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The secret to cutting your inheritance tax once you die…

LilyKing

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The topic of death may not be one many people jump to talk about but talking about it means the process of passing your assets and estate to your children or loved ones can be made as straightforward and as pain-free as possible.

Planning what will happen to your assets after your death also allows you to take advantage of the sometimes huge reductions in the percentage of your assets that can be lost to Inheritance Tax (IHT).

Inheritance Tax is a legal payment or tax built onto the total value of the declared assets or estates of a deceased person which are to be paid by the beneficiaries of the estate to the government. Here in the UK, inheritance tax is set at 40% of any estate valued above £325,000. However, there are certain ways to cut down your potential inheritance tax bill before your death.

If you don’t want to see your hard-earned cash paid out to the government after your passing then the information below may be just about to save you a fortune! Although these tips can help you cut down on excessive inheritance tax bills, they are best applied at your discretion after you have considered your unique circumstances.

● Prepare a will before your death:
While it may be considered standard practice to make a will so that your wishes can be known while you are alive, many people still put it off. However, having your will ready before your death is a huge step towards Inheritance Tax planning. It ensures that your assets are distributed at their real value according to your wishes as stated in the will.

Having a will also ensures that the tax man has little or no influence on the distribution of your assets after your death. For those who do not have a will, their assets will be distributed following intestacy rules. In this case, inheritance tax may not be avoidable. Hence, it is important to have a will if you really hope to cut inheritance tax bills.

Luckily for you, preparing a will is easy these days. There are lots of free will writing template websites to choose from.

● Create a Company and make good use of a corporate account
Legally, a company is treated separately from its owners or directors. Funds put in a corporate account cannot be taxed by the probate registry. This is because the account does not form a part of the sole assets of the deceased. You can however register the potential beneficiaries of the funds available in this account as directors of the company. This will give them free and direct access to the account after your demise without interference from the probate registry.

● Run a Joint Account
Running a joint account with your wife, child, twin, business associate or any other trusted potential beneficiary of your assets after your death is another perfect way to cut your inheritance tax bill.

Just like a corporate account, a joint account is also not amenable by probate (cannot be taxed). A joint account does not form a part of the sole assets of the deceased. A joint account demands the consent of the other signatory before it can be transacted upon. In simple words, inheritance tax will not need to be paid to access the account after your demise.

● Declare a part of your assets to charity
While the idea of giving to charity is heart-warming, it is also greatly advantageous financially. Whatever you have declared to be given out to charity will not be liable to inheritance tax. If you can give about 10% of the value of your total assets to charity, the inheritance tax to be paid on the remaining assets by your children and loved ones will be greatly reduced.

● Create a Trust Fund account and place your assets into the trust
This is a popular method people use to avoid inheritance tax. Legally, all assets placed into a trust are technically no longer yours and will not form a part of your owned assets after your death. In claiming it after your death, the beneficiary does not need to worry about paying any Inheritance Tax on the asset. As a matter of policy and safety, you can create and place your assets in a trust for the future benefit of your children, or even your spouse.

● Put your assets into an Interest in Possession Trust
When your assets are placed in an Interest in Possession Trust, you still possess an immediate and automatic right to the revenue generated from it. The trustee, which may be a bank, judge or a special entity created for this purpose must pass all of the income received from the trust to you as the beneficiary of the trust. The Income in Possession Trust is however liable to income tax but of course, it helps you avoid Inheritance Tax once you die.

● Enjoy the full utility of your assets before you die
This may sound strange, but one way of thinking about it is that there is actually not much point leaving behind a backload of taxes for anyone after you die. If you have fought hard to make an income during your life, it may be best to save your potential beneficiaries the trouble of being hugely taxed on your small estate after your death.

If you have worked all through your years, you may consider spending your funds and assets and enjoying your retirement.

Aside from all the above mentioned, it is very important that you contact your lawyer before deciding on a course of action as they will be more than happy to go through all the options available to you and may be able to point you in the direction of the options best suited to your particular set of circumstances.

Discussing these issues now however is highly advised. That way, you can be sure you won’t be rolling around in your grave at the mere mention of inheritance tax.

Hi. I am Muhammad Mubeen. I am SEO Expat and Wordpress Websites Developer &  Blogger. 27 years old. I help entrepreneurs become go-to in their industry. And, I like helping the next one in line. You can follow my journey on my blog, All Note AbleB2B Guru PlanCross ArticleDj Soft WorldFinance PressHufforbesLife Health Press BusinessStrong ArticleThe Top StoriesUS Update ZoneBusiness TodayScience NewsEssay Writing AcademicElite Guide Health If you need any post so you can email me on my this Email: [email protected]  

Business

Checklist for Printing Custom Chinese Takeout Boxes

LilyKing

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Chinese cuisine is avidly eaten worldwide with variations of recipes and ingredients. Businesses associated with Chinese food include restaurants, takeaway places, and stalls. Handing over and delivering food to customers requires hygienic and durable packaging. If you have a Chinese takeaway spot, just having scrumptious dishes isn’t enough to get you more sales and customer loyalty. The food that gets picked up and delivered needs to stay warm, fresh and delectable for a long time. It should be easy for the customers to store the boxes. There are a number of factors that need to be considered while getting your custom Chinese takeout boxes printed.

