There are numerous facts that you need to know about vaping. You probably know some and others have never crossed your mind. But you are in the right place as this article will highlight some of the insights according to experts. Those who have been contemplating ditching smoking for vaping need this information even more.
Vaping is the habit of using an electronic cigarette to inhale vapor, which contains nicotine, flavors, and other ingredients. Vaping is arguably better than smoking, but science is not yet clear on this. The information is still sketchy and beginners should dig very deep to get as much information as possible. For now, let us dive into what science says about vaping.
Vaping is Still Not Safe
Science has claimed that there are fewer toxins in the vapor than in cigarette smoke. But all research agrees that users are exposed to dangers. Nicotine-based e-juices contain almost the same amount of health risks that affect the heart and breathing system.
By early 2020, the CDC had already reported over 60 deaths in the world that were directly linked to vaping. All were related to problems with the lungs, just like in the cases of lung cancer caused by tobacco cigarettes.
There is a Danger of Addiction
If you are moving from cigarette smoking to vaping to avoid addiction, it is time to rethink the whole plan. Vaping can be as addictive as tobacco since both contain nicotine. Nicotine is the chemical that is responsible for other health issues.
However, users can avoid addiction to e-shisha or e-cigs if they use e-liquids with the lowest amount of nicotine or try the nicotine-free range. Unfortunately, many people claim that nicotine-based e-juices are more satisfying.
E-Cigarettes Are Not the Best to Quit Smoking
There are numerous methods that can be used to quit smoking, but many people prefer to use vaping. Well, it has helped many and it might help you, but scientists claim that it is not the ultimate solution. The danger comes in when people switch from tobacco to nicotine e-cigarettes. As mentioned earlier, these will cause an equal addiction. If you want to quit smoking, kicking nicotine is the first thing that you should do.
Other Dangers of Vaping
According to science, there are many uncertainties when it comes to vaping and many are related to health. Apart from the risk of cancer, breathing problems, and heart illnesses, vaping devices may explode and hurt the user if they are mishandled, not to mention leakages.
But this is not to discourage people from using them as they have many pros. Celebrities have been moving from smoking to vaping, which has promoted the habit as very cool. You will probably notice that most youths prefer vaping to smoking, a trend which has made scientists more proactive to understand more health concerns that will save the future generation.
Scientists are working day and night to come up with better answers concerning this habit. Everything is looking forward to discovering more and getting enlightened, especially those who are planning to start the habit.
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Tax planning for small businesses is never an easy ride and can be a minefield for business owners, especially entrepreneurs who are still finding their feet.
While the use of a good accountant can make life easier, having some tax-saving ideas up your sleeve will help keep the business’s finances looking healthy and allow the money to be better spent elsewhere.
We’ve put together 15 ideas to help you identify where and how those all important tax savings can be made.
1. Use your allowances
Basic tax reliefs and allowances can make you substantial savings, so don’t overlook them. By making the most of tax-free allowances on basic income, dividend income, capital gains and savings income, you may receive over £28,000 a year free of tax.
2. Capital gains allowance
Capital gains are the profit made from the sale of certain investments, and for 2019 - 2020 you can enjoy up to £12,000 tax-free. Be sure to use the full allowance within the tax year as you won’t be able to carry it over to the next. If you joint own assets with your spouse or civil partner, the capital gains tax-free allowance is doubled to £24,000.
3. Contribute to a pension
Pension contributions are tax deductible and are a way to make savings. Paying directly into a pension or making company contributions to an employee’s pension will reduce the amount of corporation tax you need to pay.
4. Know your VAT
Business owners often lose out by misunderstanding VAT or paying more than they necessarily should. After registering for VAT, small businesses can make savings by signing up to the flat rate VAT scheme, under which you’ll only pay VAT as a flat rate percentage of your sales.
5. Transfer assets
Avoid capital gains tax by transferring assets to your spouse or civil partner. A partner on a lower income may also pay a lower level of income tax, so if this is the case it may well be worth transferring savings and investments to them.
6. Extract profit
If you are a business owner or operate through a limited company, extracting money via a small salary up to your personal allowance and topping this up with dividends is the most tax-efficient.
7. Make the most of Entrepreneurs' Relief
Tax savings can be made by using Entrepreneurs' Relief when selling shares or part of your business. Business owners get a reduced capital gains tax rate of 10 per cent on qualifying business assets.
8. Don’t forget your expenses
Keeping hold of all of your business receipts and claiming expenses can help make tax savings, as long as the items have been bought for business use. Business owners can also make use of the annual investment allowance, which allows you to deduct the full value of an item bought for business use from your profits before tax.
9. Make another employee a partner
If you operate a sole trader or limited company business, making another key employee a partner will make you both substantial National Insurance savings, whilst also giving them a role in the business.
10. Employ your spouse
Tax savings can also be made by employing your partner. Bringing them into the business means you can make use of their personal tax allowances too, thus doubling your potential tax-free income and spreading out the income you extract from the business.
11. Employee benefits
Treating your staff to bonuses can also help small businesses make tax savings. Make sure they are paid before the end of the tax year.
12. Use an accountant
Finding the time to successfully look after the books whilst trying to grow your business can be difficult. While the business will benefit from you dedicating some time to bookkeeping, taking on the services of an accountant will certainly help. While you may worry about the cost, you might otherwise fail to claim everything you are entitled to.
13. Know your industry
Keep a finger on the pulse with your trade body or association, as many industries have special tax dispensations, such as uniform allowances.
14. Work from home
If you run your small business from home, there are generous tax savings to be made. HMRC allow a specific home charge per week of £4, but you can also claim tax relief on other bills as well.
