Home Business What is SIPP? How it works?

What is SIPP? How it works?

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With businesses around the world no longer sticking to the 9-5 grind amid the COVID-19 pandemic, it’s now more important than ever before to give employees the tools they need for flexible working. So what is the best tool businesses can utilise to ensure remote and global teams work together, share information and communicate with ease? Enter: Microsoft Teams. The cloud service brings people together no matter where they are in the world through seamless remote connectivity and collaboration. With that in mind, we’ve rounded up some hidden Microsoft Teams features which can strengthen your business’ communication skills and productivity levels. Microsoft Teams For Remote Working Microsoft Teams is one of the greatest tools out there for remote working due to its on-the-go philosophy. From the ability to share your thoughts and ideas in group or private chats to video conference calls for up to 1,000 people, we’ve rounded up five handy Microsoft Teams features you can use to improve remote working methods. Filter Personal And Business Messages It can prove difficult to stay on top of messages when you are trying to work whilst also keeping an eye on your active chat feed. Thankfully, you can easily organise messages and personal lists using the activity filter - a great way to keep on top of your to-do list whilst away from your desk. Handy Microsoft Teams Shortcuts It has never been easier to save time at work, as Future Computers has discovered a number of great keyboard shortcuts that you can use on the platform. To open a new chat: Ctrl + 1 To open calls: Ctrl + 5 To open files: Ctrl + 6 To accept a video call: Ctrl + Shift + A To start a video call: Ctrl + Shift + U To decline a call: Ctrl + Shift + D Another top tip for saving time when using Microsoft Teams is utilising the slash command button. To see how you can use the shortcut, simply type a forward slash (/) into the search bar to see a list of options. Please see a handful of suggestions below: Set your status to available: /available Set your status to busy: /busy See someone’s activity: /activity Call someone: /call Chat to someone: /chat Bookmark Specific Content To Save Time When you’re working on the go, bookmarking specific messages can help save time. All you need to do is click the three dots next to any message within a Microsoft Teams channel. Select the option to ‘save this message’ and this will bookmark the chat. You will be able to access the message whenever you like by clicking your profile icon and selecting ‘saved’. All previous bookmarked items will also appear under here - great for when you’re between desks. Cloud Recording It can prove difficult to take notes whilst participating in a conference call, especially when you’re multitasking or on the go. Thankfully, you can capture - and save - meetings and group calls for future reference through cloud meeting recording. The digital record will then be stored in Microsoft Stream where users can share the clip securely throughout the business when needed. Immersive Reader If you’re using multiple screens or are struggling to concentrate when working from home, Immersive Reader is a great tool to utilise. Designed to increase productivity, the hidden feature will display and speak the text out loud. To use the helpful tool, simply hover over a message with your cursor and select ‘more options’, then ‘immersive reader’. Click ‘play’ to hear the words out loud. Microsoft Teams For Collaboration The Microsoft collaboration platform enables businesses to work together smoothly courtesy of conference calls on the go, live meetings and shareable files. To help you get the most from Microsoft Teams, here are three features which will make collaboration between colleagues seamless from bots to the VoIP phone system. Microsoft Teams Bots Microsoft Teams is also home to a number of bots designed to help colleagues collaborate with ease. For instance, Polly is a quick way to make decisions by gathering vital feedback from other members of the team using a poll. Meanwhile, the Stats bot will deliver scheduled reports via courses such as Google Analytics making it easier for workers to track progress. Another popular option is Workbot which is designed to approve workflows and manage everyday tasks such as requests for IT assistance, expense approvals and monitor sales targets. VoIP Phone System For Small Businesses Sometimes a Slack message isn’t enough and picking up the phone will save valuable employee time and energy. That’s where VoIP solutions come in to play. It doesn’t matter whether you have a Windows PC, iPhone or Google Android, anyone within the business can make a call to a fellow team member. As long as you have internet connection, you can stay in touch with colleagues no matter what time it is or where you are in the world. If this sounds like something your company would utilise, you can even add calling plans to fit your business needs. Calling plans take teams calling to the next level and allow you to make calls on the normal phone networks for local, national, mobile or international calls. Connect With Clients Do you need to connect with potential clients or freelancers? You don't need to be a member of Microsoft Teams to connect, as anyone with an email account can join a chat and meetings. Once you enable guest access, team owners can adjust rules and permissions to protect private company data and information. - Future Computers is an Australian business which offers IT solutions in Townsville, Cairns and surrounding areas. Our team manages the entire lifecycle of your company’s technologies from initial planning and design through to installation and ongoing support. Visit our website for more easy-to-follow tips on using Microsoft Teams from using the service to improve remote working to its place in streamlining business collaboration. Author Bio Andrew Bischof is the Owner/Director of Future Computers, an IT solutions provider in North Queensland. His dream of working in IT became a reality when he moved to Cairns and took over Future Computers in 2003. Since then, he has been providing IT Solutions in Townsville, Cairns and North Queensland. His goal is to provide clients with IT solutions that surprise, inspire and delight.

