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London Flat For Under 100k In 2013 – What’s The Catch?

Muzahed I.
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London Flat For Under 100k In 2013 – What’s The Catch?

The Daily Mail recently featured a London flat which is on sale for less than £100,000. The article suggested that this could be one of the last properties in London to sell for below £100,000.

So what is the catch and why is the property so cheap?

It is a small studio flat in a 1930’s mansion block in Brixton – not the most expensive area of London, but you can pay quite a lot more for similar properties in the same location.

Part of the reason for the low price is undoubtedly the poor condition of the property – it is in need of a thorough renovation.

However a more significant factor affecting the asking price is the ‘Unexpired Lease Term’ (the number of years left on the lease) which has only 56 years remaining.

That might seem like a long time, but nowadays it is nowhere near long enough to satisfy mortgage lenders. For example at the time of writing, the Halifax require 70 years unexpired lease term from the date of the mortgage.

So it looks as if it could be impossible to get a mortgage on the property with many if not all lenders, hence the agents seeking cash offers.

Why the length of the lease is so important when buying a flat?

It is now virtually impossible to get a mortgage on a leasehold property if the unexpired term is less than sixty years at the time of purchase. As most buyers require a mortgage the value of a flat can drop sharply once that point is reached – as can be seen in the Brixton flat which is only available to cash buyers.

Many London property-buyers are now looking to buy flats or apartments rather than houses. And all flats, whether in a purpose-built block or in a converted house, are invariably owned on leasehold title. (You may see a flat advertised as having a ‘share of the freehold’ – this does not mean that it is a freehold flat, but that the freehold of the building is collectively owned by the flat-owners. The flat itself will still have leasehold title.)

Leases are granted for fixed periods – 99 years is a common figure, but leases of ex-council flats will usually be for 125 years. This period is known as the term of the lease – and of course as time goes by the unexpired length of the term gets shorter. When the lease expires, the property goes back to the land-owner.

So when looking to buy a flat it is not just a question of location, location, location. The price should reflect the length of the unexpired term of the lease. Less than sixty years, and it’s not worth considering unless you are a cash buyer.

If there a few more than sixty years left to run it can be worth considering, but the price should reflect the fact that unless the term can be extended the value will drop sharply once the sixty year point is reached.

And just to complicate matters further, there is another factor which will also affect the value of a flat when the lease falls below eighty years – as mentioned later on.

Of course some cash-buyers will welcome the opportunity to buy a flat with a short lease, as they can often be picked up quite cheaply. They can be worth considering as a buy-to-let opportunity, although it must be remembered that the capital value of the investment is likely to decline unless a lease extension is negotiated.

Other buyers with the cash available consider that buying a flat with a few years left on the lease can work out cheaper than renting a similar property for the same period – and gives a longer period of security. So the fact that the capital value of the property might disappear altogether would not deter them.

A lease extension will add value to your property – but costs money

Fortunately it is possible to get the lease term extended in most cases – but it does cost money and the process can take some time to complete. The majority of flat-owners now have the right to require the freeholder of the building to grant them a new lease for a term of 90 years over and above their present unexpired term, all at a peppercorn rent (that is, rent free).

However the flat-owner has to pay a premium for such an extension and the amount will be in inverse proportion to the length of the unexpired term – in other words, the less time the lease has left to run, the more you can expect to pay. Owners also have to pay freeholders surveyors and legal fees as well as their own.

How much will you pay for a lease extension?

The legislation does set out the basis on which the premium for a lease extension should be calculated. Although online calculators will give some idea of the amount you can expect to pay, the way in which detailed calculations are carried out is quite complicated. It is therefore best to ask an expert surveyor to carry out a proper valuation.

Surveyors acting for freeholders usually manage to come to a higher value than do surveyors acting for leaseholders, and when a figure cannot be agreed it may be necessary to refer to a tribunal for a decision.

When the lease has less than eighty years left to run the amount of the premium will be increased by something known as ‘marriage value’ – a complicated concept best left to expert surveyors. However this is a factor which will affect the value of a flat if the lease has less than eighty years left.

