How does income tax work?

How does income tax work?

How does income tax work? Want to find out more about what income tax is, and how it works? Here at Payday Bad Credit, we take a look at everything you need to know about income tax so that you fully understand the process. What is income tax? Income tax is self-explanatory in many respects: it is a tax that you pay on your income. However, it is not necessarily the case you pay it on all kinds of income but most are included, such as: Wages Profits if you run your own business (this includes websites or apps that […]

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Self-employed vs sole trader – what is the difference?

Self-employed vs sole trader – what is the difference?

Self-employed vs sole trader – what is the difference? Wondering what the exact difference is between being a sole trader and being self-employed? At times there can lack real clarity as to what the variation is between the two of them, and it can be especially unclear if you are new to the world of self-employment. Payday Bad Credit is going to explore the way in which they differ and the responsibilities each incurs. How do they differ? Being self-employed and being a sole trader differ because one refers to a legal status and the other doesn’t. Being self-employed simply […]

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The best ways to rebuild your credit rating

The best ways to rebuild your credit rating

The best ways to improve your chances of being approved for a loan Is your credit rating in the best possible shape it could be in? A bad credit score can happen to any of us. Our credit score does not remain static, and so depending on our financial circumstances, it can go up and down from year to year. However, whenever possible, you should do your best to try to keep a good credit score, but what can you do if you do have a bad credit history? Here at Payday Bad Credit, we take a look at the […]

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Should you lend money to family and friends?

Should you lend money to family and friends?

Should you lend money to family and friends? If a family or friend is struggling with money, struggling in a financial emergency or is finding it difficult to get access to funds due to having bad credit, you may be asked if it is possible if you can lend them money. However, as we all know, the subject of money can quickly become a source of tension if the situation is not dealt with correctly, leading to ongoing feuds, that sometimes end up permanently damaging a relationship. Understandably, this can make you feel nervous about lending money to family and friends when […]

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What is a credit limit?

What is a credit limit?

What is a credit limit? A credit limit is the maximum amount of money that you have been permitted to spend on your credit card.  A credit card works essentially like a type of loan which proves you the option to borrow a certain amount each month and then repay at the end of the month. A credit limit is, therefore, the barrier for how much money you are allowed to borrow. If we think of it like this: If Lucie has a credit card with a credit limit of £3000, if she has spent £2500, she has £500 to go […]

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What is the difference between a standing order and a direct debit?

What is the difference between a standing order and a direct debit?

What is the difference between a standing order and a direct debit? Standing order and direct debit are two terms you have probably come across many times, as they are the two most common methods to make regular or recurring payments to either individuals or companies. In many respects they are similar but their difference is crucial as these details may make one option far more appropriate to your particular needs. Standing order overview Can be set up either on the phone or online Operates in fixed amounts It functions as an instruction to the bank to pay another bank […]

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What is GDPR?

What is GDPR?

What is GDPR?  Acronyms such as GDPR can pop up in life and they can be confusing. By educating yourself on what these acronyms mean you can protect yourself and be prepared to handle the events of life. GDPR stands for General Data Protection Regulation, and it is a regulation in EU on data protection and privacy for all individual persons within the European Union. The regulation focuses largely on the exportation of personal data outside of the EU, and it tries to place control back into the hands of citizens and residents regarding their personal information to simplify the […]

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What are the Responsibilities of an Employer?

What are the Responsibilities of an Employer?

What are the Responsibilities of an Employer? Being an employer means in many cases more money, more freedom within your job and many general perks however it also means that you owe a responsibility to protect and take care of your employees. By taking care of your employees you are more likely to run a successful business and to guarantee a successful future in turn. N.B. Employers engage persons on either contract of service or contracts for services. Only a person engaged under a contract of service is an employee and therefore protected by the full range of employment legislation. […]

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What is a Payslip?

What is a Payslip?

What is a payslip? A payslip is a note or a receipt that is given to an employee when they have been paid. A payslip will be given regularly to an employee. Probably once a month or however regularly they receive their wages. The pay skip will show how much the employee has been paid but it will also show how much tax and insurance has been deducted. Payslips will provide proof of the earnings you have received as well as the tax you have paid and any pension contributions that you may have made. They are therefore very important […]

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What is Cold Calling?

What is Cold Calling?

What is cold calling? Cold calling is a mysterious thing and we have all been subject to it. Have you ever had an unknown number call you trying to sell some sort of miscellaneous item or alternatively suggesting that you’ve been in a car accident recently? Well, this is what we would define as cold calling. Cold Calling is specifically defined as: “the solicitation of business from potential customers who have never had prior contact with the salesperson who is conducting the call”. The reason for cold calling is to attempt to convince potential customers to purchase an item or […]

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