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iTech Dunya is a technology blog that specializes in tech-related topics.Our GOAL is to produce high-quality content for our millions of readers.

If You Were a Tax, What Kind of Tax Would You Be?

When I meet with business owners, I hear a lot of things. I hear about how they love their business; I hear about how they're making changes in the world; I hear about their children; and I hear about their challenges. One of those primary challenges is understanding the tax code, and the different types of taxes to which they are exposed on a monthly/quarterly/annual basis. This leads most business owners to utter these words:
"I hate taxes."
I understand. You, as a business owner, hate taxes (except when you get in your car and drive on a newly paved highway; or visit the local museum; or drop your child off at the public school you love more than life itself….but I digress). 
You hate them so much that you’ll attempt to make decisions for your business that are solely driven by this hatred.  It is my job to talk you down when you are making a rash decision, or to agree with you and help you structure the decision in the most beneficial way possible.  After all, not everything revolves around taxes.
Yes, I said that.  My position on taxes is this:  I will never advise you to spend money solely to generate a tax deduction.  Period. 
But I will also work to make sure you pay as little taxes as possible, and keep your hard-earned profits. Another Period.
Here are a few of the taxes you will have to contend with as a business owner:
  • Income tax
  • Self-employment tax
  • Payroll tax
  • Sales tax
  • Use tax
  • Property tax
  • Franchise tax (sometimes)
  • Luxury tax (if you’re playing Monopoly)

You should be focused on cash flow and tax reduction simultaneously, working to find the correct balance between the two concepts.  
Taxes and cash flow should go together, and getting tunnel vision about ONLY reducing taxes can be detrimental.  Business decisions and tax-related decisions sometimes go hand-in-hand.  I say “sometimes” because I don’t like for all business decisions to be governed by “how much in taxes can I save by doing this.”  Sometimes a decision is good even though it costs you some tax dollars.  Remember that after you pay your taxes, you get to keep what’s left.
Here is a comprehensive list of business expenses that need to be examined in light of cash and tax-focused outcomes (in no particular order):
  • Rent – at some point, you may decide that owning your own business location is better than leasing it. This decision really needs to be closely analyzed in light of cash outlay and tax ramifications.  The timeline for paying a mortgage is so different from paying a short-term lease, and while the same space may cost less with a mortgage than with a lease, it doesn’t always work out to your advantage long-term.  There’s a bunch to consider here.
  • Automobiles – this causes business owners more heartburn than anything else. There are many ways to deduct expenses related to autos….
    • Mileage
    • Actual expenses
    • Lease
    • Ownership...and the tax structure of your entity also plays into this decision.
  • Health insurance – the second most-asked question. There isn’t enough room on this page to comment on all the important aspects of health insurance, so this is the textbook “case-by-case” discussion.
  • Other insurance – the most overlooked element of your business expense make-up. Insurance is hated by most, but it’s a necessary evil.  The most overlooked and misunderstood insurance line items are:
    • Life insurance (why can't I deduct this?)
    • Disability insurance (both long-term and short-term)
    • Disability overhead insurance
    • Long-term care insurance
    • Worker’s compensation insurance
  • Equipment and Fixtures (including Automobiles) – the accounting term that hardly anyone understands. These are purchases of items used in your business that last for a while….such as desks, computers, printers, scanners, etc.  Since they last for longer than one year and cost more than your standard paper clip or box of paper, per IRS guidelines, you must spread the cost over several years.  This is called depreciation (another term that no one really understands).  The timing of these purchases is important, because not only do they impact your wallet, they impact your taxes.
Tax reduction is a great thing, but I feel that cash flow considerations are primary. The great thing about working with us is that given the opportunity to weigh in, we won't suggest tax strategy and ignore the cash flow considerations.

Jonathan Godwin
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The Sarojin at Khao Lak, Thailand

Top 10 Most Beautiful Swimming Pools in the World

It’s summer and there’s nothing quite like taking a dip in the cool comfort of crystal clear swimming pool water.  Everyone loves that refreshing and revitalizing feeling of a nice long swim in the pool.

This month we decided to review the most beautiful swimming pools from around the world.  If you’re thinking about designing a swimming pool for your backyard, you’ll love these design ideas.   To give you an idea of what you can do with a swimming pool, here are the top ten most beautiful swimming pools in the world.