In order to take advantage of the statutory right a flat-owner must have owned the property for at least two years – so anyone owning a flat with a lease close to the sixty year point should seriously consider applying for a lease extension without delay.

This two-year qualification period presents something of a problem for buyers, especially when the lease term is already fairly short and it would be desirable to apply for an extension straight away. It is possible to arrange for the seller to serve the necessary notice and then assign the benefit to the buyer on completion – but the buyer then faces the problem of having to negotiate a price for the extension with the freeholder of the building, as well as paying all the fees.

Expert advice is essential

Getting an extension can be a complicated and lengthy process, especially if the freeholder is un-cooperative. It requires the service of statutory notices in the correct form, and on the correct person or company.

When buying any leasehold property or considering a lease extension it is essential to obtain expert advice from a Surveyor and a Conveyancing Solicitor.

Tony Lilleystone is Commercial Panel Director at Fridaysmove and has decades of experience as both a Conveyancing Lawyer and Legal Risk Manager.

What Are The Best New Business Opportunities In The Finance Industry?

Muzahed I.
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What Are The Best New Business Opportunities In The Finance Industry?

It is always challenging when starting a new business, no matter what industry you’re looking to establish yourself in. The finance industry is already one of the most competitive out there, and as such it can feel like something of a no-go area to even the most ambitious and bloody minded entrepreneurs.

However, it is wrong to just assume that opportunities in the finance sector don’t exist. Yes, there are barriers to cross in terms of dealing with a lack of consumer trust and ensuring you’re able to gain the necessary credentials in order to trade, but the opportunity to generate potentially lucrative revenues is there should you want it.

The big question is what can you do? Here are some examples of areas your new business could explore.

Bookkeeping Services

Like most things in life, sometimes the best business opportunities come when you keep it simple. If you are based in an area where smaller businesses thrive, then this could be a huge opportunity. The reason is that those small businesses will, in all likelihood, want to use small, local accounting and bookkeeping services that have the same values as they do.

Furthermore, when you’re performing this role it is easy to connect with potential clients, advertise what you do, and gain an audience online.

Cost Reduction Consultancy

In 2013, everybody understands that saving money is the same as making money, but not everyone has mastered the art of following this principle to the letter. If you become a cost reduction consultant, every other business is a potential new client.

The great thing about this idea is you don’t need to have specialist knowledge of specific industries; cutting costs is cutting costs, at the end of the day, and most of what you do will be down to a common sense, proactive approach to whatever business you work with.

Buying and Selling Annuity

This is an option that you’ll need to have a large start-up fund to make reality, but if you’re able to do it, it’s as good as having a guaranteed return on an investment. Individuals can get cash for annuity at structuredsettlement-quotes.com and similar websites already, and as selling annuity becomes popular with people who want money now, a new business would be in a great position to cash in.

If we were to give one piece of advice, it would be to make sure you have a good accountant yourself, so that you can keep track of all incomings and cash flow through your business.

Personal Consultant

You can interpret this option in whatever way you want. You might want to become a personal consultant for individuals struggling to manage their finances, or you might become a consultant for finance professionals who need a release from what can be a stressful position.

If you are an expert in a particular field, such as commodity trading online, then you could extend your consultancy to this area, too. You can offer almost anything on a one-to-one basis, give some thought to how you might fit into the finance industry.

Finance provides opportunities for everyone, you just have to be driven enough to go out and find them. What would your start-up business idea in the finance sector be?

Image License: All rights reserved by Luke Hayes

Simple Steps to Pick the Right Forex Broker

Muzahed I.
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Simple Steps to Pick the Right Forex Broker

There is no denying the importance of the right forex broker in forex trading. In fact, everyone that you meet with any kind of experience in forex trading will emphasize the need for caution when choosing a forex broker. While you can always change the forex broker that you have chosen, picking the right one from the very start and sticking with him can make a lot of difference. Here are the simple steps that you should take in order to make the right choice.

