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By Alan, on January 25th, 2012
 Stephen Hester is the Chief Executive of the Royal Bank Of Scotland and it has just been announced that he is not going to be taking his bonus this year. Reports have stated that this figure would be around £1.5 million if he were to take it.
The government recently stated that bonuses at the bank will not be generous and would be capped at £2000, the government is allowed to make this decision because over 80 percent of the bank is owned by the taxpayer. This limit does not apply to shares in the bank and therefore Mr Hester would have been able to take his bonus if he so chose.
Robert Heston has commented, “A source inside the bank has said that Mr Hester is refusing the bonus because he feels that if he took it the anger from the public would be negative for the bank. Furthermore he wants RBS to be less political and for it to recover enough for it to be privatised.”
Before the announcement that he would not take the bonus, the leader of the Labour Party, Ed Miliband said, “The state still owns a majority share of RBS and whatever is paid out at the bank is paid by the taxpayer and I think it is the responsibility of the Prime Minister to prevent this bonus being paid. Responsibility about government spending is very important and if the Prime Minister wants to be fair then he will prevent this bonus from going through.
Late last year, Mr Hester commented, “When the bonuses are paid out this year we will be paying the least amount possible to our staff.” However the company has still set aside a larger amount for bonuses than it did last year. It is unclear of what the exact figure is yet.
By admin, on January 24th, 2012
Many freelance workers and contractors do not want to spend time and money on the administrative and legal work associated with setting up a formal partnership or a limited company, and increasingly they are turning to umbrella companies to take on the burden of this work. This is a good way to ensure full compliance with the legal requirements of operating a business without the need to do any of the paperwork, and an umbrella company also has an added advantage – it can actually save the contractor money through reclaiming business expenses.
It is easy for someone to overlook what can be claimed, or to get it wrong and find the mistake has added to their tax liability. Expenses that are incurred legitimately, wholly and exclusively in the operation of the business can be reclaimed. The great thing is that the chosen umbrella company will do all the paperwork, as long as relevant receipts are supplied.
Travel and Accommodation
Going to and from a temporary place of work is a legitimate expense and there are different rates per mile for travel by car, motorbike or bicycle. Public transport costs and the London Congestion Charge can be reclaimed too, and car passengers are also entitled to a small allowance per mile.
Work that entails staying away from home, for example for training purposes or whilst travelling on business, is a legitimate expense and can be reclaimed. Make sure all relevant receipts are kept, and remember those that include VAT should also record the VAT number of the bed and breakfast establishment or hotel, if applicable.
Training, Equipment and Protective Clothing
The cost of any equipment that is necessary for a specific job can be claimed. Training can be a little more problematic as it must be proven to be absolutely necessary to a particular contract and so a general training course is unlikely to be eligible. The cost of necessary protective clothing can usually be reimbursed, although costs of alterations or cleaning will not be eligible. Items that can be worn outside the workplace ordinarily are not likely to qualify.
Other Items
Eye tests and spectacles can be claimed where the work requires a contractor to use a PC. Professional subscriptions and incidental items may be eligible, depending on the circumstances.
Billable Expenses
If eligible expenses are claimed from the company for which the contractor is providing services, and paid to the umbrella company, these are called billable expenses. Depending on what they are, they will then be paid to the contractor after any adjustment for tax. The umbrella company will make the correct tax adjustment for the contractor, saving them yet another chore.
Non-Billable Expenses
When contractors incur expenses that will not be paid by the company for which they are providing services, the expenses can still be claimed against tax liabilities. Once again the umbrella company will do all the necessary tax calculations, if applicable, on behalf of the contractor, and the correct amount payable will be reimbursed.
Courtesy of Crystalumbrella.com
By Alan, on January 20th, 2012
 New Spy HQ experience looking for new agents A brand new full-day experience has just been launched especially for those would-be secret agents out there who feel they need to brush up on their skills. Spy Games, the award winning events company, have launched their toughest ever training mission for those amongst us who feel that their James Bond skills are a little rusty.
Both men and women are welcome at the ‘New Spy HQ’ , where they can immerse themselves in the thrilling and action packed world of spying at espionage at the Spy Games’ headquarters located in Buckinghamshire. The team at Spy Games have already started signing up people wishing to take part in the 6 hour experience, where they will be tested on such skills as accuracy, agility and speed.
Participants will move between different activities during the course of the day that include Sniper Lane, where they will be taught the principles of concealment and marksmanship and the Laser Room, where the agents have to weave in and out of the live beans without breaking them to retrieve a safe.