15. Plan ahead
Most importantly, tax planning should be done well ahead of the business and fiscal year end so that you can make the most of all tax reliefs available to you. Assessing your profits in advance will give you time to take any further action while you can, such as investing more in pension contributions or buying more machinery to reduce your taxable profits.
Few would disagree that small businesses are now under an immense amount of pressure to perform. This pressure is something that the media are happy to highlight as well; with countless stories doing the rounds at just how hard it is to survive as a new company.
It means that certain things sometimes get left to the side. In a battle to realize the latest and greatest product idea, or to stay on top of more day-to-day tasks, accounting gets left behind.
As it turns out, this is something that can help your business get through those first few years unscathed immensely. Using a company like the 3 Wise Bears is something that can unearth mistakes and create efficiencies, and this is what a lot of these young businesses crave.
In terms of specifics, today's article will jump into some advice that all small businesses should be looking to follow when it comes to their accounting practices.
Make a clear line between business and pleasure
It might all be “your money”, so to speak, but try and make sure that you have separate business and personal accounts. It might be something else that you need to think about as you start out, but when it comes to filing your accounts it will do you the world of good.
As well as the convenience-factor, this is an approach which is also important from a legal perspective. It means that your personal money isn’t going to be at risk under limited liability regulations.
Keep on top of each and every expense
Again, this next task might sound a little mundane, but it will help you with your accounting practices significantly.
Sure, gathering receipts isn't anyone's idea of fun - but it gets the job done. Every time you make any sort of payment in relation to your business, even if it's catching a bus to meet a potential client, make sure you get paper or digital evidence. This doesn't just give you a true representation on how much money you are making from a net perspective, but it will also make your job of filing expenses so much easier when it comes to your tax return.
Collect taxes when you make a sale
This next point can be hard for new businesses to come to terms with. After all, those initial days are difficult, and parting with profits from the outset is something that can really put financial stress onto your shoulders.
Of course, when it comes to taxes, this money is going to leave your account at one point in time. The mistake that a lot of business owners make is forgetting about this - meaning that at the end of the year they are left with a hefty tax bill. Don't fall into this trap by deducting taxes every time you make a sale.
Understand your tax requirements
On the subject of tax, you need to understand exactly what you need to file. This doesn't just occur from a tax bracket point of view, but also the types of expenses you can file. A lot of small business owners don't understand this and ultimately, it hinders their profits.
In the world of anglers or people who are frequently fishing, the most important part is to choose the right equipment for them. Ream more about anglers in this link here. In order to catch that trout or sunfish, they should choose the tools and accessories that can suit them whether they are a beginner or already a professional.
If you are new in the world of fishing, it might be difficult to choose between tackle bags and tackle boxes. If you want to know more about tackle bags, you can click this link here. There are several reasons why you need a tackle bag and some of them will be discussed in this article.
History of Bags and Boxes
There is a time when many anglers realize that a fishing rod and reel are not the only equipment that they need to catch a freshwater salmon. They develop a box where they can put all their equipment including the bait in one place. Some of the manufacturers even came up with metal boxes but it did not work because it was too heavy and some of them rust easily.
As time passes, the manufacturers decide to develop boxes made of wood that contains small trays of cantilevers to compartmentalize the accessories and to make everything easier to access. The active lives of anglers made many producers come up with bags for convenience purposes.
Why Get Tackle Bags
There are a lot of advantages and benefits that a tackle bag can bring you. Some of the manufacturers built a lot of bags that easily outdo its box counterpart. Here are some of the benefits that you can get:
1. Portable and Lightweight
Some of the anglers realize that the tools for fishing are heavy enough. If they are going to use a tackle box, the weight will be heavier. This is why most of them opt for bags that have lightweight features. The fabric is made up of solid exteriors that will not break, and the bag is a convenient carrier when anglers are chasing some fishes on a lake.
In fact, most anglers choose the tackle bags with the same fabric exteriors and soft shells like the duffel bags because of the weight. The significant decrease in weight is something that most fishermen prefer when they have to change locations in fishing the entire day.
2. Extra Space
There are a lot of tackle bags that can provide you with theextra space that you need. This feature might not be present in the hard, plastic boxes. Tackle boxes are often rigid in design. You can know more about them here: https://en.wikipedia.org/wiki/Tackle_box. As a result, you can only include the necessary and essential things for fishing. But the soft tackle bags can provide you the flexibility of using other accessories that you are looking to carry. The overall design is flexible. If you would not want to carry everything, you can just easily remove some extra boxes in order to free up storage.
There are straps, whistles, belts, and side pockets on tackle bags that will make the storing of other things easier. You can even put an extra change of clothes if you are going to spend several days and nights hunting for fish. With the wealth of exterior pockets and compartments, you can also add some reels and water bottles while on a fishing trip.
3. Switch Out Options
As was mentioned before, tackle boxes and bags have built-in compartments that are made for different fishing tools and accessories. In the tackle box, you might not be able to remove these compartments. But in the case of the bags, you can switch them, mix them up or just carry the ones that you think you need on your fishing trip. You can know more about them in this link here: https://www.officialtop5review.com/fishing-tackle-bags/. As there are different fishing seasons out there, you will have the convenience of carrying half dozens of compartment boxes that can match the fishes that you are looking for.
A Final Word
Choosing the right gear if you are a newbie to the world of fishing can be overwhelming. However, with this guide, you might have learned something on which is more suitable for you. Whether it is a tackle box or a tackle bag, you have to make sure that you have the convenience that you need without leaving out important equipment in catching your very first fish.