Step 1

The first thing that you need to do is to think about the kind of forex broker you need. This should depend on whether you are an experienced forex trader or a newbie. See more here in this markets.com review. As a newbie you may want to look for a forex broker that is known to have great forex training and one that can hold your hand at every step. On the other hand, if you are an experienced forex trader, you may want to look for someone who is better with advanced level forex analysis.

Step 2

Ask around, research the internet and speak to anyone that you know who is using a forexbroker. This can give you a first-hand analysis of the customer service and various other aspects of the forex broker.

Step 3

Checking for reliability of the forex brokers that you have shortlisted is important if you want to ensure that your investments are safe. This can be done by looking up the websites of various forex trading regulatory bodies. While there is no global institution, there are national financial institutions like the CTFC, NFA or the FCM in United States of America. If the forex broker is listed in any of these places, you can be sure that they follow ethical practices.

Step 4

Trading account details need to be looked into. You need to make sure that the forex broker is not offering terms and conditions that are far removed from the market. Higher levels of trading account deposits, high spreads, low leverage possibilities need to be avoided. At the same time, you need to be wary of those who offer extremely great terms. The latter may be a sign of someone who may cheat you in the long run.

Step 5

One of the main tools that you shall be using while trading is the forex trading platform. This is the tool that you shall be using a lot once you start trading. Analysis, forex news, trading and managing personal trading account takes place on the platform itself. Most of the good forex brokers offer their own forex trading platform and they also offer a demo period in which you can check out the responsiveness and efficacy of the platform.

Having ensured these basic 5 steps, you should be able to choose the right kind of forex broker for yourself.

Image License: All rights reserved by ForexPulse

Business Strategy: 7 Ways To Create A Passionate Corporate Culture

Muzahed I.
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Business Strategy: 7 Ways To Create A Passionate Corporate Culture

The long-term success of any company is dependent on not only your business strategy, but also the people you hire. In order to help your company grow, you must create a viable corporate culture in which people will want to work. Establishing such a culture is easier said than done, though here are seven tips for working toward that bright future.

1. Hire A-Level Employees

A-level employees aren’t necessarily the most expensive and experienced people in the industry. Instead, focus on hiring driven and motivated individuals, people who are passionate about what they do. You don’t want to be a stepping stone in an employee’s journey toward their own future. Ask questions during the interview process that will help you identify the person’s passions so you can better understand how well they will fit in at your company.

2. Communicate Effectively

Communication is oftentimes more of a barrier than a resource for companies. But if you intend on keeping your A-level employees, frequent and reliable communication is critical. Sit down with them regularly and ask for feedback. Prompt them about what is and isn’t going well. You need to be made aware of your failures as much as your successes. Communication is the best strategy toward building an environment in which employees feel safe and trusted, that they can speak without fear of reprimand.

3. Cultivate Your Team

Creating the ideal corporate culture is a long and arduous journey. One naysayer can easily destroy this environment, which means you need to catch these individuals before they cause real damage. Identify the whiners and talk with them in private. Sometimes it may simply be an issue that they don’t fit into your company’s culture or they’re just a pathological whiner. The key point of this is if they can’t or won’t change, you need to replace them with positive and uplifting individuals.

4. Work & Play Hard

According to Adrian Ballinger, CEO of the first expert guide service to summit Mt. Everest in 30 days, It’s easy to do what you love, which means your corporate culture needs to facilitate that mindset in its employees. Few industries really operate on a 40-hour work week nowadays. Instead, the best culture you can create is one in which everyone understands they may be required to work long hours, but their efforts will be recognized and rewarded.

5. Stay Ambitious

In some corporate cultures, ambition can be perceived in a negative fashion. But without ambition, employees tend to just stagnate and never really grow. Your corporate culture should be one that can support big steps and powerful ideas. These qualities have the power to transform companies in ways you’ve never thought of.

