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Marina Insurance
If you need to buy Marina Insurance you may well have been given a number of different policy wordings from a variety of companies, this is a guide is to help you decide what sort of policy would suit you more and give you the exact cover you need. You have to look for value for money the cheapest is not always the best. A. cheaper policy may end up costing you a lot more money in the long run, should you have to make a claim. Your needs will be different to everyone else`s and only you can decide if wider cover is important to you. It is essential though, to understand what is being offered to you, before being able to make an informed decision and signing up for any Marina Insurance .There are a few things to think over before you decide .Firstly there is third Party Liability you should not consider going anywhere on the water without liability insurance, which will cover you if you cause damage to another boat or cause injury to any person. The industry standard provides a limit of �2,000,000 and should be sufficient in the UK. Comprehensive Cover will provide cover for your boat against accidental damage, theft, fire and vandalism which is a great risk to any boat. Lastly do not forget to insure for any laid up cover some companies may insist it is laid ashore between certain dates.

Sales are up and the money is flowing into your bank account. Think all that money is yours? Think again! If you`re tracking any taxes such as GST or PST, a portion of those funds belong to the CRA (Canada Revenue Agency).

On the one hand it`s easy to remember GST and/or PST when we include it on our invoices and when making purchases. But it`s another thing to remember when we`re making deposits or looking at our bank balance and thinking that it`s all ours. A second bank account to hold those funds can be a great help and it`s as easy as making a transfer on your bank`s website.

Payroll and WSIB taxes can be another source of frustration. You should have an idea how much your payroll will be each month. It`s easy to calculate the taxes. CRA provides free of charge payroll tax table books or a stand-alone tax table program to calculate the taxes for each employee. Don`t forget to include your company`s portions of CPP and EI. Reserve a portion of these taxes each time you make that bank deposit.

Do you have the information at hand when it`s time to send in the remittance report? Keeping your bookkeeping up-to-date means you have the numbers ready when you need them.

We procrastinate when it comes time to send in the remittance reports, but CRA will hit you hard with penalties and interest if you miss that due date. It is easy to get into arrears and can be very difficult to get out of that ever-deepening hole.

Think bankruptcy will fix your problems? Think again! Tax arrears are not swept away with bankruptcy. Tax arrears will still be owed long after your other problems are gone.

What is the solution?

* Having a second bank account to hold those funds until it`s time to remit to the government
* Transferring funds to the second bank account each time you make a bank deposit
* Having your bookkeeping up-to-date so you have the numbers ready when you need them

JK Business Services has been providing bookkeeping services for clients in the Hamilton-Wentworth and Halton regions since 1995.

For the do-it-yourselfer, we have training programs using Quickbooks, MYOB or Simply Accounting. For those who don`t have time to, don`t want to, or can`t, we also provide complete data entry.

Jenn Kubilis
JK Business Services
Bookkeepers are NOT boring people!
We just get excited about boring things.
http://www.hwcn.org/~aa031/

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