No :1 Hotel Caruso in Ravello, Italy
Hotel Caruso in Ravello, Italy

This infinity pool is perched on the edge of a mountain, 350 mt up in the sky. The pool opens into a gorgeous view of the picturesque Amalfi coast.
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No :2 Domus Civita in Civita di Bagnoregio, Italy

Domus Civita in Civita di Bagnoregio, Italy

This turquoise blue pool is hidden underground, in a cave. The cave itself is in the basement of the hotel.
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No :3 Katikees Hotel in Santorini, Greece
Katikees Hotel in Santorini, Greece

How about swimming in a pool, carved into a huge volcanic crater. This is the experience you will get at the Katikees Hotel in Santorini, Greece.
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No :4 Hotel Indigo, Hong Kong
Hotel Indigo, Hong Kong

Imagine swimming in a glass bottom swimming pool, located on the 29th floor of a building. This death defying pool is at the Hotel Indigo in Hong Kong. Did we forget to mention that the pool also offers a superb view of the city.
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No :5 The Oberoi Udaivilas in Udaipur, India
The Oberoi Udaivilas in Udaipur, India

When you are swimming in the pool at the Oberoi Udaivilas Palace hotel in Udaipur, India, you can't help, but feel a bit like a royal even if it is for a small time. Such is the ambiance of the pool at Oberoi Udaivilas. On one side of the pool is the palace and on the other, a fantastic view of Lake Pichola.
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No :6 Capella Pedregal Resort at Cabo San Lucas, Mexico
Capella Pedregal Resort at Cabo San Lucas, Mexico

If there is a pool in paradise, it will probably look like the outdoor pool at the Capella Pedregal Resort in Mexico. This pool gives an incredible view of the bay and also has a connected bar.
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No :7 Hacienda Uayamon at Yucatan Peninsula, Mexico
Hacienda Uayamon at Yucatan Peninsula, Mexico

Looking for a gothic industrial setting? The pool at the Hacienda Uayamon will surely remind you of one. Incidentally, the hotel is built on the ruins of an estate that dates back to 1700.
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No :8 Hanging Garden in Ubud, Bali
Hanging Garden in Ubud, Bali

This pool is set at the edge of a cliff. On the other side is a pristine green rainforest. Talk about living in the midst of nature.
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No :9 Four Seasons Safari Lodge at Serengeti National Park, Tanzania
Four Seasons Safari Lodge at Serengeti National Park, Tanzania

This pool is probably the most exotic swimming pool on this list. The pool at the Four Seasons Safari Lodge actually overlooks a watering hole frequented by wildlife like elephants, gazelles, zebras and a host of other wildlife.
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No :10 The Sarojin at Khao Lak, Thailand
The Sarojin at Khao Lak, Thailand

Can a pool change color? This pool does. During the day, it is an austere blue. At night, it becomes fluorescent green. The pool also contains small wooden islands for relaxation.

Tom "TJ" Rossi
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Free Video Calls? VoLTE vs Video Calling vs 3rd Party App-Video
Three years ago, a Second Standard school kid would not have known what video calling is. However, nowadays, our young Pakistani kid whose dad is working overseas asks his mother, “Ami could we please Skype with Abu, as he would be back from office by now?”

So how many of us have had a Skype call recently. Nearly every one of us knows what Skype Video Calling is; Or do we really? This question hit me last year at the launching announcements of the iPhone 6 series. When Apple told the audience their upcoming technology would incorporate VoLTE into the latest iOS, so “users enjoy seamless Video Calling facilities over LTE”. The term itself pretty much describes everything except that there are numerous technologies working side by side with the NEW SEAMLESS voice transmission. This time the tones do not drop, the voice does not repeat itself after we speak (looking at you Skype), and the call does not end until we want it to!

Are You Excited? So was I!

Here is the official word on VoLTE defined:-

VoLTE, an acronym for Voice over LTE, bases upon the IP Multimedia Subsystem (IMS) network, specifies distinct profiles for control and media planes of LTE voice services. VoLTE results in voice services (control and media planes) being delivered as data flows within the LTE data bearer; meaning there is no dependency/requirement for maintaining legacy circuit-switched voice network. VoLTE has up to three times more voice and data capacity than 3G UMTS and up to six times more than 2G GSM. Furthermore, it frees up the bandwidth because VoLTE’s packets headers are smaller than those of the unoptimized VoIP/LTE are.