6. Design the Workspace

In days past, secrecy was prized and employees were sequestered away in individual workspaces. Today’s corporate culture thrives on innovation which requires an open and accessible workspace. Architects now build structures with the intent of promoting as much interaction as possible. Interaction breeds innovation. The culture of a corporation is greatly influenced by a workspace that encourages interaction and positivity.

7. Keep the Big Picture in Mind

You shouldn’t be designing your corporation and culture to be thinking only a month ahead. Consider the long-term milestones you hope to achieve. Your culture needs to look ahead months or even years into the future.

The ideal corporate culture is achievable by any entrepreneur or manager. You just have to be willing to put in the work and attention it needs. Getting your work done each day may seem more important, but increasing productivity can have the greater effect on a company as a whole.

Image License: All rights reserved by dmcatlanta

British Expatriates Benefit By Moving UK Pension Schemes Overseas

Muzahed I.
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British Expatriates Benefit By Moving UK Pension Schemes Overseas

Moving out of the United Kingdom and becoming a British expatriate can be an enormous life change. Often times, there are significant factors to sort out which can create a frantic time during the move. Coming to terms with where to live, go to school, or work for a living are only the basic factors involved. Opening a new bank account and transferring UK pensions overseas are also basic things that need to be dealt with before the move.

Do Not Forget the Pension

Many individuals simply do not consider what they are going to do with their pension once they move overseas. Most simply do not realize that they can transfer their UK pension to their new country of choice, which will serve as a great benefit when the time comes to receive their funds. There are a variety of things that need to be considered when moving the pension. Because of that, it is important to seek out quality financial advice from individuals that completely understand how to deal with UK pension schemes.

Considering QROPS

The easiest way to avoid any major taxation problems is to consider using a QROPS (Qualifying Recognized Overseas Pension Scheme). This can only be accomplished by financial institutions that have applied and fully met all of the standards to achieve a QROPS status. This status with the financial institution is always under review.

Based on the country of choice, the British expatriate can often have a higher level of flexibility transferring their UK pension to their new country. This is good for both employer (occupation) plans, and personal plans. However, because there are specific schemes available through an occupational plan, it is often highly advisable to seek out the skills of a financial advisor or representative to ensure the transfer offers the best benefit to the individual.

Considering SIPP

A Self-Invested Personal Pension (SIPP) is often referred to as just a personal pension. This is different from a conventional personal pension because it offers greater individual control and flexibility. It also allows for investing in a huge assortment of varying assets that include unit trusts, shares, commercial property and cash.

The Benefits of Transferring

There can be a variety of benefits to the individual that is transferring an existing UK pension scheme to a QROPS or a SIPP, whenever it is appropriate. To be sure that the individual obtains all the benefits they have coming, it is important to seek out an investment advisor to help understand all the nuances and distinctions between the two. In addition, the current pension that the individual has might also hold specific benefits or guarantees that could possibly be eliminated during the transfer. Because of that, it is crucial to use the advice of a skilled financial advisor or representative to carefully consider every option before making the best decision.

Benefiting the Family

QROPS are typically not subjected to inheritance taxes on the death of the recipient. However, there may be jurisdictional taxes that might apply based on the country of residency. This makes QROPS a wise choice when handing down an inherited fund to beneficiaries. In addition, moving a pension plan overseas is also an effective way to support any claim that the individual is no longer considered subject to paying UK inheritance tax.

There are significant persuasive reasons for exporting a UK pension plan when moving overseas to retire or to work abroad.

Parents – Adding a teen to your auto insurance policy? You can save!

Greg Fowler
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Parents – Adding a teen to your auto insurance policy? You can save!

It’s every parent’s nightmare. Your child is approaching the driving age, and all they seem to talk about is getting their own car and being able to drive.

As if you weren’t worried enough about him or her being on the road, the thought of the added car insurance costs is enough to send shivers down your spine!

Insuring a teen driver can be insanely expensive. Even for the most basic policy, you’re still looking at a significant boost in the cost of your premium. So what can you do to make sure your teenage driver is covered by auto insurance without having to go out and get a second and third job to cover the costs?

