Depreciation is a term frequently used in economics and finance that describes the loss of value over time. Depreciation can affect any asset, such as cars, real estate, stocks and even currency. Depreciation can arise from a variety of factors such as wear and tear, obsolescence and economic factors like demand for the asset. Depreciation can be both advantageous and disadvantageous.
It allows businesses to account for the slow degradation of the equipment as it is used throughout its life. A value is assigned to the asset and gradually expensed throughout the years it is used. This is designed to accurately reflect the usefulness of the object to the business, and therefore its value.
Below are the advantages of depreciation on properties:
It reduces start-up deductions
This option can reduce start-up costs by increasing deductions that are taken during your business’s first years of operation. This will allow you to reduce your overall business tax debt, which means that you will have more money that you can use for marketing, purchasing equipment and growing your company. This also means that you will have increased chances to succeed in the market.
It allows you to take a higher upfront deduction
Another huge advantage of accelerated depreciation is that it allows you to immediately take a higher deduction, and so, you can reduce your current tax bills. This is really helpful especially when you have a new business that might be having problems with short-term cash flow. Also, by maximizing deductions today, you will be able to avoid delayed deductions in the future when it happens that your business no longer exists.
It works as a tax deferral
As this depreciation system creates increased deductions, your business will be able to defer a portion of its tax debt. If your company is trying to reduce taxes that it currently owes, deferring tax debts with the use of this approach will provide you additional time before the time when you must pay your taxes in full amount.
It helps in replacing of assets
Assets used in the business need to be replaced after the expiry of their useful life. Depreciation can be taken as a source of fund for replacing worn out asset by a new asset. Thus, depreciation charges help in accumulating funds for the replacement of an asset.
It saves some taxes
The profit and loss account will show more profits if depreciation is not charged on asset. So, the business needs to pay more income tax to the government. Depreciation charges on assets save the amount of tax equivalent to tax rate. Since it is shown as expense in the profit and loss account, it reduces the amount of the profit.
UAE is going to be the hub of tremendous development in the near future
UAE is considered the most diversified economy in the GCC (Gulf Cooperation Council) but the country still depends upon oil revenues for its development. It is due to this reason that the UAE government is actively trying to promote other sources of development and projects which can shift the dependence from oil-based revenues to other sectors like tourism.
The cities of Dubai, Abu Dhabi and Sharjah are the prime locations of the country which are offering investors and businesses from around the world an opportunity to expand their business in this region. The fact that UAE has an open economy and has really good trade relations with a lot of countries helps it to have a better opportunity for growth.
The UAE government is trying to focus on different factors such as infrastructure, tourism, power generation, etc. The result is the huge number of projects in UAE which are either already undergoing or are slated to undergo in near future. With the right to host World Expo 2020, UAE is really looking forward to increased economic growth and development in future.
The interesting and beneficial part of these projects is the procurement system of the Ministry of Finance. The UAE government is known to follow a fair and transparent system for tendering and awarding contracts (eProcurement System). This system allows the Ministry to invite tenders for various projects and also announce the contracts. It consists of a tenders and auction system which ensures the success of the purchases and also helps in reducing administrative as well as financial costs (due to the participation of suppliers and dealers in tenders, auctions, and bids). The invitations expected for projects are made public and is accompanied by a clear set of guidelines that the bidders must follow.
UAE is considered to have the market for all types of services and industries. From Construction and IT to Healthcare and Oil/Gas industry, there are opportunities available for all types of projects and industries. The current time is considered as the most crucial time for the UAE in particular as the government is giving a major push to improve the economy of the country and provide opportunities to its citizens to get involved in tremendous development work happening around the country. At the same time, it is also inviting world-class companies to do business in the country and open up even more opportunities for the people inside as well as outside the region.
How to Add Comfort & Space to your Apartment?
Most of the families around the world nowadays prefer apartment living due to the many conveniences and benefits. But, moving from typical bungalow to apartment can be challenging and adapting to the small space requires careful planning and lots of patience. Let’s have a look at some of the most effective ways to make your apartment more comfortable and less intimidating!
Let the first impression show
It’s most unfortunate that many people living in apartments ignore the hallway area and the front door of their homes which is the first thing everyone notices. And if that’s untidy or neglected, visitors would leave with the first bad impression of your apartment no matter how slick and smooth the remaining interior. It also give the place an unwelcoming touch but, you can definitely overcome the issue by keeping the hallway and entrance as neat and tidy as possible. A word of favour should be added for a company that deals in apartments for rent in Dubai, for providing such useful information.
