to the inept Andorran Regulators INAF whom were fully well aware of problems at the bank because the bank self reported the issues as they are required to do so, BPA had acted fully in compliance with all AML laws around the world, in fact the three cases used by FinCEN to allege wrong doing were all self reported by BPA bank to INAF (Andorran regulators) years prior and were already involved in legal action against wrong doers.

BPA former owners are now taking legal action against the Inept Andorran Regulators and it appears they have a solid case against them, having already gotten the USA Treasury to back down, it looks likely that anyone in Andorra that gets in their way while they battle to retake control of their bank will face harsh legal challenges and likely face a crippling recourse as the case the Cierco’s have already proven clearly demonstrates they were victims of a battle between governments and they are not about to let unpointed inept regulators who have acted illegally stop them from proving their legal claims. 

See more news about BPA Bank Andorra News and keep up to date with this ongoing drama.

Why offshore banking matters in a financial crisis

Offshore banking: the good, the bad and the ugly

With the reveal of operations and hidden accounts on Panama Papers, the topic of offshore banking - specifically, bad purpose offshore banking - has been on the table for a while. People would discuss the pros and cons and whether or not it was a legitimate practice, either for governments or private companies. Truth is, offshore banking has always been part of the financial practice, perhaps even before banks existed as themselves. Saving your wealth away from your location is a way to keep it secret and safe, but with the development of the international bank network and banking operations, there are some extra advantages for offshore accounts.

Discussing the benefits of this practice is, of course, far more interesting than addressing its disadvantages. The controversy about offshore banking centers around whether account holders have legitimate or ilegitimate reasons for doing what they do. If you are interested in this topic we suggest that you check this very interesting article: How to explain offshore banking to a 5 years old.

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What Are the Tax Implications of Running a Property Flipping Company?

When a property market is thriving, flipping is all the rage! It is understandable though; everyone wants a profit out of an investment. Real estate is more lucrative than the stock market today. However, as flipping thrives, the government has sought to regulate this investment strategy. Before you embark on a property flipping venture; here are a few things you need to know.

Property Flipping Defined

Simply put, flipping is a process where one buys an undervalued property for resale at a profit. Normally, these properties are renovated to add value before being resold. The renovations need not be major; a simple refurbishment job is enough to make the property attractive to buyers who are willing to pay a higher price for it. Read More...

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