Fortunately, there are a few things that you can do to help reduce your costs. That means you can put down those second and third job applications, and read on to learn how you can cut the cost of auto insurance for teenagers.

  1. Compare Car Insurance Rates

You should be comparing car insurance rates every year, whether you have a teenage driver or not. There are many firms to compare auto insurance, such as AutoInsureSavings and RateKick. It’s no secret that auto insurance companies raise their rates on current customers while offering bottom level prices to new ones. You’d be surprised how much you can save simply by switching to a new car insurance provider every year.

With respect to insuring your teenage driver, doing another rate comparison is definitely worth your time. By comparing rates, you’ll be able to see if it’s cheaper to add your teenager to your existing auto insurance policy, or to have them get their own separate policy.

Do not just call your current car insurance provider to compare joint and separate policies. You would actually benefit most by looking at other companies first, and then using their rates as leverage with your current provider to get the best rate possible.

There’s no doubt that you’ll be paying more per month than you are currently, but by performing a car insurance rate comparison, you’ll be able to find out how to best keep those added costs down.

  1. Don’t Let Your Child Get His or Her License Just Yet

Before you take your child to the DMV, ask yourself this question:

“Does my son or daughter really need their license just yet?”

Of course, if you ask your son or daughter if they need their license, they are going to say yes. Being able to drive is a status symbol, and they’ve probably spent every waking hour for the last year dreaming about being able to drive.

However, if you’re fine with driving them wherever they need to go, be it school, the mall, or a friend’s house, then they may not really need a license just yet – A learner’s permit would be just fine.

Some states do not require those with learner’s permits to be insured, so contact your insurance provider to see if that is the case in your state.

So how can you break the news to your teenager that they won’t be getting their license for a few more years? Honesty is the best practice. In fact, they may not even care one way or the other. If they do give you a hard time, educate them a bit on the dangers of driving, and make them look into the costs of teenage auto insurance rates. When they see how much they’ll have to pay each month, they may decide that waiting to drive on their own isn’t so bad after all.

  1. A Cheaper Car = Lower Insurance for Your Teenager

So you lost the battle of having your son or daughter wait a few more years to get their license. Don’t fret, as you still have options to keep your car insurance costs down.

One of the easiest ways to reduce the costs associated with auto insurance for teenagers is to have them drive a cheaper car. Sure, they’ve probably went on and on about how they wanted that fast sports car, or maybe that cute new Civic. However, they don’t really need those cars – all they need is a reliable, safe, and boring vehicle that works. Even Fox News recommends driving a Toyota Camry rather then a Chevorelt Corvette.

While a sports car is more exciting and fun to drive, it also costs a ton to insure, particularly if it is driven by a teenage driver. A teenager driving a sports car is more likely to get speeding tickets, and to get into an accident – both of which translate into higher auto insurance rates.

While a cute new car may not be the speed demon that a sports car is, it still will cost more to repair and replace should an accident happen. It’s also more likely to be stolen, which makes it more expensive to insure.

In all reality, your teenager still needs to learn how to drive – they may have a license, but they still lack experience. They’d be better off with a reliable, safe, and boring car to gain the experience they need. The safer, reliable vehicle may not be as exciting, but it will sure save you and your child a ton of money on your car insurance rates.

But what if your teenager driver doesn’t have a car yet, and is, instead, using one of your cars to drive? How could you save money on your car insurance then?

If you’re in a situation where your teenage driver doesn’t have their own car, there’s still an easy way to save. Add your teenage driver to your policy only on the cheapest car that you have. It will cost you far less to do that than to add them as a driver on all of your cars. Just be careful not to have them drive your other cars too often, just in case they do get into an accident. Nationwide states it is important to understand how a teen thinks when behind the wheel.

  1. Discounts!

Believe it or not, your teenage driver could be eligible for discounts! Most car insurance policy holders that have a teenage driver fail to do the one thing that could save them a bundle every month – they never ask for a discount.

