Getting credit seems to be a new adjustment and step forward for some. Credit is an amount of money borrowed from a lender or a financial institution to purchase goods or services. Most of us understand the importance of credit in this day and age. Credit can be of various types, some of which are credit cards, loans, mortgage, and many other financial products.
The task of availing credit is not all that difficult. However, the trouble lies in the details. It is more so in getting credit in the UK because of strict bank policies. The bank or lending institutions consider a person’s credit history or loan repaying capacity before granting them any kind of credit in the UK. Therefore, you must rid your credit background of any mishaps to avail of credit.
The lenders also verify other things about you before granting credit in the UK. We have listed down every small detail that you ought to take into account before applying for credit so that the process becomes easy and straightforward. Let us get into it right away:
Get a bank account
Getting yourself a bank account is the first step to getting credit in the UK. A bank account implies that you have a confirmed identity and proper documentation to prove your identity in the UK. Opening a bank account is fairly simple.
If you are new to UK and have decided to settle, you have two options, you can either ask your current bank in your country to transfer the account to the UK, or you can get a local ID like passport, proof of address, recent bill, etc. and submit it to the bank and open a bank account. In case you are unable to submit any document, you can have a nominee like a social worker or teacher to confirm the base of your identity and build your credit profile.
Establish yourself in the country
If you have a permanent address in the UK, you can establish yourself with an identity. However, if you are frequently changing your address, your credit rating may be tainted as it can be seen as a sign of “instability.”
This hampered credit rating can reduce your chances of getting credit in the future. Another way around this is to get enrolled in the electoral roll and use that as proof of identity to open a bank account or to obtain credit in the UK from various lenders or institutions.
Get a good Credit Score
A uk credit score is the ranking given to the person based on their history of credit discipline, loan repayments and delays on such payments. The score determines whether you will be able to avail credit in the UK or not because most lending institutions rely on your credit score before giving you credit. In addition to this, the credit score outlines the rate of interest on the loan and other charges on it. A good score can help in getting credit at favorable rates of interest and long tenures. In short, the credit score can affect the cost of borrowing.
Decide on the Best type of Credit
In the UK, multiple types of credit are available at your fingertips. The various types of credit in the UK include student loans, mortgage loans, personal loans, credit cards, overdraft, vehicle loans, and so on.
Apart from this, the banks or lenders provide various loans based on their tenures like short term loans or long term loans. Additionally, the loans have varied rates of interest depending on the risk factor and the ability of a person to repay. You need to decide which type of loan or credit works the best for you depending on various interest rates, cost, fees and tenure of loans. Choose the type of credit that matches your income level.
Fill the Credit application
To apply for a credit or no interest loan in the UK, you need to fill the application that the lender asks you to. The application requires authentic documentation and good credit history to work with. Moreover, if any of the submitted details are wrong, the application may be rejected.
Therefore, it is recommended that you fill the application carefully or ask for help from a professional to fill in the details. Some common mistakes during filling include submitting the wrong documents, applying for an illegal loan, submitting high application charges, and so forth. Therefore, you need to be cautious before using credit in the UK.
Have a security deposit
A security amount can do wonders if you are taking credit. It is preferable that you have an amount kept separately if you are seeking a loan. This deposit can act as a buffer in case you delay the repayment or default on your dues.
In such situations, this security deposit can come to your rescue. As a result, your credit score will not get hampered since you will have avoided defaulting on payments.
Hopefully, this guide will suffice in helping you understand the entire process of getting credit in the UK. Additionally, if you are aware of the bank facilities and its conditions, you are better equipped to obtain a loan in the UK.
We know how tricky it is to acquire a loan in the UK. Therefore, we ask you to be sure about your identity and application and then hope for the loan to get approved because there are high chances of the application getting rejected and ergo your chances of getting credit in the UK.
Share Trading Tips for Beginners
Are you new to the world of investment and are wondering what the share trading is all like? Here we are to help you with figure it out. Share trading plays a vital role in the stock market. Generally, the companies purchase the share of the other company or become a shareholder for the particular franchise. Once they invest in the specific amount of shares in any company, they will have the right to take out the increment they receive on particular shares of the company.
A lot of people directly start investing in the stock market without any knowledge about it. So here we have given the basic 5 points you need to keep in mind while researching on or choosing a stock. You can treat it like a beginner’s guide to investing in the share market.
1. Conduct a technical analysis
Technical analysis is done to understand market physiology. In other words, the investors will have all of the information and sentiments relating to the company that is reflected in the stock price. The technical analysis is usually for the short term shareholders. It is because if they make themselves perfect in the pattern, then they can guess the market price the ups and the downs. This is the valuable information that allows the trader to understand what would be a good time to sell.
