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change

Habits Image

How To Build Great New Habits For 2017

1024 768 Clare Evans, Personal and Business Coach

Habits Image

Yes, it’s that time of year: we’ve eaten too much, drunk too much, generally overindulged and done little exercise over the holiday period.

Whether you created one or more resolutions for this year or you decided to go ‘Dry’ in January, to stop smoking, lose weight or improve your career, what daily habits have you put in place to help you achieve them?

Perhaps you never make resolutions because, like many others, you know you’ll have given up by the end of the month.

Create a Daily Routine with a few great new habits for 2017 that will help you achieve your year’s goals to improve your career, health and wellbeing.

If you want to make a difference to your life and step out of your comfort zone use these tips when building your new habits for 2017.

“Write your goals for this year down and put them where you can review them daily to act as a reminder as you plan your day.”

1. Know what you want. Get really clear about what you want and why you want it.

  • What is your compelling reason for change?
  • What’s your overriding motivation?
  • What are the results you want?
  • How will you look and feel and where will you be in 12 months’ time?

2. Commit. Not only to yourself but tell someone what you’re doing and you’re more likely to stick with it. Write your goals for this year down and put them where you can review them daily to act as a reminder as you plan your day.

3. Create a plan to help you achieve them. Be realistic, set aside the time and space in which to do it. Develop your own routine for your success habits, whether it’s daily habits or a weekly activity. Link a new habit to something you already do without thinking or having to make time for it. E.g. Planning your day with your morning coffee or on your commute to work.

What are the daily habits that will support you in achieving your goals?

4. Start a chain – start logging your new daily habits or create a tracking checklist. If you can keep the chain going, you’ll be more inspired and motivated not to break it, especially as you see it grow.

Try one of the many apps that log and track habits or create a Habit Tracker in your diary or journal.

“Having established one good habit it can have a beneficial effect and an impact on two or three other daily habits.”

5. Team up with a buddy – you can keep each other motivated and keep going when it gets tough. Being motivated by a group or having other people go through the same thing with you spurs you on to keep going. It’s why people join slimming groups or work with a personal trainer.

Get yourself a coach. They’ll provide unconditional support and motivation and will not only help you identify your bad habits but help replace them with good ones.

6. Start small and build on your success. Having established one good habit it can have a beneficial effect and an impact on two or three other daily habits. Introduce additional habits as your new habits become automatic or part of your routine.

7. Modify, adjust, update. What works for one person, might not work for someone else. If you realise you’ve taken on too much too quickly or something’s not working for you, stop, take a step back. Refocus, adjust and modify. What can you change?

Pick one or two things to change at a time, so you don’t get overwhelmed or disheartened. As one habit becomes ‘normal’ and part of your daily routine, add in a new one.

8. Keep going. Sometimes it’s hard to get started but once you gain momentum and start to see the results, it’s easier to keep going. If you stall, don’t give up. (See point 7).

Once you’ve dealt with the resistance or reluctance, taken the first step it’s easier to enjoy the challenge and feeling of achievement.

If it was always easy, we’d never get that sense of satisfaction or appreciate the effort we’ve made.

The most important thing is to start, keep moving forward, day by day.

If you’d like to get started, check your current habits with a free Time Audit. Get 50% off a personalised Time Audit feedback session in January and create your daily habits for success in 2017.

ChangeWewant

The Only Constant Is Change

1024 683 Clare Evans, Personal and Business Coach

change

Change is something that happens to us all at various stages in our lives. In the workplace, we change jobs, move teams, take on new work, learn new technology, go through mergers and acquisitions, it’s unavoidable.

Change is something that happens to us all at various stages in our lives. In the workplace, we change jobs, move teams, take on new work, learn new technology, go through mergers and acquisitions, it’s unavoidable.

FEAR-Forget-Everything-And-Run-OR-Face-Everything

Essentially there are six main stages to the change response curve:

1. Shock and Denial
When you first hear about the change you experience shock, denial, confusion, fear, numbness and blame. You will hear people say things like “I can’t believe this is happening”. They may appear cold, unemotional and not react when they first hear the news.

