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regprentice

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  1. regprentice

    New homes 'crumbling due to weak mortar'

    Been on a few courses recently and the current business management vogue seems to be 'incremental improvements'. Sat through a long presentation about the sky cycling team and how they shave a gram off a bolt, use thinner paint to save another gram then all these small changes and drops in the bikes weight come together to guarantee success. In essence - cut everything you can see to the bone and keep 'innovating' and 'thinking outside the box' about other stuff you can cut to guarantee 'success'. I'm sure for builders 'success' is defined as getting customers to pay the highest price possible for the house built with the least or lowest cost materials Reminds me of Stewart Milne flats In Aberdeen. Because they have used the smallest joists possible the deeds stipulate moore than 10 people can congregate in the flat one time. Otherwise the floor will collapse. People still bought them for silly money even after it was headline news in the local paper.
  2. Could be linked to new rules designed to prevent large debts being rolled over indefinitely on cards, a category of debtor the FCA calls 'persistent debt' https://www.theguardian.com/money/2018/jun/02/credit-card-spending-terms-conditions-rbs-natwest Most banks will just stop you spending more then bring your limit down as (if) you start repaying, but perhaps Barclays have taken a view about a specific group of customers? Interestingly the last time Barclaycard aggressively wrote of customer debt was in the run-up to the GFC...... https://www.thetimes.co.uk/article/barclays-to-write-off-15bn-in-credit-card-debt-as-bankruptcies-hit-record-level-l36stwzwwwp
  3. Reading this being reported elsewhere the main story seems to be that as a 'motivation coach' he is positive and has a 'young' outlook on life but....at 69.... People won't click on his profile on online dating sites. By changing is 'age' to 49 he reckons he'll get more clicks and those who click on him won't be disappointed....
  4. According to the various budget threads on contratoruk the only thing worse for 'synthetic' self employed than the existing Tory IR35 rules would be a Corbyn Labour government. If Brexit goes badly I'd imagine that the govt would need more tax, not less, so I couldn't see them let this fall to the wayside - the govt consultation indicated this would bring in £1.1Bn in the first year.
  5. https://www.experian.co.uk/crain/index.html#question11 Whilst you have complete freedom to contact a CRA with your objection at any time, you should know that under the General Data Protection Regulation, your right to object doesn’t automatically lead to a requirement for processing to stop, or for personal data to be deleted, in all cases. Please note that, because of the importance of the credit referencing industry to the UK’s financial system, and the important purposes the personal data is needed for (like supporting responsible lending, and preventing over indebtedness, fraud and money laundering) it will be very rare that the CRAs do not have compelling, overriding grounds to carry on using the personal data following an objection. In many cases, it won’t be appropriate for the CRAs to restrict or to stop processing or delete bureau data, for example, where the result would be to hide a poor credit history that could enable a person or organisation to get credit they otherwise wouldn’t be eligible for.
  6. Interestingly the contractors I know tell me their accountants made them write a statement confirming that they had satisfied themselves that their contracts did not put them in IR35. I know one guy with an 'old school's accountant who hasn't asked for this, that accountant told him that contractors time was up and he should look to convert to permanent. On the IR35 classification tests I can pass some of them as a permanent employee. I don't have set hours (I need to be in in daytime but can roll in at 10am and leave at 4 is without requiring permission), I can choose my place of work through remote working, and I use my own equipment (pc, phone etc) when working from home..
  7. The companies I'm familiar are banks and other financial institutions. All the contracting work is done In house and there is no end client. I worked on a large programme last year with more than 700 contractors.
  8. Cant disagree and its much wider than just, Tax rates NI rates or dayrates. When i mentioned to my colleague i was looking to buy a new macbook pro he offered to put it through his company as it would have saved me something in the region of £600 in VAT and 40% income tax. I declined as it'd be fraud, but the difference is absolutely insane. Car parking, bus tickets, lunch, coffee during a meeting all cost an PAYE employee more than a contractor who can expense these things. My colleagues are 75% contractor. I've been speaking to them about the potential changes in rights for 'self employed' people, holidays sick pay etc are all rights that, because of people like DPD, Uber, Sports Direct etc that contractors seem likely to find themselves legislated to have over the next couple of years. This will bring their terms and conditions much closer to those of a 'permanent employee'. The argument in the past has been that contractors are paid more because they don't have these rights, but it seems part of that argument is going to vanish. I would have thought that this will bring permanent and contractor rights closer together and reduce contractor rates (as its hardly likely to increase PAYE rates) My contracting colleagues tell me that if they are forced to accept these rights day rates will have to increase, they tell me that if they are forced into IR35 then day rates will have to increase but I can only see reasons for those rates to decrease as contractors and permanent staff become more and more similar. Will be interesting to see what happens. Edit - another thought - This isn't a change to the IR35 rules, but moving responsibility for asserting those rules to the employer. If you've had a long working relationship with an employer who now decides you are within IR35 then i would assume that puts all historic work you've done with that employer within IR35 as well.
  9. regprentice