Therefore, it is THREE TIMES as powerful as normal 3G and SIX TIMES better than our Pakistani ex-2G-networks. Remember the Nokia Smartphone series, which had “Video Calling Options” using 3G networks? Moreover, do you know why the 2014/2015 Android Smartphone Vendors dropped the native video calling options in the latest handsets? The Video Calls used to utilize our 3G circuit-switch network (like regular voice calls) do and be heavy on both the cellular networks and the phone bills side by side. So came in SKYPE like a genie in the bottle!

The particular Genie we now know as Skype is an application that utilizes our Internet DATA Bundles instead of the native CSN. Other applications added the same functionality that includes the latest entree WhatsApp too. With this separate utilization, the cellular network stays at rest, and the user does not have to get heavy on the bills either. However, things still seemed out of place when calls dropped, voices ECHOed, and that “Pure Listening Experience” was not purely achievable. Therefore, the VoLTE jumped in! This technology brings to us all the goodies of being reasonable and packet-data based while adding the benefits of clear sound and lively experiences!

There is no doubt the technology will take its time to get used to it. However, once implemented everywhere, we will love every second of it since it will be reasonable and yet let us achieve much faster internet speeds! Until then, I prefer Facebook for video calls as it gives me the best calling experience until now. So what are you using for video calls?
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The new Truth Machine app alerts you when a colleague, vendor or friend is lying to you. Analyzing both audio and video images from a face-to-face conversation or video chat, it identifies potential deceit. The app's founders claim that the app can detect 99% of all lies.

I'm lying.


This app doesn't exist, yet. But for the sake of this article, let's assume it will exist in the next few years. Let's imagine that you - and everyone else - will be able to detect all lies.

So when your boss tells you, "Great job!" you will instantly know if he is lying.

When a vendor swears to you that she is offering you the lowest possible price, you will know when that is not true.

Even worse, if your significant other claims to be working late at the office, you will know when that statement is false.

My intention isn't to make predictions about the pace of technological change. It's simply to challenge myself - and you - to consider the possibility that lying may soon become nearly impossible.

Even if you are skeptical about the pace of technological development, I urge you to set that skepticism aside for a minute and consider this:

What if lying becomes futile?


Pamela Meyer, author of Liespotting, points out that you don't need an app to spot deception. Our faces, voices and actions offer many clues whether or not we are telling the truth. With focus and practice, anyone can learn to detect lies.

For example, Meyer's web site points out that:

From frowns to smiles, we typically reveal true feelings evenly on both sides of the face. Just like a picture hanging perfectly plumb on a wall, one’s face looks its most natural when balanced. Six of the seven core emotions are displayed genuinely with symmetrical expressions on the face. What this means is that if a colleague shows signs of surprise on just one side of her face, chances are she already knew what you just told her.

I'm just taking this one step further, and speculating about what would happen if liespotting techniques were automated.

In many LinkedIn articles, the comments are an interesting follow on to the post; in this one, your comments are front and center. Rather than try to answer this question myself, I'd like to suggest that it will be far more enlightening to solicit all your ideas, from a wide cross-section of countries, industries and ages.

If, as I hope, this article generates a lively discussion, I will publish a second piece that highlights the most insightful comments.

Here are some questions you might want to address:


  • How will relationships change when tactful white lies are no longer possible? What if, when your spouse asks if s/he looks fat, you have no choice but to be honest?
  • Will complete honesty make business relationships more or less compassionate? 
  • How will each of us need to alter our thoughts and actions when we get 100% accurate feedback?
  • What would the transition be like, as such an app was first announced, then available, then widely adopted? How would you feel about a person who refused to talk with you while you had the app running?
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The sustainability of the producers, distributors and vendors, of prepaid goods and services, will become increasingly more difficult as long as the focus is on the individual parts and not the system as a whole.

The Systems Theory, as a broad concept, is ancient – understanding systems and their inter-related parts. In 1926 Jan Smuts, a prime minister of South Africa and an academic coined the term “holism” in his book Holism and Evolution. Smuts (1926) was the first to acknowledge that the “whole is greater than the sum of the parts”.

However corporate tendency still remains that organisations develop a strategy focusing only on its relationship with its primary stakeholders – those they need to make money or those they need to save money, i.e. a total profit driven strategy. This approach ignores the need to keep its ecosystem sustainable.