2. Anger/Resistance
This often follows on after the initial shock, either after a few days or quite quickly. There is a feeling of frustration, anxiety, irritation, embarrassment and shame. Wanting to take it out on someone else or blame someone for the situation you’re in – “They can’t do this to me.” Some people can get stuck in this stage for long periods of time.

3. Dialogue/Bargaining
As you come to terms with the new situation in which you now find yourself, you’re able to talk about what’s happening in a more rational and calm way. This is often the healing part of the process happens when you can discuss the impact and how you’re feeling. At this stage it helps to seek professional advice and support. People who have been through change and emotional upheaval find it helps to share their experience.

4. Depression
The bottom of the curve is when you feel a sense of overwhelm and helplessness. You may have no energy or motivation to do anything. You’re unable to function and many people will withdraw into themselves – both physically and mentally and may also switch off emotionally.

5. Acceptance
When you’re ready to move on you are more likely to accept what has happened. You’re able start to exploring new options and put plans in place for the future. It becomes easier to think more positively and this in itself has a beneficial effect in helping you move forward.

6. Return to normality
While complete ‘normality’ may not be possible, in some cases of loss or serious illness, once you have accepted the situation or found a solution it’s possible to move on. A new normal is achieved. You move forward to a more secure, meaningful and possibly better existence.

ClareChange

It’s possible to move forward and back through the various stages of the change curve as you adapt and deal with the impact of the change before being able to move forward permanently. You may pass through certain stages more quickly than others or get stuck on a particular stage (particularly stages 2-4).

People can get stuck at a particular stage because they don’t know how to move on. This can hold them back for months and even years – especially for changes such as a personal loss through death or divorce.

You can decide to be positive and take action when dealing with change. You’ll be able to cope better, take control and be less stressed. Reacting negatively is more likely to result in actively avoiding what’s happening, feeling out of control and more stressed.

Emotions are a natural part of the change process. Don’t be afraid to ask for help and support either from your partner, friends, colleagues or a professional, if you’re having trouble dealing with a significant change in your life.

Just because other people are not reacting in the same way or feeling the same things, doesn’t mean there’s anything wrong. What’s significant or stressful for you may not be significant to others.

The quicker and more positively you can cope with change and learn to deal with your emotions, the quicker you will be able to move on.

 

ladies gym

Developing Integrity

1024 765 Vita Burton-Davey, Working to be better each day

Integrity

This January I have had the pleasure (and sometimes the pain) of reading articles, blogs and posts concerned with New Year’s Resolutions either directly or in general terms. Is everyone on a diet? The aim seems to be to ‘Spring Clean’ or ‘Start Afresh’ and whilst I have no objection to this sort of thing in principle, it seems rather a wasted opportunity when people often say “I make the same resolution each year…it usually lasts a couple of days” (or something similar)!

weight

Rather than wishing to be other (thinner, fitter, a better parent/colleague/friend…) we might use the period at the beginning of each year to look inward and focus on our individual integrity; by which I mean the state of being whole and undivided.

Re-grounding ourselves as the light comes back into our hemisphere and the seasons unfold, brings a coherence of purpose which will naturally lead to the right changes in our lives. So rather than focus on personal details we are able to develop solidarity with who we really are and though we may wish to implement changes, they will lead to wholeness rather than struggle.

Clock

In  practical terms, I would say January is out, so far as real change and progress go. Most people are worn out after Christmas and New Year and many are depressed at the prospect of squeezing themselves back into the routine of their daily lives. Give yourself time to settle again before undertaking a thorough non judgemental self evaluation.

Non judgemental self evaluation is a way of getting in touch with who you are and where you in your life. It can help you move towards a healthier and more fulfilling way of being in the world and help you notice the things that are truly important to you, notice the gifts you have and appreciate the moment.

You will need to find a place to relax and where you will not be disturbed, so that you can give yourself the time you need and deserve. Ask yourself a series of pre-defined questions such as:

  • Who am I?
  • What did I want to be as a child or teenager?
  • What and who do I want to be now?
  • What current traits have I developed that I wish to let go of?
  • What positive traits do I wish to develop?
  • What issues are weighing me down the most?
  • What things would I like to change?
  • What topics or memories do I avoid because they are too troubling?
  • What are my dreams and wildest fantasies?
  • Which cause a sense of guilt, embarrassment or shame?
  • If I could make a difference to my life, what would it be?
  • What will be my first step to transformation?