Versatile furniture, maximum space
Special care must be given to furniture when adding them to your apartment. You don’t want the tables, sofas, chairs and bed to take up all the space, making it difficult to move around. Traditional style furniture which is usually multipurpose bearing compact seating, foldable compartments and built-in storage features is a more effective solution. Such would help with apartment living in a fully functional and comfortable way.
The luxurious & spacious look
There’re many different ways to make your apartment look spacious and luxurious. Hold a meeting with an interior designer, paint, lights and furniture experts who can actually guide you with the best details and fitting per the apartment setting. For instance, installation of lighting per the colour scheme, addition of mirrors or particular wood and how it can bring forth an optimistic change to overall interior!
Declutter & prevention
All unnecessary items must be removed or least stored in a compartment to give the room or interior more space. Leaving behind a mess and loads of items are sure to take space as well as obstruct your ability to work and move conveniently.
When peaceful and preventive apartment living is concerned, a clean and mess-free interior is crucial which can be achieved simply if you keep all necessary items to their respective places and discard all unnecessary stuff. And once declutter, make sure it remains clean in future.
No matter the season, proper ventilation is necessary for cleaner air and comfort of all dwellers. It’s to ensure that your home interior remains stable that is; no excessive heat or utterly cold. Invest a little on energy-efficient systems, high-performance insulated windows and doors that can actually trap heat during winter and coolness in summer. Simple mechanism has the potential to bring forth an optimistic change especially when you’re moving to an apartment.
Make the most of the walls
In case the apartment is small, it’s best to use space as creatively as possible. Instead of wider base furniture, go for items that you can hook to the wall. Take for instance versatile entertainment centres/tables with built-in shelves that altogether become storage areas for books, CDs, family photos, medicine cabinet and so on. The more creative you’ll go with the walls, more the floor space.
If your apartment living is a temporary move such as, going in as a tenant; consider storage units and make sure they’re easily accessible. This is quite handy whether you’re move is permanent or temporary so as to keep all necessary stuff at the right place without losing it!
Throw or recycle
Families need throwing away all unnecessary stuff for a comfortable living or least recycle it for better use. Humans tend holding onto things that aren’t of any use while adding new to the pile which worsens the clean-up process and make even a spacious interior, cramped and uncomfortable. It’s about time you stop doing this and make a habit of discarding trash and recycle that which is necessary.
With some preparation and ingenuity, you can transform any apartment into an enjoyable place.
3 Tips to Buy Property in Falling Market
In the UAE these days, property prices have been falling and are most likely to decline further by the end of the year. This report has been shot up by the Giants of the UAE Real Estate agency through which they are trying to indicate the it’s best time to invest in the UAE property. Because when in future, the property prices will have a tremendous spike, the investors are going to yield out the huge profits.
As per the smart real estate world strategies, buyers should definitely take advantage of this depression in the Real Estate Market. So here are a few tips that you must check out if you are up for buying property in the depreciated market. Let’s dig in;
Homework is Must
According to the expert real estate agents, it’s important to first work out the whole budget as well as the additional fees you need to buy the property. Fees is usually almost 8% on top of the deposit. But yes that’s not it only, you should always keep in mind the maintenance as well as service charges and these extra charges usually vary from area to area. Once you have the budget, it gets easier for you to start researching exactly where you want to buy. Just be very careful while you are choosing property when the price is depresses, so that you can get huge gains in the future.
It’s essential to spend enough time on researching the mortgage. In fact, the researchingperiod for the mortgage should be as much as the time you took to find the best property. It’s truly a crucial phase and you must take every single step while being very thoughtful. Not to mention, you must search for as well as compare all the available options before you are done with your search for the property.
In case the mortgage search sounds a little dull, then you must consider contacting the best real estate companies in Sharjah. These companies will search the market on your behalf so that you are not the one to take the whole headache to yourself. Obviously, they are going to charge some fees but you are going to get the impartial advice. Perhaps that’s exactly what you were looking for, Right?
Lookout for Distressed Sales
When the market gets depressed, the properties are usually sold very much urgently. In that case, the seller usually happens to bear a huge loss. It actually converts into an opportunity for the buyers to save. The Famous Richard Say, “Without even wanting to capitalize on the others’ misfortune, the economic decline is likely to lead to an increase in job losses. Consequently, it’s also likely to increase the number of properties entering in the market.
This obviously yet naturally drives the prices down and leaves sellers to make drastic cuts to their demands”. So now just look around and see if there is any best and favorable offer for you around to invest in. It’s great to get some ideas from the reliable real estate companies in Sharjah.But make sure to lock the lucrative deal.
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