Although your teenage driver has had minimal time behind the wheel, there are still discounts out there that they can take advantage of, including:

  • Good student discounts

  • Discounts for those that take Defensive Driving and/or other related classes

  • Discounts for being a safe driver

Good Student Discounts

Statistics indicate that teenagers that perform better in school typically tend to be safer drivers. It’s for that reason that auto insurance providers offer discounts to those with higher grades. However, don’t expect your car insurance company to voluntarily offer that discount.

If your child is a good student, and has the grades to show for it, give your car insurance provider a call to see if they offer that good student discount. They may require you to send in a copy of their most recent report card, so make sure you have that handy.

Most good student discounts are in the range of 10%, which may not seem like a whole lot, but it can provide for a decent chunk of savings each month.

Defensive Driving Classes

If you’re teenage driver hasn’t hit the grades needed for that good student discount, there are still opportunities out there for him or her to save on their car insurance.

The majority of car insurance providers offer discounts to those that take certain classes, such as Defensive Driving. As soon as your son or daughter gets their learner’s permit, sign them up for a Defensive Driving class.

Upon completion, they should receive some sort of certificate that you will present to your auto insurance provider. Once they have it on file, you’ll be able to enjoy some nice savings on the policy for your teenager driver.

Safe Driver Discounts

The discounts don’t stop with a Defensive Driving class. Teenage drivers can actually be eligible for safe driver discounts after they’ve had their license for a certain period of time. When you add your teenage driver to your policy, make sure you ask when they are eligible to qualify for a safe driver discount.

After they’ve fulfilled the required time period, contact your insurance provider, and ask for the safe driver discount to get the savings they deserve.

In order to ensure that your teenage driver gets that safe driver discount, it is essential that, as their parent or guardian, you educate them on what it means to be a safe driver.

Being behind the wheel is a new experience for drivers – and it is one that provides for a ton of distractions. From the stereo to their passenger seat to mobile phones, there is plenty that could cause them to take their mind off driving and lead to an accident. Before your teenage driver hits the road, educate them on the distractions, and consider having them sign a contract promising to be a safe driver.

By teaching them that responsibility, you’ll get peace of mind as a parent or guardian, and you’ll save on your car insurance!

Image License: All rights reserved by aarronn56

Top 5 Effective Methods of Promotion with Social Media

Smith Paul
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Top 5 Effective Methods of Promotion with Social Media

It is not a secret nowadays that social networks play a great part in the life of modern people. No matter what scope of activity is interesting for us we meet the necessity to use web-services all the time. That’s why every company and organization should hold some competent work in Social Media. The key factor of the success is well-timed and Telic filling the site with an actual content. It is an established truth for successful business and for getting direct access to different news sources. But it is worth to admit that functioning of social networks has not many differences from classical marketing and traditional means of information transfer. So you must take into consideration some time-tested business strategies, which will help to ensure the effective promotion of your company on social networks.

Please pay attention to this list of the main important recommendations:

1. You should know your audience.

One of the main marketing rules says: “Be sure why and with whom you want to establish the contact”. That’s why I’d like to point out one more time: you should know your audience and for whom your information will be, you should know your aim. Understanding the thing who will be a potential client plays great part: now you know what people want to hear from you, so your advertising activity will become really successful.

It is important to expand your audience. Active using of the social network’s resources will help to establish communication with those people who seemed inaccessible for you before. First of all you can provide a simple activity tracking of the users which are interesting for you.

2. You should plan the content development carefully.

Think over your own topic or matter beforehand, it will let you save the time. Do not spend your efforts on rewriting the existing topics, it is better to make some new of them. Do not forget that your appeal to the audience should be targeted.

Besides, you must post the content to the site little by little. Make sure that posted articles complement each other.

3. Use all known marketing techniques in order to promote in social networks effectively.

In fact there are very many means which are able to make the process of conquest the web-space simpler for you:

–          Site content should be made taking into account all classical marketing rules, not in isolation from them

–          You should watch all the time the efficiency of your advertising promotion

Thus, we can see that social network gives us many chances to set the control of the users.