In addition to learning hand-to-hand combat techniques including blocks, knife work and take-down methods, participants will be invited to get behind the wheel of off-road buggies for an adrenaline-fuelled driving challenge.
Armed with blank-firing pistols, trainee spies will also learn the drills necessary to confront enemies with a weapon.
‘New Spy HQ’, which is aimed primarily at the leisure market, is the latest addition to a broad programme of espionage-themed activities offered by Spy Games’ for individuals, private groups and corporate training purposes.
Spy Games founder and managing director Dave Thomas said: “This is one of the toughest training challenges we’ve created so far and is really designed for individuals who want to learn some of the skills that make James Bond such a hero. We’ve been really encouraged by the response we’ve had so far and the feedback has been really positive.
“Spy Games offers the chance to get out and do something completely different. But crucially, it is also embedded with important training and skills including communication, teamwork and accuracy.”
Other espionage-themed activities offered by the company include diamond heists, car chases, spy hunts, escape and evasion, hostage rescues, laser combat and pistol shooting.
Spy Games is the world’s leading events and training specialist in espionage activities and is passionate about delivering high quality corporate programmes that entertain and excite.
Established in 2001, Spy Games delivers team building activities, product promotions and corporate entertainment for clients that include Asda, Barclaycard, BSkyB, Carphone Warehouse, Coca Cola Enterprises, Diageo, Ernst & Young, FHM, GSK, KPMG, Microsoft, Ministry of Defence, O2, Panasonic, Red Bull, Red Letter Days, Serco Group, Siemens, Shell, Sony, The Home Office, Unilever, Virgin, Vodafone, Wagamama and XBOX.
Using its extensive planning and co-ordination skills and expertise, Spy Games can deliver international events anywhere in the world and in almost any venue from coaches and trains to hotels, Bedouin tented camps or even the client’s office! Flexible in its approach, Spy Games offers both off-the-shelf programmes and tailor-made events and training packages that meet a client’s budget and objectives. Presented by highly trained professionals, Spy Games brings to life the exciting world of international espionage.
For further information please visit www.spy-games.com
By Alan, on January 19th, 2012
 The Financial Services Authority has fined two insurance companies owned by the Royal Bank ofScotlandover £2.5 million for making changes to the files they submitted as part of an investigation into the way firms handled complaints from customers.
Of the 50 files that Churchill and Direct Line submitted to the FSA, more than half were found to have been doctored some time after the financial ombudsman had announced it was launching an investigation into the way the insurance firms were handling complaints.
In many cases, the alterations were minor – making numerical or grammatical corrections – and did not change the substance of the complaint or the way it had been handled; but in several of the files examined by the FSA, signatures had been forged on memos that were created after the complaint had been closed and documents had been added immediately prior to the paperwork being sent for investigation.
The FSA was especially critical of RBS itself for informing over 200 staff in a conference call that an investigation into the complaints procedure was to be launched, asking that all relevant files be up to a standard that would pass the inspection. It was suggested that RBS bosses were either deliberately or inadvertently encouraging staff to tamper with the documents that were passed on the FSA.
Royal Bank ofScotlandwas being investigated as part of a wider examination of the insurance industry. During the first part of the process, over a quarter of their complaints were found to have been unsatisfactorily dealt with and the RBS management was then told that a further 50 files would be examined in detail. It was at this point that staff were invited to the conference call that has caused such problems for the financial institution.
The chief executive of RBS Insurance, Paul Geddes, insists that the company had already learnt from the findings of the first FSA investigation and added that the they will be happy to implement any new directives.
By admin, on January 17th, 2012
Cartography – the art of making maps – is an ancient skill. While we have no exact dates for when man first started mapping the world, it seems as though as soon as people had parchment and means of putting pen to paper they wanted to render their surroundings.
Some of these early maps are beautiful and intriguing insights into how our ancestors viewed the world, how much they knew and what they deemed important. For example, nation sizes could be distorted to make some countries seem more powerful and others less significant.
The most famous early cartographer is probably Ptolemy, who produced a book, Geographica, c150, from which maps have been recreated which help us to understand early impressions of the world. Greeks and Romans made rudimentary maps as a result of their travels and conquests, but the real cartographic revolution happened during the Renaissance during the age of exploration.
Technological advances such as the telescope allowed people to navigate using latitude by observing the stars and exploring more of the globe. Mapping was then transformed in the mid-1800s by aerial photography and during the 20th century with the motoring boom and most Western households being transformed into car owners paper maps became a necessity.