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Setting oneself up with a series of insurmountable hurdles is not the point of this exercise. Choose one change to begin your journey

towards integrity and focus your energies on your first steps. Your goal might come from the answer to a question you have asked yourself, or you might feel your way to your right path.
Reaching your goals will only follow as you blossom into the fullness of your true self. You may become thinner, you may become richer but one thing is certain; you will be a happier and more fulfilled person once you are following your true path!

Join a weekend workshop tailored to small groups or individuals and centred on walking, sailing, drawing, writing and healthful reconnection.

If you would like to attend a workshop, please contact Vita:

residence

Gibraltar High Net Worth Individuals Residency Changes…

1024 644 PWC

malta

Only two things in life are certain, death and taxes…How often have we heard this saying before? Well in Gibraltar since 1992 the High Net Worth (“Category 2”) Individual has not had to worry about taxes. For over 20 years individuals have been relocating to Gibraltar to enjoy the Mediterranean climate, cuisine and way of life.

The Category 2 rules allow individuals who meet certain criteria (including the purchase or rental of a suitable property and a minimum net worth of £2 million) to cap the tax on their worldwide income at an amount of less than £30,000 per annum.

One of the common and more restrictive features of the Rules to date has been that Gibraltar employment and trade has been specifically discouraged. Whilst the Finance Centre Director is able to waive this restriction where he feels that doing so would be of benefit to the economic development of Gibraltar, this has been, and remains, very much the exception.

Over the years, much like Gibraltar itself, the profile of the Category 2 individual has changed. When it was first introduced the typical Category 2 individual was a wealthy individual who had chosen to relocate to Gibraltar to enjoy the Mediterranean lifestyle as well as the tax free returns from their pension or investment portfolio. When in 2005 taxation on investment income was abolished for all Gibraltar residents followed shortly after by the exemption from taxation of pension income, the Category 2 status was no longer necessary for many of these individuals.

However, Gibraltar continued to attract a younger Category 2 individual, one who was not relocating to Gibraltar to retire here but was alternatively a much more entrepreneurial individual with active business interests. The Gibraltar Government recognising this trend issued guidance to the industry clarifying what activities Category 2 individuals could in principle carry out locally. The guidance was welcomed by the industry as it provided a number of clear examples of what a category 2 individual could do. Unfortunately though there were still restrictions with what could be done physically from Gibraltar.

In the autumn of last year the Gibraltar Government created a working group of industry professionals to review the Category 2 status and advise on how this product could be expanded and improved. The group is engaging with professionals experienced internationally in this area (including current Category 2 individuals) and is considering all aspects of the status from its process and application through to its functionality and practical application.
The recommendations, some of which have already been published in the Income Tax Amendment Bill 2015, will allow Category 2 individuals who have the necessary approval from the Finance Centre Director, to carry out or exercise any trade, business, profession or employment in Gibraltar. The intention is that the jurisdiction will benefit from the additional inward investment and from having these entrepreneurs using their business skills and expertise locally. The income from such activities will be taxed locally to the extent that the income is accrued and derived in Gibraltar. The challenge for the working group continues to be achieving the right balance in terms of the effective tax rate that these individuals should be subject to, in order for Gibraltar to retain its attractiveness as a low taxed jurisdiction.

An additional benefit of this new “opening of the doors” approach is the additional substance that it provides to the individual’s residency position. Substance is high on the global tax agenda and the weight that having an individual’s economic interests physically located in the jurisdiction gives to their residency position should not be underestimated. Many high net worth individuals, travel and have business interests in other jurisdictions therefore potentially there is a risk that another country may claim that the Category 2 individual is resident in their country. The more established the individual is in Gibraltar the better their defence against a claim for residency from another country will be.

Individuals affected by the change may be able to structure or plan their affairs to minimise the tax impact from the change. With its low corporate tax rate of 10% and its system of no taxation on capital gains, no wealth tax and no inheritance tax Gibraltar really is starting to feel like paradise in the sun.

So, only one thing in life is certain…….

