Category: Blogging

Why Should I Get A Wealth Manager To Manage My Finances??

Personal financial management may be challenging and time-consuming, especially as your wealth increases. While some people prefer to manage their money on their own, there comes a time when getting expert advice is necessary, especially from reputable ones such as Raymond James.

An asset manager can help in this situation. A wealth manager is a financial expert who offers personalised guidance and complete services to assist people in navigating the complexities of successfully managing their money. In this post, we’ll examine the main factors that make hiring a wealth manager a smart move for your financial security.

 

What Is Wealth Management?

Making choices about your assets is the wealth management process, sometimes in collaboration with a wealth manager. Investments in money, tax preparation, estate planning, and other financial problems fall under this category.

 

Who Is A Wealth Manager?

A wealth manager is a licenced professional who helps clients who require wealth management assistance with their financial decisions. They are a certified financial expert who often offers a wide variety of services such as Investment management, financial planning, insurance sales, tax guidance, and estate planning.

 

Why Should You Get A Wealth Manager?

There are a few advantages to getting a wealth manager to manage your finances. Here are some of the points: 

 

They Have The Proper Knowledge And Expertise

The wealth manager’s ability and in-depth understanding of the financial environment are two of the main reasons to be taken into consideration. These professionals have extensive training in investing methods, tax planning, risk management, and estate planning. 

They keep updated on the most recent market developments, legislative changes, and investment possibilities. You may obtain access to an extensive amount of information and make decisions that are suited to your financial objectives by utilising their experience.

 

Personalized Services

Since every person’s financial circumstances are different, a one-size-fits-all strategy rarely works. Wealth managers are aware of this and create tailored financial strategies based on your individual needs, objectives, and risk tolerance. 

To develop a tailored roadmap, they do a complete examination of your financial status, taking into account your earnings, outgoings, assets, and obligations. This thorough plan considers both short- and long-term goals, retirement planning, funding for schooling, and legacy preparation. 

You can be sure that your financial strategy is personalised to your requirements and ambitions when you work with a wealth manager.

 

They Will Keep Your Portfolio Diversified

A crucial component of wealth building and maintenance is clever investing. Your varied investment portfolio may be built and managed with the assistance of wealth managers. In-depth research is done, risk profiles are evaluated, and suitable investment possibilities are found across a variety of asset classes, including equities, bonds, real estate, and alternative investments. 

Investment diversification is a strategy used by wealth managers to lower risk and increase possible profits. They continually keep an eye on your portfolio and make adjustments based on the state of the market and your changing financial objectives.

 

They Can Help You Manage Your Risks

Risk management that works is vital for protecting your wealth. Wealth managers use tactics to reduce risks and safeguard your funds from unanticipated circumstances. To reduce possible vulnerabilities, they might offer advice on insurance choices, estate planning, and asset protection strategies. 

Working closely with a wealth manager gives you a partner who can guide you through trying market and economic times as well as unforeseen life events, guaranteeing the long-term protection and expansion of your money.

What should you look at when hiring a payroll specialist?

Salary distribution can be a very exhausting task as it is very repetitive and complicated, which is why hiring a payroll specialist is essential for businesses. Payroll is an essential component that ensures the business runs smoothly as they distribute the salaries to your employees in an accurate and timely manner. Besides, they are also responsible for keeping your records and statements, and also handling your taxes in accordance with the regulations.

With that said, it is important to get the right payroll specialist. Companies such as AccountedFor are specialized in this field, ensuring you get the best payroll services possible. Here are some factors to consider before hiring a payroll specialist. 

Certification

One of the key factors in choosing a payroll specialist is getting a certified payroll specialist. Certified payroll specialist has undergone proper training and they are also regulated by a proper body. 

In the UK, a payroll specialist can only be certified by CIPP (Chartered Institute for Payroll and Pension), as they are the only chartered institute in the UK. CIPP ensures that their members are always up to date on the newest payroll software and ensuring best practices for the company. 

Familiarity With Payroll Softwares

As we are heading into the era of technology, payroll software is constantly being updated with the introduction of new features. This trend has caused payroll specialist required to be especially familiar with computers and payroll software. The level of adaptation is also very important as there are various types of payroll software that differ in complexity. 

However, do note that although payroll software can help payroll specialists in complying tax regulations, it is definitely not 100% accurate, which is why a payroll specialist is constantly demanded in a business. It is very important to look for payroll specialists that are constantly updated about the political landscape.