Must read: Starting a Cryptocurrency Hedge Fund
2. Understand the difference between the trader and the investor
An Investor seeks to find out the company which has a good reputation in the market and has given great value for the last few years. On the other side, the trades use the technical analysis to find out the company which are suitable and for the short term exploitation. This is the general difference between the trader and the investor. The investor looks for the long term investment while a trader looks for the short term exploitation.
3. Choose and decide which trading tools suit you
You need to choose and then decide which of the trading tools are more relevant to you. It depends upon the level of experience you have in stock or share trading platform. Therefore, you may require different levels of services from a broker. Some of the services consist of personal advice, which may be beneficial for the beginners in the starting.
However, if you are having enough experience in this field, then you may look for a discount on any specific online trading tool. They will happily give you.
Also Read: 5 Best Cryptocurrency Exchange Platforms
4. Educate yourself
You should not only depend upon the guesswork. Thorough homework is of vital importance for the financial developments if you want to succeed in stock trading. A lot of reading is required here. Be it newspapers, news blogs or books, you need to update yourself constantly. There are some books as well, which can help you out if you are a beginner in share trading. Books to read include “The Intelligent Investor“ by Benjamin Graham (Harper Business, 200), “What You Need to Know Before You Invest” by Rod Davis (Barron’s Educational Series, 2003), “The Art and Science of Technical Analysis” by Adam Grimes (Wiley, 2012).
5. Diversify your profile & make a plan
This is a thumb rule when it comes to investment. You should never forget that all the investments are subject to market risks so it is always advisable not to keep all the eggs in one basket. You should always diversify your investment portfolio and make sure to choose the profitable categories.
This technique helps you balance out on the losses with the profit-making investments, thus helping you play safe. The more research you put in the better investment plan you can create. Your investment strategies should be in alignment with your goals. In fact, I would suggest you should set up the limits on how much you are willing to lose.
These are the five points that I have mentioned in this article — the share trading for beginners. You can quickly go through these points, and I am sure it will make you understand what exactly the stock market is and how it works. If there are any other questions, then don’t hesitate to ask us in the comments section. Start your investments today with ease from the 5paisa app
20 Most Critical Facts About GST
The Goods and Services Tax (GST) is considered the biggest fiscal reform in India, since Independence. The main change that GST has brought in India is the application of one single tax law across the whole country.
After the implementation of GST, several indirect taxes such as the Excise Duty, Service Tax, Additional Custom Duty, Special Additional Custom Duty, Central Sales Tax, Value Added Tax (VAT), Entertainment Tax, Sales Tax, and some other taxes are replaced. There are several interesting facts about the Goods and Services Tax law.
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Some important and critical facts about GST are discussed in this article.
- GST is a relief for SMEs (Small and Medium Enterprises). Under the tax regime that existed previously, any business having operations across multiple states was required to register for VAT to carry out business. The process of VAT registration was quite complicated but now GST has made the registration centralized, and the rules remain uniform for all countries. Apart from that, the entire process of taxation has become much simpler and the overall cost for logistics has gone down.
- The GST took around two decades to be entirely conceptualized in India. An empowered committee of Finance Ministers under the Vajpayee government started the discussion in the year 2007 and the GST was finally implemented in the year 2017.
- India has a dual-GST structure- the Central GST and the State GST. Apart from India, there are around 160 countries that follow the GST law in some form or the other. The only country other than India with a dual-GST structure is Canada.
- The GST council has decided a four-tier tax rate structure. The slabs are- 5%, a lower rate for essential goods and services, 12% and 18%, a standard rate for goods and services and 28%, a higher rate for luxury and sin goods.
- To insert articles that would empower the Government of India to levy Goods and Services Tax, the Constitution of India was amended. Before this amendment, the State and the Centre could not tax the same transaction simultaneously but GST has explicitly allowed both the Centre and the State the power of taxation.
- According to GST law, any movable property is considered as “goods” and anything other than that i.e. immovable properties are classified as “services.”
- Previously, the tax revenue collected by high manufacturing states was more than the high consumption states. But since GST is a consumption-based tax, now the high consumption states collect more taxes than the high manufacturing states.
- State excise duties and Value Added Tax is still applicable on alcohol for human consumption but it is kept outside the scope of GST along with a few other goods and services such as petroleum, real estate.
- The GST has eliminated the cascading effect by ensuring the seamless flow of credit across all the supply chains. This helps in overcoming the inflationary effect caused by the previous “tax-on-tax” or “cascading” effect.