Owning Ordnance Survey maps and planning your route before leaving, keeping a paper map in the car and buying the latest copy to take into account new roads was standard practice for many decades. However the digital revolution, which is transforming our relationship with data in many ways, has inevitably changed our relationship with maps. GPS and Sat Navs mean that traditional cartography is becoming a dying art, and many people no longer read maps fully the way they used to, as directions are given to them by Google maps or their sat navs.
Some are committed to preserving traditional maps, though. Thanks to techniques like data scanning and digital data capture paper maps can be turned into electronic files and preserved forever digitally. Societies such as the British Cartographers Society and International Map Collectors bring enthusiasts together to preserve the physical paper maps and the skills involved in creating them, and maps are now turning into collectors’ items.
Article Courtesy of TerraQuest
By Alan, on January 14th, 2012
 Food sales helped High Street stalwart Marks & Spencer report Christmas figures that were better than executives had predicted, even though the results from other departments in the store proved to be somewhat disappointing.
An increased range of party nibbles helped the retailer record a 3% increase in food sales from Christmas 2010, but sales of clothes only increased by just over 1% and the shop’s home ware range struggled badly; sales in Christmas 2011 were almost 13.5% lower than in the same period the previous year.
Bosses at M&S were generally happy with their festive figures, admitting that they had anticipated the poor figures from the clothing department because of increasing competition from other High Street retailers. Debenhams in particular were marketing their clothing ranges very aggressively, offering large discounts on their own designs as well as brand names.
M&S was eventually forced to respond with its own pre-Christmas reduction in an effort to compete, but by then the damage had been done. Debenhams reported excellent figures, considering the financial crisis, with sales of clothing increasing by over 6% from 2010.
Marc Bolland, the current chief executive at Marks & Spencer, was trying to see the positive side of the company’s Christmas figures, adding that the food range at the store has remained a firm favourite with families looking to buy something different for a special occasion.
Bolland was also positive about the company’s prospects for the rest of 2012, anticipating that events such as the Queen’s Jubilee and this summer’s London Olympics would also produce a boost in food sales, as shoppers planned parties and splashed out on quality products rather than taking the budget option.
By Alan, on January 10th, 2012
 A new study reveals that the amount of private equity buyouts tripled last year in the North East, despite the fact that nationally the trend showed a decrease. According to the Centre for Management Buyout Research, £281m worth of deals were completed by the time that 2011 closed which is giant increase from the £83.4 worth of deals that were completed in 2010.
This is an even larger jump from 2009 when the recession first hit and the amount of deals were valued at £54.6m. The new figures from 2011 only account for five deals that were made last year in the North East, with a large amount of the total value coming from the buyout of Lloyds TSB Development Capital which was a deal worth over £100m.
Equistone Partners Europe sponsored the research along with Ernest & Young. Nationally, the data reveals that private equity buyout has actually decreased in value, dropping down to just £12.1bn by the close of 2011. The amount of deals also decreased with only 176 deals completed versus the 183 deals seen in 2010.
Outside of the Lloyds buyout, most of the activity in the North East was the result of the lower-mid market, with three deals completed in the £25-50m price range. There was no clear sector involved in the buyouts primarily as they were spread out across food and drink, support services, business, TMT, healthcare, and manufacturing.
Partner Steve O’Hare of Equistone Partners Europe in the North stated that although the amount of deals that were actually completed in the North East remained the same over the course of 2011, it was encouraging to see that the overall value of the deals had increased.
By Alan, on January 3rd, 2012
 It has been estimated that last year nearly 75,000 people from the UK who were travelling had their travel plans interrupted because of companies going out of business. It is estimated that this left them with a total figure of over £25 million in additional expenses such as repatriation costs. In the last year nearly 25 companies went out of business and most of these occurred in the summer months when they had most people abroad.
This number of collapses is a significant improvement on the figures for 2010 but is still more than the industry would like. In 2010 nearly 10 times as many companies went broke and around £50 million in claims was paid out by insurance companies. In 2010 the average claim was around £250 but in 2011 this figure had risen by over £100. Claims for passengers who had travelled to long haul destinations were significantly higher with both figures for 2010 and 2011 coming in at over £1000.
This information has been provided by the Centre for Economics and Business Research and it still shows that despite the number of claims, many passengers are failing to claim the compensation they were entitled to. The Centre has estimated that around 10% of people are failing to claim compensation, which is worth around £2 million.