The Competition Commission of South Africa was formed in 2000, in accordance of the Competition Act, No 89 of 1998 by the Government of South Africa. Its mission is to investigate, control and evaluate restrictive business practices, abuse of dominant positions and mergers in order to achieve equity and efficiency in the South African economy. The focus of this regulatory body is on the protection of competition within an ecosystem but not on the long-term sustainability of that ecosystem.

WHAT IS THE PREPAID ECOSYSTEM?


Thanks to Wikipedia we know “an ecosystem is a community of living organisms in conjunction with non-living components of their environment interacting as a system”. The Prepaid Ecosystem is just a very special case of this definition.

The “community of living organisms” consist of the companies and individuals that produce, distribute, vend and consume the “non-living components”, i.e. virtual products (e.g. prepaid airtime, prepaid electricity, etc.).

In the global Prepaid Ecosystem there is an ever-growing population of consumers that consumes a growing supply of prepaid goods and services. In a study, MasterCard found that the prepaid market would grow more that 22% per annum over the next 5 years. This study also projects a global prepaid opportunity of over $822 billion by 2017.

The producers, supplies goods and services at a relative small direct cost to themselves. The consumer buys these goods and services at a fixed price, but the narrow margin for profit puts pressure on distributors and vendors to run a sustainable business. With commissions ranging from 12% to less than 4% (with an average at about 5.5%), which can be spread over the entire distribution network, there is not much in it for the independent vendors of prepaid products.

WHAT MAKES THE PREPAID ECOSYSTEM SUSTAINABLE?


As with natural ecosystems, diversity and balance is the key to a sustainable ecosystem. If the Prepaid Ecosystem is rich in the variety of prepaid goods and services, there will be a higher rate of interaction between the different players in the ecosystem. This inevitably leads to a higher flow of goods and services to the consumer and a higher flow of money to the producer. An ecosystem with a single producer of a limited range of goods and services is very seldom sustainable. Therefor the assumption can be made that there is a critical mass of producers, distributors, vendors and consumers required to create a sustainable ecosystem.

The Ubuntu philosophy of “a person is a person through other people” can be extended to apply to organisations: An organisation’s value can only be affirmed through the recognition of other organisations, the unique needs they address and the symbiotic interaction between these organisations. This is a paradigm shift that needs to happen: rather than viewing other organisations as a threat, they exist to bring variety and balance in the ecosystem – enhancing and stimulating it. I.e. it requires that all the players seek a win-win solution. Plato philosophised that all things will be produced in superior quantity and quality and with greater ease, when each man works at a single occupation, in accordance with his natural gifts, and at the right moment, without meddling with anything else – the same could be said of players in a Prepaid Ecosystem.

Within a Prepaid Ecosystem best practices should be established to protect the relationships and interaction between the different players. Levels within the ecosystem should be managed, with the focus on long-term sustainability, rather than managing the individual players separately.

HOW WILL THE PREPAID ECOSYSTEM LOOK IN THE FUTURE?


Mobile networks (producers) are currently experiencing a very high churn rate, which is combined with lowering Average Revenue Per User (ARPU). Mobile networks are engaged in a tariff war, trying to retain their subscribers. This means that consumers are leaving their Prepaid Ecosystem and those who stays, are consuming less or rather, they are paying less for what they consume. This approach does not seem to be working, networks are only cutting their own profits and the livelihood of their distributors and vendors. This puts even more strain on the long-term sustainability of their ecosystem.

Rather than to drive themselves, their distributors and vendors into the ground, all the players should rather focus on creating a sustainable ecosystem, an ecosystem that could potentially include prepaid electricity products, mobile banking solutions, etc. This ecosystem can be extended to include an extensive distribution network involving distributors, large retailers, independent merchants and traders to serve the ever-growing consumer base. Consumers will stay in a Prepaid Ecosystem as long as it is convenient, not necessarily because it is cheap.

Strategies must be defined and implemented to:



  1. Create a place for every player in the Prepaid Ecosystem, even if it means that a specific level should be conserved (e.g. the vendor level) for social reasons such as job creation or rural upliftment;
  2. Stimulate interaction and encourage diversity within the ecosystem; and
  3. Managing the ecosystem holistically and acknowledging the interdependencies.