- GST has given a boost to the Indian market with respect to foreign trade. It has opened up the Indian economy to foreign investors who were previously reluctant but are now willing to invest in India.
- The registration for GST or return filing can be done online whereas in the earlier tax regime, the business owner had to get separate registrations done for various indirect taxes. Every taxpayer registered under GST needs to file GSTR-9 which is an annual return. It is a consolidation of all the returns filed in a single year.
- After the implementation of GST, the number of indirect taxpayers has increased. There has also been an increase in voluntary registrations. Especially by the small enterprises who sell goods to large enterprises.
- The GSTN system makes sure that the tax paid by the supplier matches the details of credit claimed by the recipient. This system ensures that the recipient keeps a check on his supplier.
- The taxable events under the indirect taxes are sales, manufacture, provision of service/import. Whereas the taxable even for GST is the supply of goods and services. It covers within its bounds all types of existing taxable events.
- A Composition Scheme was introduced to encourage a reduction in taxes and tax compliances. It is an easy and simple scheme for taxpayers. Any taxpayer who has turnover less than Rs.1 Crore can opt for this scheme. With this scheme, small taxpayers can pay. The GST at a fixed rate of turnover and avoid tedious formalities.
- The tax rates under the Composition Scheme are: i) 1% for small businesses with a turnover of Rs. 1.50 crores & ii) 6% for small service providers with a turnover of Rs. 50 Lakh per annum.
- The GST has reduced tax rates, eliminated multiple point taxation and increased revenues. Together these have accelerated economic growth and given a boost to the GDP of the country of India.
- The complexity of the indirect tax structure prevented transparency but GST being a unified tax, has helped create a transparent environment.
- The previously existing multiple indirect taxes at both central and state levels led to a lot of complications. This made the administration difficult. The administration of indirect tax is much simpler under GST due to the strong and simple IT system.
- GST has also faced a lot of criticism but is also considered to be a game-changer for the Indian economy as it has generated a common market and reduced the overall effect of taxes on goods and services.
As the short term effect, the GST is predicted to reduce inflation. In the previous system, the tax was paid on the value of goods at every step of its production process. This meant a higher amount of total tax paid and as a result, inflation in the prices of goods and services. But GST has helped in an elimination that cascading effect.
GST has also faced a lot of criticism but is also considered to be a game-changer for the Indian economy as it has generated
Improve your Business with Better Customer Success
The reason why customers want to buy your goods or services is that they think those goods or services can help solve their problems. If those problems aren’t solved, customers may choose to shop around for something that gives them better value for their money. Therefore, it is important that you are always looking for ways to help private or corporate clients meet their needs.
Acquire Data About Your Customers
A customer success team can do a better job of servicing its clients by obtaining as much information about them as possible. In many cases, the process of gathering data about a customer starts before he or she is targeted with an online ad or cold called by a sales professional. Ideally, your business will create a customer persona that helps you determine who that person is and what his or her key needs are.
Learn How to Anticipate Problems
It is also a good idea to have a chat online, by phone or over coffee to learn more about what a customer wants and needs. This allows you to offer goods or services that can help solve a person’s problems or best fit his or her budget. Ultimately, gathering as much data about a client as possible makes it possible to be proactive as opposed to reactive in helping that client be successful.
The goal of a customer success team is to be proactive as opposed to reactive. While your customer service and support staff can help to resolve issues and salvage relationships, the goal is to rely on them only as a last resort. By avoiding problems before they occur, your customers are more likely to be happy and eager to associate with your brand.
There are several steps that you can take to anticipate and avoid potential issues that could impact a client’s success. Let’s say that you know about a potential bug with your sales platform that increases the possibility that online credit card transactions could be declined.
In such a scenario, it can be a good idea to let the client know about that issue, what is being done to fix it and how your company can help until it is fixed. While a customer may not be happy about the inconvenience, knowing that their partner is there to help makes a big difference.
Use Computer Software to Manage Relationships
You can use computer software to help manage relationships and be more proactive in meeting everyone’s needs. A software program can help with tasks such as sending out the phone or email messages asking if a customer has any questions, concerns or feedback about a product or service.
These messages can also remind customers to schedule routine maintenance or prompt them to offer any feedback that they may have. Keeping in touch with your patrons can make it easier to learn about issues before they directly impact them. Furthermore, regular contact makes customers feel like more than an account number.
It is critical that your company does whatever it can to help its customers be successful in meeting their goals. Whether they want to save money, save time or increase their brand reach, being a proactive partner can help to grow your brand both today and into the future.
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