Holidays 4 UK was one of the highest profile companies to collapse this year and nearly 15,000 customers were stuck in Turkey after the company went out of business. A further 50,000 customers who had booked holidays with Holidays 4 UK had their holidays cancelled.
When a travel company goes out of business there is an insurance policy that customers can turn to to get their money back or get compensation for additional flights that they have to pay for to get home. This is called the ATOL scheme and it is something that all travel operators must be signed up to by legal obligation. Customers pay £2.50 when they book and this covers them for the scheme.
The managing director of Kelkoo Travel is Chris Nixon who has commented, “2001 was a very challenging year for the holiday market due to the weakened economy. In addition to this the increase in cost of fuel has meant that running flights is more expensive. It is pleasing to see however that far fewer companies are going out of business than we saw in 2010. Unfortunately though, consumers are still being cautious about their spending and this is having a negative impact on holiday companies.”
By Alan, on December 30th, 2011
 The debt riddled Thomas Cook travel operator announced this week that it would have to close about 200 stores located across the UK, including one regional branch in Skegness.
The first 11 closures will take place over the next two years but theLumley Roadbranch will be safe from closure, although its sister Co-Operative travel site that is found inside of the Beales department store will be part of the closures.
A Thomas Cook spokesman confirmed that the Skegness Co-Operative Travel store will be closed which will mean all three employees at the store will be made redundant. While this number may be small, as many as one thousand jobs are expected to become redundant by the time all of the stores are closed throughout theUK, with a spokesperson for the travel company stating that they feel that the town’s needs can be served by the branches that are left open.
In terms of the people in Skegness, the spokesman stated that the Lumley Road store should be enough to help out locals, and there is of course support online at the travel website www.thomascook.com that can help people looking to make travel arrangements as well.
Glenis Brown, the chairman of Skegness and District Chamber of Commerce stated that they are worried that there will be jobs lost because of the closure and that while they may be doing well when you compare Skegness to other neighboring towns they still worry when there is any loss of jobs.
She added that the only solution is to hope these people are able to find jobs and for the town to grit its teeth and continue to work at surviving as they have been over the past few years. Brown did add that overall, it is still lucky that the Lumley Road branch will remain open because there are many people that come into the town and they should be happy for what they still have so that they can continue to fight back even during the hard times.
Although Thomas Cook reported losses of £398 pre-tax this year, the company hopes that it will be able to streamline its branches and continue to help customers make travel arrangements. It recently merged with the Midlands Co-Operative travel division and Co-Operative Travel and was forced to look at its retail network and consider which stores needed to remain open and whichcould be closed.
The CEO and chairman of Thomas Cook, Ian Allies, stated that they think that the stores that are left open will be perfectly placed for customers and that they have chosen to leave high street stores, since they have proven to be a popular option for customers to book travel arrangements from.
By Alan, on December 30th, 2011
 IAG, the owner of British Airways, has announced that they will purchase BMI from its previous owner Lufthansa for a grand total of £172.5m, but is warning those with BMI that the purchase may result in the loss of jobs. IAG also owns Iberia and as a result of the new purchase will gain access to 56 new docking bays at the Heathrow Airport.
Both airlines hope to see the takeover completely finish by the end of the first quarter of 2012 although the deal needs to be cleared by the competition bodies first and Virgin has already announced that it will oppose the new purchase.
Although Lufthansa had signed a preliminary agreement for the purchase with IAG back in November it did still conduct talks about a potential deal with Virgin instead.
Chairman for Virgin Group Sir Richard Branson stated that BA is already the dominant airline at the Heathrow Airport and that by taking over BMI they will have an even tighter hold on the largest international airport in the world. Therefore, Virgin plans to fight the monopoly as they believe it is bad for Britain, the consumer, and the industry.
During 2010 BMI reported a £153m loss making it urgent that the company decide to restructure which will mean that some of the 3,600 employees at BMI are going to face redundancy.
However, in the figure IAG chief executive said that more jobs will be created as the three year restructuring process of the business is completed. BMI operates flights to Africa, Europe, and to the Middle East and currently holds 8.5% of the docking slots at Heathrow which is the real reason that airlines actually wanted to purchase the failing airline company. Subsidiaries of BMI also include BMI Regional and BMI Baby which are not yet up for sale.
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Stephen Hester is the Chief Executive of the Royal Bank Of Scotland and it has just been announced that he is not going to be taking his bonus this year. Reports have stated that this figure would be around £1.5 million if he were to take it.
