How to have a productive New Year? How to keep your New Year resolutions? How about having an efficient and optimized tax year at least instead?
The end of 2016 marks the beginning of a new year.
Like every year end, a number of us make New Year resolutions; quit smoking, hitting the gym four times a week, work more efficiently, procrastinate less, quit watching YouTube videos endlessly (that’s me), hitting the sack early.
We have all made that promises.
Some of us succeed in keeping them for at least six months or more. Most of us stick to them for two to three weeks and we just go back to our old habits.
Old habits die hard indeed…
What all resolutions have in common then? Their ultimate goal is a better you. An Ubermenschen as derived for Nietzsche’s philosophies, the ultimate man who controls his own destiny and his passions; or a firm implementer of Confucius analects.
What is stopping us then from breaking our resolutions?
In other words who is the demon in disguise that makes us turn to our old habits?
Opinions vary on a case by case basis.
Most name poor time management as the reason for breaking our New Year resolutions? Or is it the intrusion of digital distraction (Social media etc.) into parts of our lives that should be set aside for focused thought? Maybe it is a calamitous mixture of the two.
What then do we ill-willed, feeble and frail, “we band of brothers” do then?
Quite frankly, we google for advice. Its quick, it’s easy, it’s free and we keep our own privacy as we don’t have to confine to anyone (or so we think?)………….
Searching for advice for those who want to work more productively in 2017, we have rounded up tips for how best to get things done.
Some of the tips are sensible, other unconventional and some downright puritanical. Possibly your life will resemble the life of monks living in Monasteries. That might be somewhat exciting, as Belgian monks have excellent beers to drink and enjoy. As long as you haven’t made a promise to quit alcohol altogether.
All the techniques on our list are worth considering for a more effective, less harassed, new year. And save something on your tax bill even if you don’t keep any of your other resolutions. At least you can tick something off your list. Maybe your company incorporation in Dubai. Or that Trust in BVI?
Tip 1: Stay focused and get offline
While writing this article I have spent several hours on YouTube.
Strict control of usage of social media and other distractions online is imperative then.
We need to set our own priorities and not allow the external world to set them for us. All these things serve as distractors and they are ways in which the outside world is telling you what to pay attention to.
On the other hand though there is the need to keep in line with the outside world. If you are working with Internet advertising and SEO marketing staying off temptations may hinder any knowledge that you will probably need to use for your own work.
Sounds like a double edged knife.
While I was procrastinating I was googling through the news. I saw an article that Melania Trump was wearing a fancy Dolce and Gabbana outfit that costs 4 paychecks. Commentators were commenting that they will never buy from this brand again and I think they managed to piss off Mr. Gabbana so I think he told them to look elsewhere (for the sake of keeping it P.C.).
Next I was searching interviews of Dolce and Gabbana on YouTube. There was one I saw that Mr. Gabbana was stating that these days everybody is on social media that it is surprising how people get work done these days with all these distractions.
Couldn’t agree more.
How does this link to Tax minimization and reduction?
There is no better way to phrase this. You need to be clear of what you want to achieve with your tax structure and have an optimum tax planning solution that caters for your specific needs.
In a nutshell you need to have a tax plan. And that is down to earth and it actually works.
Avoid one size fits all solution for tax planning and reduction. Usually it does not work. Or perhaps wanting to find the cheapest way out. That usually does not work either. You need to be clear what you want to do. Patent incorporation in Europe? Or company formation in the UAE. Perhaps a Foundation in Belize, or a Trust in Cyprus?
The recent attacks of the OECD and tax authorities in Europe and the USA, have made a number of zero tax destinations (Tax havens) such as BVI and Panama very unpopular. Whether you are a digital nomad, an international entrepreneur or an aware global citizen we can help you out on what you want to achieve. And we don’t charge an arm and a leg.
Tip 2: The early morning hitting the gym person and the power nap guy
Many time management and effectiveness best-sellers push the virtues of an early starter and the power nap guy.
I am not an early starter and I don’t think I will ever be. There are people however who sail through this with no problem.
Stark comparison between me and a dear friend that I have. Let us call him Pierre for the sake of anonymity.
I struggle getting up every morning. I set my alarm clock literary an hour before and still manage to skip breakfast and be late for work. On a daily basis. It gets worse on days before the weekend.
Pierre on the other hand wakes up at 5:00 am. He hits the gym at 5:30 am. He has a full blown English breakfast at 7:00 am (he’s 1.94m) and reaches work at 8:15 am. Within this period of time he has read the news, checked his emails and arranged his to do list. He knows what he is going to do and what is important or not. He has everything sorted. Sometimes, I think he has a computer chip on the right side of his brain.