Failing to recognise that prepaid ecosystems is the key to long-term survival of producers, distributors and vendors, will inevitably lead to their isolation and downfall.
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Japanese high-speed train set a new world record
Japan is a modern, myglev'train during his trial at the speed of 600 kilometers per hour journey has taken a new world record.

Seven cars of the train during his trial at a speed of 603 kilometers per hour and the journey continued for more than 11 seconds to 600 km per hour traveled.

Last week, the company train broke its 2003 record of 590 km per hour speed record was traveling.

"Myglev 'train track suspended in air is about four inches above it operates under the principle of electro-magnetism.

2027 Japanese railway officials to train and they are commonly used for the first train between Tokyo and Nagoya will be run.

The train will have a maximum speed 500 km and 286 km, the distance between Tokyo and Nagoya will be fixed in 40 minutes
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iTech Dunya is a technology blog that specializes in tech-related topics.Our GOAL is to produce high-quality content for our millions of readers.

10 Reasons to Outsource your Legal Costs Work

Outsourcing is defined here as
 “a practice used by different companies to reduce costs by transferring portions of work to outside suppliers”
 or as we see it, a practice of creating and sustaining successful partnerships.
 As costs draftsmen, costs lawyers and costs consultants we provide expert outsourced services to the legal profession. Alongside traditional costs drafting roles, outsourcing includes working in house for Solicitors. It’s a great way to cement the working relationship between Solicitor and cost draftsman and has significant added benefits including:
Immediate On-Site Access As a Solicitor you have immediate on site access to the costs draftsman's knowledge and experience of costs drafting law, administration and procedure
Access to Missing Documents As a Costs Draftsman you have immediate on-site access to those fundamental documents that can often be missing from the Solicitor's file (ledgers, disbursements, pleadings,costs orders and correspondence) and that cause delays in progressing costs.
10 Reasons to Outsource your Legal Costs Work

Face-to Face Encounters

Working in-house provides a rare but welcome opportunity to take instructions face to face from our instructing solicitor and a chance to discuss specific issues of importance that a solicitor would wish to bring out in the Bill of Costs and for subsequent negotiations.

Direct Charge

A costs draftsman whether employed internally or externally is a fee-earner. The unequivocal judgment of Lord Justice May in Crane v Canons Leisure [2007] EWCA Civ 1352 is that work done in preparing a bill of costs is “solicitor” work for which solicitors are entitled to make a direct charge.
Profit 
Where still applicable, the success fee is recoverable and paid to the Solicitor not the Costs Draftsman as profit.

Pay Only for Work Done

When outsourcing costing needs, you will  pay the costs draftsman only for the work done: no holiday pay, sick pay, no national insurance contribution nor auto-enrolment payment and no periods of work shortages where you keep staff available but with little to do

Up-to-Date, knowledgeable work-force at no extra cost

The costs of employing costs draftsmen of sufficient calibre and keeping them updated can be prohibitive especially for smaller firms and particularly with the raft of subsequent changes passing through under the guidance of Lord Justice Jackson. It is our job to keep abreast of developments within costs law: a knowledge that we can pass onto client firms through an active in-house training programme.
At John M Hayes we often provide training on maximizing costs recovery and in an age where firms are under pressure financially - we know that every penny counts.

Case management 

Within a specialist legal costs firm, the costs draftsman has the benefit of working alongside experienced colleagues of graduate calibre with the benefit of ongoing broad experience in managing caseloads and training and support. We have the capacity and time to develop detailed costs arguments and negotiation skills which can obscure fee-earning capability for other legal professionals.

Turnaround times

Outsourcing can prevent solicitors from failing to meet turnaround times or tight deadlines at peak times during the financial year. Even firms with their own in-house costing teams call on external assistance particularly at busy times or where costs arguments become complex and a second opinion is sought.