4. Do not be in isolation.

Build the process of active promotion of your company in social network using all known marketing innovations. Try to offer unique PR-actions as oftener as possible. Remember that your site is your own TV channel.

Follow these instructions in order to avoid such mistake:

–          Use not the only, but several optimal ways of business communication in social networks. Such diverse approach will help you to make your advertising promotion more holistic. Maybe you have already formed some way of communication but such predictability and narrow-mindedness can run to ineffective results.

–          Do not be like some organizations which don’t have any clear purposes and for whom their work is.

5. Do not forget that the communication in social networks should be two-way one.

Full communion it is a dialogue. Social networks help to make the Internet-communication with your target audience more open and discussion. In contrast to one-way information transmission to the listener or view here you have a chance to arrange your interaction with the audience such a way that you will be always well informed what response your commercial offers got.

Well-known phrase “Knowledge is power” has another semantic load nowadays. Of course, potential customers want to be sure in your professionalism. But in practice it means that they just look for the confirmation that you have some knowledge and you are able to dispose of it properly. The effective using of the information you have is the main agent in modern conditions. And all the social networks are just for this purpose aren’t they? Try to do your best and use all the existing means and methods in order to reach the aim you want. If you follow all the main rules, your way won’t be so much difficult as it seems firstly.

How to become Transcriptionist & What’s the Pay?

Muzahed I.
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How to become Transcriptionist & What’s the Pay?

Having a career as a transcriptionist can be rewarding. While most people have a general idea of what a transcriptionist does, not everyone is completely on board with all the intricacies that come with being a transcriptionist. If you’re interested in a career as a transcriptionist, the following information will help you learn more about your desired industry.

What does a transcriptionist do?

A transcriptionist takes audio or video files (or links online) and types the content into a Word document (or other desired document) so that the company or client has a hard copy of the content from the media file.

What exactly do transcriptionists transcribe?

Transcriptionists are used in a variety of different fields. One of the most popular forms of transcription is medical transcription. A medical transcriptionist typically listens to audio recordings by doctors, nurses and other physicians and records them into a document. Medical transcriptionists need to be fluent in medical terminology and need to determine codes so that they can keep accurate records.

Some transcriptionists work for government agencies and transcribe phone conversations, interviews, interrogations or even wire recordings in order to help agencies such as the FBI, CIA, ATF, etc. do their jobs.

Other transcriptionists typically transcribe any audio or video file needed. This can include professional notes, web videos, business meetings or anything in between that needs to be placed into a hard copy.

Where do transcriptionists work?

Some transcriptionists work on-site for their employer, but most transcriptionists have the freedom to work from home. Since transcriptionists only need a computer and some computer software, their jobs can easily be done from anywhere. Because of this, many transcriptionists are even able to set their own hours.

How much do transcriptionists make?

The earnings and wages of transcriptionists vary heavily. A medical transcriptionist working full time for a specific company will typically make more than a medical transcriptionist working part-time on their own or a full-time freelance transcriptionist may make more than a part-time government transcriptionist. According to Bureau of Labor and Statistics, the median wage of a medical transcriptionist was $32,900 in 2010.

Transcriptionists can typically get paid in three ways. Some transcriptionists receive one lump sum based on the project they’re working on. Others get paid per transcribed word, and others get paid per audio minute. If you are planning to work as a freelance transcriptionist, you’ll have to decide which payment method is best for you. If you’re working for a service, you’ll generally get paid per word or per minute, but may have the option of working per project. If you end up working as a full-time transcriptionist for a doctor, government agency or other company, you may even get paid hourly or have a set salary.

How do I become a transcriptionist?

There are different ways to become a transcriptionist. First, you need to make sure that you have the equipment and software needed to perform the job. Second, you need to make sure that you are not only a fast typer but that you’re also fast and accurate. Companies are not willing to hire transcriptionists that are slow or have poor accuracy. It’s also important that you’re a good writer, as correct context, grammar and punctuation are essential to a transcriptionist’s job.