A Self Invested Personal Pension is a type of retirement savings account which is tax-efficient and is available to the people in the United Kingdom. It offers you the freedom to allocation your money in different investments approved by the Her Majesty’s Revenue and Customs (HMRC) which is a non-ministerial department in the UK. It is the government’s responsibility to collect the tax and to pay some form of state support. The approved investments include bonds, stocks, exchange-traded funds and mutual funds. This is different than a company-sponsored pension, where the company shortlists the investment options. The SIPP was first introduced in 1989 and have become quite popular in the United Kingdom because of the end of lifetime careers and final salary pensions.

Understanding SIPP

The Self Invested Personal Pension illustrates a few differences between the retirement plans in the UK vs. The US. In the US, retirement plans tax relief works in two methods. The first way is to invest the pre-tax money, earn growth within the account free of tax, then pay the taxes while withdrawing money, as with the traditional IRA or 401(k). The second way is to invest after-tax money, enjoy growth within the account tax-free, and withdraw funds without having to pay tax, as with a Roth IRA or Roth 401(k).

However, in the UK, the SIPP has a third approach. The taxpayers can claim tax relief on their pension contribution on hundred percent of their earnings, up to £40,000 per year. This tax relief comes in the type of a refund which is contributed towards the pension. For instance, a basic rate taxpayer of 20% who contributes £10,000 to their pension becomes eligible to reclaim up to £2,000 from the HMRC. They can deposit this money into their pension account. But, there is no tax relief on more than £40,000 contributions for pension.

How SIPP works?

This type of investment allows you to save for your investment without having to invest through your workplace. There are commonly four steps for investing in a SIPP:

  • Choose the provider you wish to invest with
  • Select the funds you can invest in
  • Determine the amount you can invest in each fund
  • Manage your pension account online

Things to consider when opening a pension account

Fee Management just like with other investment accounts, SIPP fee management is important. You need to see whether the pension account charges an annual fee, trading commission, a percentage of your portfolio value, or other charges before you open a pension account. Remember to select the low-fee choice to avoid harming your long-term investment return. For instance, a fixed annual fee may be cheaper for somebody with a high-value portfolio compared to a yearly fee. You can manage your account online, or you can also hire an investment manager whichever suits you best.

  • Withdrawing funds

When you invest in a pension account, you can withdraw money when you reach the age of 55, even if you still work. Usually, you can take 25% of your funds tax-free, but the rest will be taxed as income. Once your money is deposited in a pension account, they grow free of UK capital gains and income tax.

  • Tax benefits 

Just like other pension accounts, there is no income tax or capital gain tax attached to investments in a pension savings account. Also, you get tax relief on your pension contributions. This means that the funds you would have paid in income tax on pension earnings are paid back by the government into your pension account.

Limits to this tax benefit?

If you are a UK resident, then you can typically contribute all of your earnings or

If you are a resident in the UK then for tax purposes, you can usually contribute 100% of your profits or up to £3,600 if it’s higher, and earn tax relief every year, up to an existing annual allowance of £40,000 for most people.

Unlike an ISA, you can carry forward any unused allowance. As long as your pension contributions add up to no more than 100% of your earnings, you can employ any unused allowance from the previous three tax years if you have been a member of a pension during this period. The annual allowance on SIPP can be tapered for earning of more than £200,000. However, it depends on the level of contributions you make to your pension account, among other things.

Why might you want a pension account?

Whether you need a pension account depends on your circumstances. For instance, you need to consider using up any auto employer scheme matching that is available to you before you invest in self-invested personal pension UK. That’s because you don’t want to miss out on the employer contributions. However, if you work as a contractor or are self-employed and do not have access to any workplace scheme, or if you often change jobs and want a flexible account to consolidate your pension savings, then you might prefer to take out a SIPP.

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