Marquis 63

Yacht and the Isle of Man: A Perfect Combination

1024 682 Abacus

yacht

A yacht is a significant investment consisting of time, effort and money: placing it in a carefully structured ownership entity can offer a number of benefits, including potential tax and VAT savings.

The decision on where to register your yacht will be driven by where and when you intend to use your vessel. Selecting the right jurisdiction is imperative and with so many registers available, each offering different opportunities, the decision can often be difficult and confusing.

The Isle of Man offers yacht owners and operators the possible advantage of favourable taxation rates along with a secure and well respected register.

The Department of Economic Development is responsible for promoting the registration of yachts, whether owned and operated on-island, or from one of the other appropriate territories. These include member countries of the EU and European Economic Area, along with British Dependant Territories. Furthermore in 2007, the Isle of Man introduced legislation to extend the number of countries for accepted ownership of Manx vessels, such as Australia, The Bahamas, Canada, China, Hong Kong, India, Japan, Liberia, Marshall Islands, New Zealand, Pakistan, Panama, Russia, Singapore, South Africa, United Arab Emirates and the United States of America.

The Isle of Man Shipping Register provides high quality customer service dedicated to fast response times and low charges. The registry is also favourably placed on the much sought after “White List” of the Paris Port State Control Memorandum of Understanding, which reduces the potential for being targeted for inspection by Port State and Customs officials.

The Isle of Man’s stable political and economic environment provides obvious benefits, the additional benefits as a jurisdiction for ship registry are primarily:

  • Manx legislation which includes favourable taxation treatment (both in terms of VAT planning and corporate tax)
  • Operating costs – the low costs involved in operations from the Island (i.e. no annual tonnage tax)
  • The prestige attached to the British Red Ensign which Manx vessels fly, and subsequent entitlement to the support of the United Kingdom Government – including consular services throughout the world
  • A Registry which is prepared to assist the owner in matters relating to safety, prevention of oil pollution, manning and officer certification requirements for the yacht
  • Exceptionally efficient and high personal service standards from an internationally respected registry which is available 24/7.

The beneficial tax regime afforded by the Isle of Man is arguably the most significant benefit. Like the Channel Islands, the Isle of Man has retained a 0-20% tax regime for companies with the standard rate of corporate tax being 0%, and no capital gains tax. The Isle of Man, unlike the Channel Islands, is treated as part of the UK for VAT purposes. It is this unique combination that has primarily made the Isle of Man so attractive for ship registry.

An Isle of Man VAT registered business may enjoy the following benefits:

  • Zero rate corporation tax
  • No capital gains taxes
  • No stamp duty (including on share transfers)
  • Zero rate insurance premium tax on asset insurance (9.5% in the UK)

Some further benefits of registering in the Isle of Man are:

  • Potential for a low effective VAT rate using leasing
  • No inheritance tax or death duties
  • Part of the EU for VAT purposes
  • Independent of UK for direct tax purposes – British Isle but not part of the UK

There are a large number of vessel management and administration businesses on the Isle of Man to cater for the growing demand for Manx registered vessels. These businesses can assist with the likes of ensuring local management and control remains in place, VAT administration, insurance and brokerage arrangements, chartering and all manner of registration and structure maintenance.

As a highly experienced corporate service provider, with significant knowledge in the establishment and administration of structures holding luxury assets, Abacus is well placed to assist private and commercial companies through the complexity of yacht ownership. Clients and their representatives will benefit from a support team that we will assemble to work alongside their family offices and intermediaries, Abacus gives the owner the freedom to enjoy their vessel.

Where VAT may be an issue, Abacus Yachts can offer ownership structures and leasing services that can reduce the effective VAT rate. Working closely with a specialist VAT advisor, we can also facilitate VAT importation of yacht and source professional tax advice to ensure that optimum structuring is used. We offer multi-jurisdictional registration and will assist in finding the most suitable jurisdiction, based on individual needs and requirements.

Abacus offers the experience, skills and contacts to assist with the purchase and administration of yachts, their associated toys and the necessary supplies for its operation. Due to our longevity within the yachting industry, we have built up a good network of reputable providers including those required for insurance needs, and will manage the relationship on your behalf as part of our insurance administration services.

“We can’t stop the waves of change, but we can safely steer you in the right direction”

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