Additional hidden benefits 

Outsourced workers bring additional proven skills to each office visit . Proficient at “hot-desking”, IT on-the-move and adept at blending in with the tea round – we bring hidden benefits to your firm and provide a cost effective way to make a difference to your cash flow and recovery.
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"Tax Season Sucks..." There, I Said It.
  • Renewing your driver's license
  • Leaving that little tag on your mattress
  • Clicking on the "Agree" button to the Terms of Agreement of Your Bilateral Contract and Trade Agreement with iTunes each time you purchase something online
  • Re-writing your health insurance information on every single field trip request that your school sends out
All of these are things that you have to do in order to be allowed to take advantage of certain opportunities in your life on a day-to-day basis. Most of the time, these are things you have to do in order to do something else. (Well, maybe not that mattress thing.)   But, what do the other three have in common?
There was a law written in a galaxy far, far away that requires you to comply in order to participate in the activity in question.  In order to drive without harassment, you must have a valid driver's license.  In order to purchase Candy Crush, you have to agree with Apple's terms (which no one, including Apple, has ever read). In order to send your child to the Peace Center to see dinosaurs dance, you must let the school know that you have insurance and that your child isn't allergic to various carpet fibers in auditoriums.  There's no way around it.  You have to do it.  If you don't there is no driving, no Candy Crush and no dancing dinosaurs.
Do these compliance requirements directly enrich your life?  Nope.
I'm about to blow your mind.  The same goes for tax returns.
Say what?
Tax returns do nothing to enrich your life, or mine.  That is a pretty bold statement coming from the guy who pays for dancing dinosaurs and Candy Crush with the fees paid (in part) from preparing tax returns.
Tax returns simply keep you from being harassed by the IRS or your state's department of revenue.  They have to be completed, filed a certain way, signed in a certain place, mailed to a certain destination, and then acknowledged by the agency in question. Then, if you do anything wrong, go buy some paper and lots of toner....you'll be writing letters for quite a while. 
This, my friends, sucks the life out of more entrepreneurs than you will ever know. 
We, as entrepreneurs, like to think of ourselves as a brave bunch.  After all, we did start a business.  That's a risky proposition and we should be commended for doing so.  But how many times do you, as a business owner, find yourself doing something you don't enjoy....just because it has to get done?  

Why are you doing that?