Communication Skills

Payroll directly relates to people, as payroll specialists will be engaging with employees very often. A payroll specialist with good communication skills is able to handle problems and explain the situation in a clear manner, allowing employees to know what is going on with their salary. 

Besides, payroll specialist needs to teach employees to use the payroll software portals, which means good communication is essential as giving instructions to use complex software is not as easy as it sounds. 

Experience

Aside from technical skills, experienced payroll specialists should always be considered as they have been facing different types of situations. An experienced payroll specialist is able to handle difficult situations with ease as they have been met with similar situations before, significantly cutting down wasted time and effort. 

However, one thing to take note is about is the field that the payroll specialist was in. Different fields of business have different dynamics, and they might be very different from yours. Make sure to ask the right questions and the method they handled it to ensure they are a good fit for your company.

High In Adaptability

In this ever-changing landscape of technology, there will always be something new and changes will always happen, and adaptability has become one of the most crucial elements that businesses are looking for in all employees, including payroll specialists. Payroll specialists are usually expected to adapt during changes in business or even politics that will affect the payroll system. Situations such as tax policy changes should be adapted quickly to prevent government intervention or employee dissatisfaction.

Conclusion

We understand that getting a good payroll specialist is not easy, especially when there are so many candidates to screen through. If you are looking to find a good payroll specialist without wasting so much time and effort, look no further than payroll specialist companies such as AccountedFor, as they are helping numerous companies to handle their payroll processes and have done a great job throughout the years.

All You Need To Know About UK’s Employment Law

When you hear the term employment law you might think that’s a bit boring, but it’s so important that you understand it as it impacts businesses, you, me, and everybody who’s employed or employs people is impacted by employment law.

In this article, I’m going to tell you lots about employment law and how it impacts you and your businesses. Now, employment law can be complex as it’s made up of lots of little pieces of government legislation, but it’s designed to protect employees from exploitation in the workplace. When it’s broken down employment law is based on four key areas which form the basis of employee rights in the UK.

These are recruitment, pay, discrimination, and health and safety and in this article, I’m going to give you an overview of all four of these key areas and how legislation around employment impacts both employers and employees in the UK.

Recruitment

So first up it’s recruitment, when businesses are looking to recruit, employment law sets the standard, it guides businesses on what they can and cannot do when they’re looking to recruit new employees and what they can and cannot do with their current employees.

The key pieces of legislation that are involved in recruitment are the Equality Act (2010), which ensures that businesses treat all potential applicants and current employees fairly and do not discriminate.

This applies to the whole recruitment process right from the way that the job advert is written to the way that the job advert is publicized, so who and who cannot access and apply through to the interview and selection process.

The  Data Protection Act (2018) is also very important as it guides businesses on the types of personal information that they can and cannot collect from candidates and employees. And the third key piece of legislation that impacts recruitment is the Employment Rights Act (1996) which is in place to ensure that all successful applicants receive a formal written document or statement which contains all the key information about their new role and their responsibilities.

This includes information such as the job title, the job description, the rates of pay, and who they might report to. In addition to this employment law also guides businesses on how to treat employees who are going to be absent from the workplace whether this is through sickness or having a child.

For example, employment law guides the business and sets the minimum standard of treatment for that employee and once the business has been successful in its recruitment process, employment law then guides it on the types of checks that it must carry out on this successful applicant.

For example, if the role involved working with young children let’s say a teacher, then the school is required to complete a DBS check to ensure the successful candidate has got no criminal convictions and they are safe to work with children.

Pay

So we’ve talked a lot about recruitment so far but that’s just one of the four key areas of employment law, so we’re going to move on now to pay and when it comes to paying, employment law plays a huge role in the amount that you are paid in your role.

This is because a piece of legislation named the national minimum wage act 1998 sets the minimum amount of money that any employee should be paid. When working in the UK this minimum amount of money acts as a benchmark that’s the minimum that any business has got to pay its employees in the UK there are three key strands to this piece of legislation that impact how much you and anybody else will be paid.

These are the apprenticeship wage which applies to apprentices and currently, in 2022 this is four pounds eight to one an hour the national minimum wage which applies to anybody up to the age of 22 and ranges from £4.81 to 9.18 per hour depending on the age of the employee and then you’ve got the national living wage which applies to anybody who’s 23 and above. But importantly these rates of pay are reviewed yearly by the government so it’s crucial that businesses don’t miss any changes to these minimum wage requirements and find themselves breaking the law.

