Fines & Penalties

Fines and penalties are fees imposed by governments on their citizens for actions which are deemed to be transgressions of laws or regulations. The transgression involved is usually relatively minor; otherwise it would have been punished by imprisonment instead, although it does sometimes occur that fines are levied in addition to criminal sanctions. Fines and penalties are usually processed administratively by the agencies of government without prior processing through the court system. In many cases, courts do also have the power to impose fines and penalties of various kinds on their own though.

In today’s complex economies, governments impose a variety of reporting requirements on their citizens. For example, citizens are often required to file yearly reports on the income they have earned. Corporations are required to file periodic reports in the profits they have made. This is so that governments can ensure the citizens and corporations are paying tax appropriately. Failure to comply with these reporting requirements, whether by omitting to file a report at all, or by filing it late, is often punished with a financial penalty. It is usually possible to appeal against these penalties if the citizen or corporation is able to make the case that extraordinary circumstances prevented a prompt filing of the required report.

Fines and Penalties are also imposed in case of criminal act. This may hurt one socially as well because nowadays background check is possible online. There are many sites which provides records if one wants to know about Criminal Background Check or Criminal Check for particular person or company.

What is Wealth Tax

A wealth tax is a tax which is levied on the existing stock of assets an individual has. This is relatively unusual as most taxes are levied on the basis of income streams, such as income tax or corporation tax. Wealth taxes are fairly rare. They are by no means as widespread as other forms of taxation such as sales taxes or income taxes. Most developed countries do not have wealth taxes, although they may have a variant in the form of capitals gains taxes, which apply taxes to increases in the value of assets a person has rather than their static values.

In countries which do have wealth taxes, they tend not to raise a very high proportion of government revenue, leading many observers to conclude that they have been imposed for political rather than economic reasons, and are no more than expressions of egalitarian or even class warfare sentiment.

In countries which operate a wealth tax, individuals must report their own stock of assets and liabilities to the government, paying tax on the difference between the two, more commonly known as their net worth. Usually, there is a base threshold value for net worth, below which the wealth tax need not be paid, ensuring that it only affects people who are fairly well-off.

What is Government Funded Research

The term government funded research is used to describe scientific studies which are paid for by the government. During the Second World War, the governments of each side invested heavily in scientific research in order to try and develop technologies which would give them an advantage in the war. Technologies such as radar, rockets, jet engines and, of course, atomic weapons emerged as a result.

After the war, the practice of governments funding scientific research remained in place. Some of this research was military in nature. However, even research with no obvious military application is funded too. Governments recognize that there is a public benefit from technological advance and that private corporations can only be expected to push technological advance within a narrow sphere, one that is likely to lead to profitable applications in the short to medium term. As a result, governments have shown a willingness to provide funding for other scientific research conducted, primarily, at universities.

Typically, scientists who wish to receive government funding for their research will draw up a proposal, setting out the goals and methods to be used, together with a budget which they will ask the government to provide. In some cases, government may also employ scientists directly and provide funding for the work they do while controlling it completely.

Business Start-up Advice

Starting up a new business can be very confusing for newcomers. They often need advice to help them on their way. Fortunately, it is readily available from a number of sources.

Governments often create agencies whose purpose is to advise would-be entrepreneurs on what’s involved in setting up a business, whether it will be how to raise finance, or how to cope with the legal responsibilities involved. In some areas, governments also provide grants or loans to those who are planning to start up a new business. There may be stringent criteria applied to these in some cases, meaning that not everyone is eligible for them. For example, grants may be offered only to those who fall within a certain age range, or who are members of ethnic minorities and so forth.

Banks also often have specialist staffs who are employed to give advice to those who want to start up a new business. Of course, banks themselves are often approach and asked to provide loans which will help fund the new business so it makes sense for them to go a bit further and offer more broad-ranging advice. Banks often have leaflets which they make available to prospective entrepreneurs. They will give tips on how to approach investors to raise finance, how to device and present a business plan, and how to develop and implement a marketing plan.

There are many temp agencies which helps fresh business houses in temporary staffing and permanent recruiting the employees.