Because you've always done it.  Because businesses "like ours" do this kind of work.  Because we don't like change and neither do our clients.  
It's time to stand up and say, "I'm done."
You started your business to not only make money and fill the needs of your clients, but didn't you also want to enjoy it?  I bet if you looked at your To-Do List right now, you'd find things on there that have been sitting for weeks.... because you hate doing them. But, they remain on that to-do list because they have to get done.  When will they get done? At the last possible minute, because you hate them.
And that is going to throw a wrench into the OTHER things that are more profitable and more enjoyable....that your clients REALLY value.  
So what's stopping you from saying "NO" to the drudge work and focusing on the more profitable, satisfying, "I could do this all day" type of work?  Could it be....
  • Fear of losing business
  • Fear of losing revenue
  • Fear of paying out more
  • "It is just faster if I do it myself, because I am the only one who knows how to do it."
  • "I don't know how I would teach this to someone else."
  • "I don't trust someone else enough to hand this over."
  • A desire to please everyone
  • A desire to be "full-service"
It's a little bit of all those things, isn't it?  Would you give that same advice to your child, if they wanted to start a lemonade stand?  Would you say "Now, son, you can start this business, but you won't have any control over the work you do. I know you like lemonade, but some people prefer tea or mango smoothies. You will have to bend and cow-tow to the whims of your market.  You will have to file all your incorporation documents on your own.  And don't forget you sales tax. You'll just have to bite the bullet and do it.  That's how it is, it's not going to be about the lemonade."  
Who in their right mind would start a business if that was the case?
Now, let's take this argument one step further.  What if you could outsource your very own business processes to someone else and focus on the engagements that are more profitable and more enjoyable....those engagements that your clients love so much that they say "It's a joy to write this check to your company each month"....how would you feel?
This arena, my loyal readers, is where Godwin & Associates, CPA exists to consult and advise these days.  We have taken entrepreneurs who were stuck, and helped them move past a point of frustration into one of profitability and ultimate enjoyment with their businesses again.  It's the most gratifying work we have ever done.  If you want to take your business to the next level, have a conversation with us and find out if you can move beyond the heavy sighs and lengthy To-Do Lists. Rip that mattress tag off and say "Enough. I deserve more than this."
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Why a US tech company should open an office in London
Expanding internationally is an opportunity to grow business revenues, gain competitive advantage through learning and establish a globally recognized brand. There are several examples of US companies that have expanded internationally, significantly grown revenue and become household names. Google was founded in the US in 1998 and it is now the leading search engine in the world. Paypal was founded in 1998 and, after successful International expansion, now facilitates online payments across 190 countries.
This article aims to extract key insights on why companies should pick London as their first international office. London represents a balance between a path of least resistance and a proof of concept for US companies going global.
Why should a US company move to London? London is unanimously recognized as a unique city that is one of the global leaders in politics, business, knowledge and many other fields. London is the world’s leading financial center for international business and commerce. It is the fifth largest economy of all global cities. It is also the most visited city in the world by international tourists. So, from the standpoint of a US tech company, what are the practical considerations that make moving to London a natural choice? Below I outline the five key reasons for which London should be chosen as a first international office.
1. Availability of talent and rise of tech. In London, there is wide availability of talent. The UK is home to top universities where thousands of future business and engineering leaders graduate every year. In addition, as the UK is part of the European Union, any European can move to London without the need of visa, thus making London a very attractive talent market. London is already a leading market for financial services and consulting talent. However, the rising trend of entrepreneurship and the growth in the tech sector is signaling a change. There were 382,000 workers in London’s technology and information sector in 2014, an increase of 11 percent since 2009. This growth is more than triple the growth in the previous four years. In addition, in 2010, UK Prime Minister David Cameron and London Mayor Boris Johnson launched the Tech City initiative to support the growth of the technology cluster in East London, committed to making London the tech capital of the world.
2. Same language, with different accent. The English language is a basic and also very important commonality. It is not surprising that US companies often launch their first products to the UK, Australia and Canada. Dealing with the same language gives many advantages: English makes it easier for US executives to relocate, and lead; it is also easier to localize products, guidelines or marketing messages; it is easier to interact with partners from the headquarters; it is easier in terms of utilizing the same US customer service. Box CEO Aaron Levie said it best, “London represents a similar environment with a different accent.” It is no surprise that Box chose London as its first international office.
3. Business friendly environment. The UK tax regime is becoming increasingly favorable. Corporate tax rates have been lowered to 20% in 2015. While Dublin still provides lower tax rates in Europe, the gap is diminishing, making London a more attractive choice. The legal system is also very efficient, making it easier to set up a business abroad, hire and fire employees, and deal with potential legal issues. London is in fact rated as the 8th country for ease of doing business, according to the World Bank. It is just below the US, which is ranked 7th, and ahead of Australia (10th), Canada (16th) and continental Europe (Germany 14th, France 31st, Italy 56th).
4. Gateway to Europe. London is located in very close proximity to many European cities (1hr from Paris, 1.5hrs from Amsterdam, 1.5hrs from Frankfurt, 2hrs from Rome), and thus can function as an entry point to Europe. In addition, it is very well connected to the US (London Heathrow is one of the largest global airport hubs) and it is more advantageous for the time zone (an hour ahead of continental Europe). On the negative side, London is also one of the most expensive cities in Europe, but new areas are emerging in the city where the cost of living and operating a business are lower. For example, the East London tech city, also known as Silicon Roundabout, is a fast growing entrepreneurial area and significantly cheaper than Central London.
5. Competitive market and launch of ‘copy-cats’. There are an increasing number of copy-cat startups being launched around London. Entrepreneurs and funds try to copy US business models and replicate them in the UK. This trend is even more prevalent in consumer products than in the B2B space, where some of the competitive advantages come from corporate relationships and are more difficult to replicate. Once the copy-cat startups succeed in the UK, they expand to Europe. For example, Rocket Internet, a recent German IPO company specialized in funding companies with the same business model of US companies, has been investing heavily in London in recent months. In addition to cloning companies, more generally the VC funds in London have also increased significantly, making the market increasingly competitive. For example, in 2014 alone, more than a $1 billion has been invested in UK startups. If US companies wait too long to expand to London, competitors will either replicate their models or come up with new disruptive models.
In summary, there are many reasons for which London is often considered as the first international office for a company. Under these conditions, London represents the path of least resistance and serves as a convenient proof of concept opportunity to access the wider and attractive European continent.
NB. This article focused on why companies should move to London. However, we should not discount the rise of alternatives, especially in Northern Europe or Scandinavia. For example, as a leading venture capitalist told me, most of the companies in his portfolio still move to London, even if he thinks a higher share should move to Northern Europe since, in those markets, English is very well spoken, there is a lot of talent and competition is more limited. As a result, there are even more reasons for London to continue investing, innovating and growing as the leading tech hub in Europe.
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