Are UK Taxes Higher Than in Other EU Countries?

If you could do business anywhere in the world, wouldn’t you want to know the potential income taxes before moving and how that compares to the U.K tax rates?

The most straightforward answer to this question is that UK tax revenue is below the average of other developed economies. The UK stands out as raising less from social security contributions. This article from luminablog.co.uk aims to compare UK taxes with that of other countries in the EU.

Taxes in the UK

Britain’s tax system is made up of income tax bands at 20%, 40% and 45%, plus national insurance contributions of a further 12%, with low earners benefiting from a tax-free personal allowance at £11,500, which is higher than most other countries.

Higher earners pay income and social security taxes that are on a par with the US, Australia and Spain, but which are much less than those in France, Sweden and Ireland.

VAT, levied at a standard rate of 20%, is towards the lower end of sales tax rates across the EU, though council taxes are relatively high by comparison.

Countries with the Highest Income Tax

Based on information from online wealth and tax management firms, these are the EU countries with the highest income tax.

Germany

Germany has a progressive tax, which means that higher-income individuals pay more taxes than lower-income individuals. The country levies a progressive income and capital tax that caps out at 45%. Sources of taxable income include agriculture, forestry, business ownership, self-employment, employment, savings and investments, rental property, and capital gains and other income. The first €801 in savings and investment income is not taxed, thanks to the saver’s allowance. There is a 25% withholding tax on interest and dividends and a 15% withholding tax on royalties.

Members of certain churches pay an 8% or 9% church tax, which is tax-deductible. Church taxes are levied in many European countries. In some cases, only church members are required to pay a percentage of income to the church to which they belong; in others, all taxpayers pay a church tax, but have the option of paying it to the state instead of to a religious organization.

Belgium

Belgium’s top progressive tax rate is 50%. Income from property, work, investments, and miscellaneous sources is all taxable. Capital gains tax rates depend on the type of capital. Employees pay a social security tax of 13.07% of their income. The government allows deductions for business expenses, social contributions, and 80% of alimony payments, and there is a personal allowance based on filing status.

Lithuania

Lithuania’s taxes its income earners at rates that top out at 32%. Taxable income includes employment, commercial activities, royalties, leasing assets, and “other.” Read more

Opening Your Store: Costs and Requirements

Many people dream of opening their store. Whether it is a boutique, a wine shop, a sportswear store, or a bookstore, presenting customers with interesting products is tempting. However, setting up a company should always be done carefully. â

Own store: plans

For most people on luminablog who want to start a business, it is very early what their own business should offer. But the exact business model requires time and care. A new store has a better chance of success if it has a unique promotion offer. After all, there is competition in most cities from which the retailer must stand out. Some online retailers are also attractive to customers. In the beginning, there should also be an analysis of the current competitive situation. Define your target group and use it as a guide when choosing a product.

Of course, the design of the store and the presentation of the goods must match. Also, dare to look to the future: how will this area develop in the next few years? Where is the threat of increased competition and where are the new opportunities? Also, if you still don’t have the money to open a new store check American loans reviews.

Estimate costs realistically

Before you start, you need a business plan: it shows the income and expenses you can expect. This way, you can also see how high the funding requirement is. Because equity is often not enough to cover costs. The founders then need a loan or an investor. Also important: you need a separate account for your business.

When you open a store, the cost can be quite different. Consider these factors, among others:

  • Are extensive renovations needed?
  • What does the installation cost?
  • How much money do you need to buy goods?
  • Do employees have to be paid?
  • What kind of taxes do I have to pay?
  • What does the necessary insurance cost?

Products and prices

At this point, you should start thinking about both the price and the product policy. Certainly, as a small retailer, you can’t offer many products as cheap as large chains that get incredible discounts on shopping. But you can open a store that can offer very special products due to its independence. You can make up for much of what big chains can offer with an individual ambiance, personal service, and unique branding.

Location

The location question is directly related to the issue of funding because of course, you should keep fixed costs as low as possible. However, the position of saving price is not a long-term solution, as it is crucial for your profits.

Do the district where you want to open the store and your target … Read more

How to Choose a Guest Speaker who will Deliver Value to your Event

 

A guest speaker is often the highlight of an event. It may be that they’re a subject matter expert who is going to educate attendees on a particular topic or give them a new way of thinking about an issue. Alternatively, you might be seeking a motivational speaker to challenge thought processes and boost motivation.

Whatever you’re looking for in a guest speaker, you need to be sure that they will add value to your event so that you can justify the cost.

Understand your Requirements

Before you begin your search for a guest speaker for your event, you need to make sure that you understand what you’re looking for. It’s important to think carefully about your attendees, along with the goals of your event. For example, if your audience is medical students, you might be looking for a subject matter expert to talk about a specialist topic to increase their knowledge base.

You’ll also need to think about the logistics. This includes the date of the event, where it is being held and how long you expect the speaker to present for. Event courses which go through the logistics of planning an event and the responsibilities involved in the process may help you with this process.

Finally, you’ll need to consider what budget you’ve got available for hiring a guest speaker, as this may influence which speakers are available for your event.

Timing is Critical

Different stages of your event will have different levels of energy, and the timing of your speaker will help to determine what type of guest speaker you need.

At the start of the day, you’ll be looking for a kick-off speaker who is able to outline the bigger picture, setting the tone for the day and putting your event into perspective. This speaker should be able to get the audience excited about what’s to come and build anticipation for the rest of the day.

After lunch, you’ll probably find that your audience are slightly more tired and lacking energy. If you’re looking for a speaker to occupy this slot, they’ll need to have energy and enthusiasm to motivate your attendees.

Your closing speaker needs to be able to pull together the key messages from the event. They’ll need to reflect on what’s been said and bring it all together. They’ll also need to end with a memorable message, as this is what your audience will remember as they leave your event.

Evaluating Success

Ultimately, you need to know whether or not your speaker was successful in their goals, and whether you’ve achieved that all-important return on investment.

It’s important to consider the measures of success before the event and take the … Read more