So what is the main reason behind my lateness and his discipline?
I go to bed at 1:00 am every day, sometimes 2:00 am maybe 3:00 am. Not that I am working on anything. I just spend my evening on YouTube as usual with a glass of wine. He hits the sack and well into his first dream by 10:30 p.m. Wow.
Next, are the power nap guys. Not the types who have a 3 hour midday nap after a big meal. The ones who sleep for 15 to 20 minutes and really want to conquer the world types. I think these ones have the chip on the left side of their brain and they are assembled just outside Tokyo.
Anyway you get the picture, it’s the ones who do something that you would only dream of doing and are efficient. The machines. The doers. The workaholics. There is no formula for that. It is for every single one of us to discover what make us more efficient and just get on with it.
How does this link to Tax minimization then?
Tax planning is a process individuals, businesses, and organizations use to evaluate their financial profile, with the aim of minimizing the amount of taxes paid on personal income or business profit.
As enterprises globalize, they can find themselves facing a complex web of tax rules and regulations. It is increasingly important for them to find ways to align their tax strategies with their overall business needs while meeting their compliance obligations whenever they arise.
Consequently, opportunities arise when you work internationally, your business trades internationally or when you invest internationally. In the globalized world, tax planning structures have become available for small and medium sized businesses.
So you do not have to go to bed early and then to hit the gym to have an efficient tax structure. That can be done by us.
Don’t worry we will not tell anyone and you can keep the whole credit to yourself.
Tip 3: Time management
There are two ways to measure how effectively you use time. The first is to log your days to understand better how you are (mis)spending them.
If you lose track of things, or miss deadlines this can hurt you professionally.
The human brain generates a certain amount of energy every day. If you can control how this energy is aimed, you can get a lot more results than if you let your professional life unfold haphazardly.
It really helps if you write down what you would like to do and how much time you should spent on each task.
This feels like taking a time pressure exam, but that it’s what it’s all about.
How does this link to Tax minimization then?
You don’t have to do the accounting of your company or your Trust or Foundation or or or….
We can do it for you. For a fee. But then you would not spend ages trying to figure out your high school accounting classes and dust off your university textbooks. We have people that can do that for you.
And they are qualified and able to do that! Best part? They can give you advice to optimize everything. To your specific situation.
And then there is the audit. We can do that that as well.
No we don’t force you to do audits if you don’t need them. (For example Dubai RAKICC companies do not need audit). That’s unprofessional. However, you don’t know who will ask for one. Usually it’s the tax authorities. We can do it. Period.
Tip 4: Self-motivation and encouragement
Everybody likes to be self-motivated and encouraged by not having seen to appear as a cry baby in front of others.
Most of us however do not have the stamina and inner will to do it though. We all crave this little pampering.
Key here is to find what makes you feel empowered, from listening to the latest tunes from Radiohead to motivation speeches from people that influence you.
Unfortunately, this is down to the preferences and taste buds to each individual. You will have to see what works for you and what does not.
How does this link to Tax minimization then?
Self-Motivation is derived from Confidence. And Confidence comes from Knowledge. We don’t know everything clearly. (I think Socrates said that).
I think the important bit here is to keep an eye on the future and try to educate ourselves. Variables are changing fast these days. More than ever. Fortunes and businesses can be lost in the blink of an eye without proper structuring and management.
Same idea with efficiency. A lot of requests from our firm come for setting up a business in Dubai, or the UAE. It is a growing and popular destination as a late adopter of CRS and that it is flexible and easy to open. And it’s not under attack as other tax heavens like Panama and the BVI from authorities worlwide.
Some of you do not have the time to do that. A good way is to ask us at Freemont Group. We take of our clients. Anyway the best way to grow a business is through its existing clientele. Marketing, ads and expos can do only so little.
We can incorporate companies for you in friendly low tax jurisdictions, based on the advice of our trusted tax advisers. We can also provide you with management and administration and as directors we can contribute leadership, ensure legal and tax implications are considered, and comply with statutory corporate and financial reporting standards. Not only will we provide a proper business address and telephone presence, we ensure that substance and residency issues are fully considered.
So if you have a question or concern, voice it. We will make sure that its gets an appropriate and timely answer.
An answer with alternatives detailing the best course of action.
Simple as that. Yet Simplicity is the ultimate sophistication (Leonardo da Vinci).
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Knowledge is the key to business confidence.