Podcast Summary
Find hidden talent on LinkedIn: Stay informed about global economic conditions and utilize LinkedIn for recruitment to access hidden talent and stay competitive in the job market
LinkedIn is a valuable resource for small businesses looking to hire top talent. With over 70% of LinkedIn users not visiting other leading job sites, great candidates like Sandra, who were not actively seeking a new role, may be missed if a business doesn't utilize LinkedIn for recruitment. Additionally, the economic climate for emerging markets has taken a turn for the worse, leading to crises of confidence and capital flight. This shift began with a change in US monetary policy and the resulting rise in US interest rates and a stronger dollar, making emerging markets less attractive for investment. This has led to currency crises in countries like Argentina, Turkey, and South Africa, among others, and highlights the importance for UK investors to stay informed about global economic conditions. In summary, LinkedIn is a crucial platform for finding hidden talent, while keeping a close eye on emerging markets and their economic conditions is essential for successful investing.
Emerging Markets: Challenges and Opportunities: Despite challenges, emerging markets present opportunities due to significant discounts in equity valuations and currencies. Trade wars may not affect all markets equally, and China remains a major economy with growth potential.
While emerging markets have faced significant challenges this year, the impact on average global emerging market funds has been relatively modest, with an 8% year-to-date decline. Some countries, particularly in Asia, have fared better and are more robust, despite facing threats from trade wars. However, there is uncertainty about how these situations will unfold, and some countries have suffered steep declines, leading to potential bargains. The consensus in the market is that more pain could be coming, but the significant discounts in equity valuations and emerging market currencies (except for China) may present opportunities. The trade war between the US and China, while a concern, may not affect all emerging markets equally, and China remains a major global economy with potential for growth.
UK Workers Face Large Tax Bills from Contractor Loan Schemes: Thousands of UK workers, particularly in IT, healthcare, and education, have unexpectedly large tax bills due to participation in contractor loan schemes. The government now requires these workers to pay back taxes from 1999, potentially leading to financial hardship or bankruptcy.
Thousands of workers in the UK, many of them in the fields of IT, healthcare, and education, have found themselves facing unexpected and substantial tax bills due to their participation in contractor loan schemes. These schemes, which have been in use for over 20 years, involved workers receiving their pay through a third party offshore company, which then loaned the money back to the worker, charging a small fee. At the time, it was believed that this money was untaxable. However, the Supreme Court eventually ruled that these loans were indeed taxable, and the government has since passed a law requiring those who have received such loans to pay the equivalent tax going back to 1999. Many of these workers are now facing bills in the tens or even hundreds of thousands of pounds, which some may not be able to pay, potentially leading to financial hardship or even bankruptcy. Paul Lewis, the Moneybox presenter, argues that these workers were encouraged or even forced to participate in these schemes and were not financial experts, making their predicament a sympathetic one. The situation has raised concerns about how the government has handled this issue.
HMRC's stance on contractor loans tax avoidance schemes: The HMRC's position on contractor loans tax avoidance schemes is firm, with the Financial Secretary to the Treasury labeling them as ineffective tax avoidance. The legislation's retrospective nature and lack of action against promoters and employers is a concern.
The HMRC's stance on tax avoidance schemes, specifically those related to contractor loans, is unyielding. Mel Stride, the Financial Secretary to the Treasury, has labeled these schemes as ineffective and always tax avoidance, despite concerns about the retrospective nature of the legislation. Stride denies that the law change in November was retrospective, but many disagree. The harshness of the 20-year lookback period and the lack of action against those who promoted these schemes, as well as the employers who didn't deduct taxes, is a point of contention. The authorities could have tackled this issue earlier and could consider a longer repayment period and not going back as far. The columnist, Paul Lewis, shares these concerns and emphasizes that those who engaged in such tax avoidance practices should have known better. The column is likely to spark controversy among readers, with some being infuriated and others delighted.
Additional home brings benefits of escape and investment: Owning multiple homes can provide a sense of routine, freedom, and organization for those who can afford it, while also serving as an additional investment
Having more than one home, specifically a third home, can bring significant benefits for those who can afford it. This third home serves as an additional escape or investment, allowing individuals to focus and organize their lives more effectively. It doesn't have to be a large or expensive property; it could be a small cabin, a barge, or even a place abroad. While some may argue that it's unnecessary or even embarrassing, especially considering the housing crisis and people sleeping on the streets, the speaker acknowledges the need for societal action to address these issues. However, for those who have the means, owning multiple homes can provide a sense of routine and freedom from constantly searching for accommodations. The key is to be well-organized and prepared for the administrative tasks involved in owning and managing multiple properties.
Breathe new life into tired belongings and investments: Effectively organizing belongings and investments can lead to more efficient use and peace of mind. Consider giving tired items a new life or investing in real estate as part of a diverse portfolio, understanding the risks involved and planning for long-term returns.
Effectively utilizing your belongings and investments requires organization and adaptability. When you grow tired of an item, giving it a new life in a different location can breathe new life into it. Similarly, investing in real estate can be a wise choice, but it's essential to understand the risks involved and consider it as part of a diverse investment portfolio. Organizing your belongings and finances can lead to more efficient use and peace of mind. Additionally, it's important to recognize that not all investments yield immediate returns and that long-term planning is crucial. So, whether it's reorganizing your home or your finances, remember that a little effort can lead to significant benefits.
Investing in Property Amidst Economic Uncertainty: Consider investing in property during economic uncertainty for potential deals, but be prepared for added responsibilities and costs if renting out a holiday home.
The current economic climate, with some predicting a potential market correction post-Brexit, presents an opportunity for savvy buyers to secure great deals on properties. This is especially true for those who are eager sellers. However, it's crucial to only invest money that you're comfortable losing in the short term, as there could be price corrections. Additionally, the trend among wealthy homeowners since the financial crisis has been to make full use of their assets, including holiday homes, through rental income. But, this comes with added responsibilities, such as tax returns, potential tax increases, and wear and tear costs. Therefore, the decision to rent out a holiday home depends on personal usage and financial needs. For some, the added income and potential tax benefits outweigh the hassle. For others, like the speaker, the peace of mind and freedom from additional income and taxes are more valuable. Overall, the current economic climate offers an opportunity for those looking to invest in property, but it's essential to weigh the potential benefits against the added responsibilities and costs.
Appreciation Transforms Individuals and Companies: Understanding service charges and local taxation can lead to financial growth. Share stories or ask questions to connect with others. Appreciation through gifting or recognition platforms can positively impact individuals and companies. Pamper moms with eco-friendly self-care sets.
Appreciation has the power to transform individuals and companies, just like how Mother's Day is a special occasion to show appreciation to the special women in our lives. James Max discussed the importance of understanding service charges and local taxation, while encouraging listeners to share their financial stories or questions with Feet Money. Meanwhile, Osea, a woman-founded and led brand, offers limited edition Mother's Day skin care sets, promoting self-care and eco-friendly products. By capturing the power of appreciation through platforms like Reward Gateway Eden or by gifting Osea's limited edition sets, we can make a positive impact on people and companies, and pamper the special moms in our lives.