Now while we’re on the topic of pay the Equality Act (2010) comes into play again, making it illegal to pay employees who are deemed to be in the same or similar role different rates of pay which is just another key point that businesses and employers need to be aware of when deciding how much they’re going to pay their employees to ensure that they don’t get in trouble, they don’t upset their employees, and ultimately don’t end up in court.

For example, if a man and a woman were doing exactly the same role they should be on the same pay scales it’s as simple as that.

Discrimination

We now move on to discrimination which I’ve already mentioned quite a few times but that’s because it’s a pivotal part of employment law.

Essentially employment law is designed to make sure that everybody is treated fairly and nobody is discriminated against and to make it clear how employees are typically discriminated against. There are nine protected characteristics that employers should be aware of and they should be very careful not to discriminate or treat someone unfairly because of any one of these nine protected characteristics.

These nine protected characteristics are

  • age,
  • gender reassignment
  • being married or in a civil   partnership
  • being pregnant or on maternity leave
  • disability
  • race
  • religion or belief
  • sex
  • sexual orientation

For example, a business cannot refuse to give a job to a candidate because they find out that they are pregnant nor can a business discriminate against an employee or an applicant because they’ve got a disability.

In fact, businesses have a legal requirement to ensure that they’ve got adequate provisions in place to support candidates or employees who are disabled to ensure that all employees have equal access to employment regardless of their disability.

Health And Safety

We now move on to the final key area of employment law which centers around health and safety. So another reason why employment law exists is to ensure that the workplace is safe and to ensure employees are safe in the workplace.

A number of key legislations are there to guide businesses to prepare a safe working environment for all of their employees. One of the most important pieces of legislation when it comes to health and safety is the health and safety work act (1974).

This act sets out the general duties employers have to members of the general public and to their employees but it also sets out the general duties that employees have to themselves and to each other.

For example to provide a safe working environment employers are expected to deliver staff training around health and safety in the workplace, provide and maintain suitable tools for the job and PPE to protect employees,  report any serious accidents to the HSE,   and even go as far as providing employees with the basics such as toilets, running water, and washing facilities.

Then if we switch this on its head and look at what employees are expected to do they are expected to complete all mandatory training set by their employer, ensure they are using the PPE and safety equipment provided at all times, as well as use the correct tools for the job and employees should also take responsibility for their own safety in the workplace and if they identify any risk whatsoever they should report it straight away to their employer.

And the final key piece of legislation that I’m going to cover in this video is working time regulations (1998).   Now, this is a key part of employment law and is designed to keep the workplace as safe as possible and to reduce risk.

This is essentially achieved by ensuring that workers aren’t overworked by providing strict guidelines around working hours, breaks, and paid leave that employers must follow.   For example, the working time regulation states the maximum amount of hours that an employee can work in most circumstances is currently an average of 48 hours a week, employees are legally entitled to a 20-minute break if they’re working more than six hours, and employees are entitled to a minimum of 5 or 6 weeks of paid leave per year.

Now imagine if this regulation wasn’t in place, now I’m not saying every employer would do it and every business would do it but do you think you would get as many breaks? Would you get as much paid leave? Would you get sick pay? Would you have to work more than  48 hours? It’s a good question to ask and imagine if you did work 70 hours you didn’t get sick leave, you didn’t get holiday pay, you didn’t get breaks while you’re on shift, what would happen to you? You are likely to get very tired, and very overworked, you’ll lose your focus, the quality would go down, and risk would go up and most likely so would accidents.

Conclusion

And that’s it, a quick guide to employment law and its purpose in business. I hope that’s helped you understand how it impacts businesses as employers and also people as employees.

How to Bleed a Radiator

Bleeding a radiator describes the process of removing trapped air from within the central heating system. It ensures that the system is up to full operating capacity, which can also increase efficiency. It is generally recommended that for most modern central heating systems, your boilers should be bled around twice a year. This ensures your system will be running at its maximum potential and not inefficiently heating your home.

Within this article, we’ll cover everything you need to know about bleeding your radiators. This will include how you can tell when your boiler needs bleeding, a step-by-step guide to perform the process yourself, as well as some advice for troubleshooting inefficient heating systems

 

How do I know when my boiler needs bleeding?

Whilst it is recommended that you bleed your boiler twice yearly, there are some symptoms that could indicate that you might need to do it sooner. Understanding these problems will ensure you can keep your home warmer and reduce your bills.

