Bank Statements, Their Use And Importance

Bank statements are financial reports of withdrawals and deposits of money into a bank account.

Bank statements are a useful way to keep track of transactions. They are physical, written by the bank and not amended by a third party, so are incredibly reliable. It extremely rare for a bank statement to show wrong information. It usually takes drastic circumstances on the banks end for an incorrect bank statement to be sent to a customer.

It is important to store a backlog of bank statements. Bank statements are used as evidence for tax reports, tax claims as well as other government transactions. Some jobs also require evidence of a bank statement as part of proof you have a UK bank account, as well as for identification purposes.

Bank statement logs are also useful for businesses. A log of statements kept since the start of the business can pay dividends later on in the life of the business.

Legal Considerations For Small Businesses

When starting a small business it’s probably not on your mind to consider the legal problems you may run into. However, a lack of understanding when it comes to the red tape involved could give your business serious issues.

If you are going to be self-employed then knowledge of tax law is a must. If you surpass the £81,000 revenue threshold you are liable to pay VAT. If you are setting up a registered company you need to adhere to cooperation tax and PAYE regulations, so knowledge of these is essential.

As an independent business you will be creating independent ideas, the understanding of intellectual property laws is a must. Protecting your own ideas will save you potential business and revenue. The awareness of avoiding the infringement of other businesses ideas will protect you from law suits.

Insurance for independent businesses is a large concern. Running into a big issue without insurance could potentially be the end of your business. Make sure you are protected against every possible eventuality.

The Importance Of Legal Awareness In Business

As a business owner you are sure to run into legal trouble at some point.

Some of the problems you may run into include issues with customers, serious injuries, problems with 3rd party services. There are many problems that you may run into, all of which can come at any time, anywhere, from anyone. As long as it’s in relation to your business it can be a potential legal risk.

It’s the unexpected nature of legal issues that requires a business owner to be on top of their legal awareness. An issue like an unexpected injury sprung on a business that is in an unsteady financial period could have disastrous consequences.

The best way to do this is by soliciting regularly with a source of legal advice. The internet can be a great source of information, providing you find a reputable source. Direct.gov is a government run website which has the most up to date information on many types of legislation.

When To Seek Legal Advice

It can be hard to know when to seek legal advice. There are many advantages to doing it, but it may very well be the case that the problem could be solved by yourself or that you should seek advice from an entirely different place.

The type of problem you have can change where you get advice from massively. If you are considering divorce for example then a solicitor can be a good place to get advice on the process. But therapists and councillors can also be a good source of advice on the issue. After all they have also spoken with many potential and occurring divorcees.

Online is a great place to go for advice too. There are many forums and blogs available on all kinds of personal issues. People who have been through legal issues tend to pass on the information to others, to pass on their wisdom. It is wise to take online advice with a grain of salt though. The advice may be heavily bias and it will be up to you to discern what is accurate or not.

Things To Consider Before Choosing A Solicitor

Life events can be stressful enough without having to worry about whether or not you’ve chosen the right solicitor, especially when you are in midst of the very thing you need the solicitor to assist you with. There can be thousands of solicitors in your local area to chose from. So what are the factors to consider when picking one.

Cost can be an important factor. But when looking at the options available don’t just opt for the cheapest one. Like in many areas of life – the thing that costs the least is perhaps not the best one to choose. Look for a solicitor who offers the best value for money. That little bit extra that you paid for initially, may pay dividends in the end.

Not all solicitors have experience in the event you may be dealing with. Look at their history and track record. Find a solicitor who has, ideally, dealt with the exact same legal matter already.