    What/who will collapse first in 2018

    Discussion on Radio Scotland at lunchtime today, Johnstone Press, publisher of the i newspaper, the scotsman/herald and around 200 small local papers is up for sale. I wonder who wants to buy £220Mn of Debt for £3Mn ? https://www.bbc.com/news/business-45820672 https://www.holdthefrontpage.co.uk/2018/news/journalists-fear-uncertain-times-after-johnston-press-put-up-for-sale/ Daily Telegraph deputy business editor Chris Williams added: “Johnston Press has put itself up for sale. Has a market value of only £3m. “If rumours of £3m for the whole group of +200 titles is true, that works out as less than £15k a title. For that price I’ll get myself a newspaper and have a bit of fun.”
  10. https://www.oxfordmail.co.uk/news/15455182.Care_homes_in_Oxfordshire__most_expensive__in_UK/ Residential home in a small commuter town in Oxfordshire, walking distance from where his daughter lives. She has just retired herself and reckons she couldn't manage a long commute on a regular basis. According to this article the fees in this area range from a minimum of £750 to £1500 a week. In the most expensive home that would take my wife's grandads fees to £280k for 3 1/2 years, i'm not sure where the rest of the money goes, whether there are top up fees or whether they have to pay for food etc? My mother in law who holds power of attorney made the observation that 400K would last 3 and a half years, i haven't discussed how that breaks down in detail.
  11. The Nat West BTL Mortgage has the following lending criteria - http://www.intermediary.natwest.com/intermediary-solutions/lending-criteria.html then follow the link for BTL. The terms include the following. We will not consider multiple tenancies, Homes of Multiple Occupancy, bedsits, DSS tenants or 'Related Person' tenancies. A minimum income of £25k pa is required (for joint applications at least one applicant must earn £25k). Maximum LTV is 75% (for new build flats or houses a maximum LTV of 65% applies). Interest Coverage Ratio (ICR): The ratio of the expected monthly rental income from the Buy to Let property to the monthly mortgage interest payment which takes into account likely future interest rate increases. The minimum ICR threshold is 135%. We will top-slice if there is a rental shortfall, taking into account any free personal income the applicant may have. In all cases, expected rent must continue to meet a minimum rental cover calculation of 5.5% x 125%. The ICR is very important, i sincerely hope that the bank continues to be as aggressive in enforcing their terms as house prices continue to fall...it'll be a bloodbath for small landlords if/when there is a crash. no idea what 'top-slice' means... but it doesn't sound good. Anecdotal - i used to work for RBS (Who own Natwest). about a year after the GFC i was speaking to a senior manager in Finance and he told me that it was unbelievable how many companies RBS had taken ownership of. If a company breached its covenants RBS would call in their loan and take ownership of the company, they would leave the managment/owners in their job but now RBS owned everything. He reckoned there were 100's if not 1000's of companies that RBS had done this to. It's probably a large part of the GRG scandal thats been in the press recently, though nothing i've read has sounded quite the same as the structure that this manager discussed with me, which made it soud like RBS was sitting on a load of 'zombie' companies it would eventually sell for a profit, as opposed to aggressively close down.. According to their induction course for new staff, just before the GFC RBS was the largest single owner of hotels and bars in the UK. If they wholesale foreclose on their BTL book they might end up the largest single owner of residential property in the UK.
  12. regprentice

    Sears going bankrupt this week?

    Seems like a rerun of Hof/Debs , they even have their own Mike Ashley figure. https://www.forbes.com/sites/paularosenblum/2018/10/10/sears-plunges-towards-chapter-11-lampert-stands-to-win-whatever-happens/#67714f0d5237
  13. His daughter deliberately chose a home where the state funding would kick in when his money ran out without him having to move again. So that should be the 'base' NHS rate. Some homes cost more than twice that, but he would have had to leave and find an NHS place when his cash ran out
  14. My wife's grandfather lived on his own til he was 93, between 93 and 95 he required 2 hours a day of help in his own home after a bad fall which left him outside overnight from which he never quite recovered. Now at 95 he has just moved into a home. His house was sold for £400k and it will pay his care fees for three and a half years. Nothing wrong with him apart from age related diabetes. Would never have predicted he'd live this long. Quite likely to burn through the full £400K I would have thought, it's amazing that 'wealth' that took a whole lifetime to accumulate can be eroded to nothing in three years by care fees. The impact on his boomer children has been pretty significant. Despite living in their own £400k house and having 2 final salary teachers pensions they've already said there will be nothing left for their kids and are spending the money like water as they'd rather spend it than 'lose it' to the govt in care home fees. I've read a lot about the 'inter generational' contract recently and I think fear of care home fees has gone a long way to eroding the expectation of intergenerational wealth transfer through inheritance.
  15. Christ on a bike. And she was in tears of joy when she renegotiated her loan to only 13%.
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