If you have all of these essentials, you’ll need to decide what type of transcriptionist you want to be. If you’re interested in medical transcription, for example, you’ll need to take a medical terminology class.

You’ll also need to determine if you want to work for a company, as a freelance transcriptionist, or work for a transcription service company. If you want to work as the transcriptionist for a specific company, then you’ll need to apply. If you want to work as a freelancer, then you’ll need to find some clients. If you want to work for a transcription company, you’ll need to apply. There are plenty of opportunities out there; you just have to find them.

What is the outlook on transcription careers?

Some people worry that the job of a transcriptionist will become extinct thanks to computer programs, but this isn’t completely true. Over the years, some companies have let their transcriptionists go in order to use a more cost-effective computer program, but many have since returned to using real people. While computer programs do cost less, they don’t provide the same amount of accuracy as a real person. Computer programs don’t hear every word correctly, and even the best programs aren’t programmed well enough to use the right context, grammar or spelling, which ends up causing errors. Companies that used computer programs were then spending quality time going through the transcriptions in order to correct mistakes, and this caused more of a headache and cost more money.

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Four Simple Tax Mistakes That Lead To Big IRS Problems

Muzahed I.
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Four Simple Tax Mistakes That Lead To Big IRS Problems

The tax season may be over, but there are still thousands of Americans that are dealing with the fallout from their tax problems.  The IRS has some interesting filing statistics that have come out.  As of 5/10/2013 the IRS has received 134,349,000 tax returns, which is bad when you consider that there are over 300 million Americans that should be paying taxes, and that it is a 0.8% change from the amount they received last year.  The amount of Americans paying their taxes hasn’t just fallen; the amount of money people are getting for their refunds has also seen a drop.  In 2013 there were 101,082,000 refunds distributed to tax payers, a 1.4% drop from the 102,522,000 refunds that were given out last year.  The average refund for 2013 tax payers was just $2,651, a 2% drop from the $2,704 people got in 2012.

As you can see there has been a little bit of a drop in refunds and tax filers, and some of that may be due to some small mistakes.  When the average person thinks of why people receive audits from the IRS they think about millionaires who were plotting elaborate schemes to hide their money from the government. In reality almost the exact opposite is true. There are many people that get in trouble with the IRS because of relatively small mistakes.  When you’re putting together your 2014 tax return, make sure you avoid making some of these common filing mistakes.

Checking The Wrong Filing Status

Accidently checking off that you’re married and filing separately when you’re actually married and filing jointly can cause you a lot of IRS headaches.  The most common mistake people make is designating themselves as being the head of their household without meeting the requirements.  Being the head of a household in the eyes of the IRS requires a variety of income requirements from both you and your partner, and these rules can change from year to year.  Before you file be sure that you check the latest filing status requirements to make sure that you’ve picked the right one.

Forgetting to Sign and Date Returns

Signing and dating returns seems pretty straightforward, but you’d be surprised by how many people forget this simple step.  It may seem strange, but the IRS will not accept any tax returns that are not properly signed and dated, even if all of the information on them is correct.  Married couples should also remember that both spouses need to sign a joint tax return.

Failing To Pay Payroll Taxes

Do you have a nanny, babysitter, or maid that handles work in your home?  If so, you need to remember that you’re required to pay and report payroll taxes beyond a certain income threshold.  Some people mistakenly believe that they don’t pay their household workers enough to have to pay for a payroll tax, but you’d be surprised by how low the actual require for paying them actually is.

Claiming An Ineligible Dependent

So many people end up having IRS tax problems because they incorrectly list someone as a dependent.  When people claim a wrong dependent, it’s usually because they incorrectly label their spouse as being dependent.  Even if you’re the main breadwinner and your spouse doesn’t work, someone you’re married to can never be a dependent.  Children and relatives can be a dependent, but only if they are a U.S. citizen, U.S. resident alien, U.S. national or resident of Canada or Mexico for some part of the year.

Image License:  Some rights reserved by 401(K) 2013

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