  • Your radiator is cold at the top

This is a quick and easy sign of air in your central heating system. Just by feeling sections of the radiator, you will be able to identify if there is a temperature difference between the top and bottom of your radiator. This contrast in temperature indicates that the air in the system is preventing hot water from flowing throughout the entire radiator. This is a telltale sign that your radiator requires bleeding.

  • The whole radiator is cold

Again, just by touch, you can infer that your radiator needs bleeding. It is recommended that you allow the central heating system to fully warm up before concluding that your radiator is cold. If surrounding radiators in adjacent rooms have become warm and the highlighted radiator has not, there is likely air in the radiator that needs to be bled.

  • Rattling radiators

Perhaps one of the most apparent indicators of air within your radiator is an audible gurgling or rattling noise coming from within your pipes or radiators. The noise often sounds like a boiling kettle and occurs as the heating has been turned on. Once again, the sound is an indication of air within the heating system, bleeding the radiator in close proximity to where the sound originates is the most effective solution to release this air.

 

How to Bleed a Radiator

Bleeding your radiator is a simple household task that doesn’t typically require the services of a plumber or gas safe engineer. Following our step-by-step guide provides enough detail to be able to bleed your radiators with ease.

What You’ll Need

  • A radiator key OR flat head screwdriver
  • Jug
  • Cloth
  • Safety-gloves

The equipment required to bleed your radiator can be found around the home. Radiator keys can be substituted for a flat-head screwdriver or can be purchased for just a few pounds at most local DIY stores.

Step-By-Step Guide for Bleeding your Radiators

  • Turn your central heating on

Before determining whether or not your radiators need bleeding, it is important to assess which radiators hold built-up air. Ensure that before deciding which radiators to bleed, you wait for the heating to fully circulate your home.

  • Identify cool spots

Once your radiators are fully heated you can assess the temperature of your radiator from top to bottom.  However, it is vital that you take caution during this action. If your radiators are too hot, you can wear thin gloves to prevent injury or discomfort. Identify whether any of your radiators are cooler at the top or aren’t as warm as others.

  • Turn off heating and wait for it to cool

It is highly important that you allow a considerable amount of time for your central heating to cool down. If you attempted to bleed your radiators before allowing the central heating to cool, you could scold yourself with steam and boiling water escaping from the radiator.

  • Protect the area surrounding your radiator

With a cloth or towels, create a protective area surrounding the radiator to prevent water from reaching the carpet or walls. You can also use a jug or bowl to catch excess water that escapes from the radiator.

  • Open the radiator valve

Using your radiator key or flathead screwdriver, release the valve on your radiator. The valve typically requires turning once or twice anti-clockwise. You will know when the valve is open once you hear a hissing. This sound indicates the air escaping your central heating system.

  • Close the valve

Your radiator should only require bleeding for 20-30 seconds, depending on how much air has built up in your system. Once the hissing sound starts to gurgle, or water begins to escape from the valve, you know it is time to close it. This can be closed by turning once or twice clockwise, in an opposite fashion to how it was opened.

  • Turn the heating back on

After bleeding the radiators in your home, it is a good idea to turn the heating back on to check a couple of things. The first is to ensure that your boiler pressure isn’t too low. Occasionally, allowing too much water to leave the central heating system can create lower pressure. This will require you to repressurise the system. Secondly, if your boiler pressure is correct, check whether your radiators are fully heated.

After allowing the heating system to fully circulate your home, you should check that the radiators are fully heated. If cool spots persist, this could be an indication of more complex problems. Whilst bleeding your radiators can be done without the help of an expert, you could require the services of a gas registered engineer to diagnose and resolve the problem. The team at Boiler Hut are certified and determined to help you heat your home, visit their website to receive professional assistance with your boiler.

 

Final Thoughts

Cold or noisy radiators could be a sign that air has accumulated within your central heating system. The air gathers within the top sections of your radiators, preventing them from efficiently heating your home. Bleeding your radiator is a quick and simple fix for this problem, allowing you to complete the task without the help of a boiler expert. In addition to some simple preparation, bleeding your radiator should only take around 30 seconds. After this, your home should heat far more efficiently.

If any problems persist after bleeding your radiator, this could be an indication of more complex problems. Under these circumstances, you’ll likely require the services of a gas safe engineer. Boiler Hut can supply you with certified engineers across the UK in order to provide peace of mind and a fully functioning boiler.