Use Resilient Stock for Chinese Takeout Boxes

The first and foremost factor that should be considered while getting your takeout boxes printed is the quality of material to be used. Don’t go for cheap and light stocks; look out for printing material that is long lasting, durable and hygienic as well. Kraft is widely used for food packaging by manufacturers and suppliers because of its recyclable value. You can have kraftChinese takeout boxes for your products, these don’t have any harmful chemicals as kraft paper is grown on trees and it can be recycled easily.

Prefer Boxes with Handle

While choosing the box style, look out for options that are convenient to carry, store and handle. Any packaging style that is too fancy would make it difficult for the consumers to open up the boxes and eat, think about customer convenience. A box with handle, much like a gable box would be easier for the customers to carry food and eat it with ease. It would be convenient for the delivery team as well to safely transport ordered items that are packaged in boxes with handle.

Details on your Chinese Takeout Packaging

Food packaging ought to have the necessary details to save the customers from the hassle. There should be a list of possible allergens, as many people are allergic to nuts, fish and other ingredients. Make sure that the date of preparation and expiry are also mentioned vividly on the packaging boxes. Don’t miss out essential information like packaging storage instructions on your custom printed Chinese takeout boxes.

Don’t Miss out on your Branding Info

You would want your customers to order from you again. So don’t miss out your contact details like phone, website, app, email and social media information on the packaging. However, make sure that information is shared in fewer words and is printed prominently. The logo and tagline should be visible on a Chinese takeout box even from a distance.

Choose the Right Printer

A likable design for your product boxes and quality stock/finishing depends on the kind of printer you choose. Take your time to compare various printing companies, especially when you intend to pick an online one. Read reviews and have a detailed look at genuine customer testimonials.

The most important elements of the service like printing/shipping time, customer/design support should be gauged thoroughly. Don’t fall for the exaggerated or too good to be true claims of a printing service provider. Talk to a sales representative to know more and better about a company before locking your final option.

Make sure that you choose the services of a credible printer for your Chinese takeout boxes printing.

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Business

Everything you’ll need at your next company event

LilyKing

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When it comes to planning events, there is usually so much at stake that you simply cannot afford to wing it, and hope for everything to just work out fine. You must spend time organising everything you need, finding the right venue, and planning the activities that people are going to do in order to be entertained. But this is just the beginning.

A good event planner will start planning early. Get some stationery and list down everything that needs to be done as far before the event as possible. Then take the time to communicate all of your plans with your committee or company that you are planning for.

In addition to all this, you must be flexible. Remember that people are unpredictable and they may want something different from what you have chosen, so allow room in your plans for change.

Here are some of the things you may need for the next company event:

Venue

Of course, you must have a venue. Where will the event take place? How many people are going to be present? What type of venue will suit the type of event you are planning? Does there need to be outdoor space? Do you want in-house caterers or are you bringing your own? Will your venue be exclusive? These are just a few of the questions you need to ask yourself before doing anything else.

Other things to consider when it comes to the venue are;

 

Cost: How much will the venue cost? Are their prices different depending on the day of the week and the time of year? Are there discounts for large groups?

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Ambiance – Is this the right place for a company event? Will it go hand in hand with the theme of the day? Will your colleagues and employees be able to enjoy the activities you are planning there?

Parking – Will there be sufficient parking for everyone?

Activities

This is the next and most important element of the event to consider. You must think about the type of activities that the company staff will want to do during the corporate event. Ensure you have your stationery out and brainstorm all of your ideas. Think about activities that are inclusive, that will not embarrass anyone, but will bring people together and which everyone can enjoy.

 

Guest speaker / Master of Ceremonies

Will you need a compere for the event? Or a guest speaker to provide entertainment or present awards? If you want to have a well-rounded and perfectly executed corporate event, have a guest speaker who will engage the participants and leave them feeling buoyed up and motivated.

Once you identify who the speaker for the day is going to be, you will need to have the following points in place;

  • How much do they charge? When does payment need to happen?
  • Does their philosophy or history clash with the company’s in any way?
  • How will they reach the event destination?
  • Will they need transport or accommodation?
  • Do they need any special equipment to do their job, such as a microphone or a teleprompter?

It’s extremely important to ask yourself all possible questions in advance to avoid having a disaster on your hands on the day of the event.

Go a step further and even do research on the speaker. Ask other companies that may have used them exactly what to expect and how they work.

Publicising

Remember you will be in a public space and this is therefore an opportunity to publicise your company, something that should never be taken for granted. Ensure you have the right advertising products such as banners, logos, business cards, and even products to showcase what you do. This is a great opportunity to tell people something about who you are, what you do and how you do it.

Sponsorship

If appropriate, seek out a corporate sponsor to fund the event. This is not a cheap undertaking for any organisation, and getting sponsors can be a great way to finance the event.

 

Sponsors also tell the public that you are a reputable organisation and they should take time to learn more about you and what you are about.

This should be arranged a good way in advance and include numerous opportunities for exposure of both your organisation and that of your sponsors’.

Food

How can you have a corporate event without food? You cant! This is one of the most important points that you must consider and make arrangements for, early.

Make sure that the venue you have chosen has an option for catering because it will make your work that much easier. If they do not, ensure to make arrangements well in advance for bringing in outside caterers, Mini Paris who will be responsible for supplying the food for the function.

Talk to the employees to find out what they like and most especially pay attention to any dietary needs.

Other questions you can ask yourself are;

  • Is there an alcohol licence at the venue or do you need to arrange one?
  • Will drinks be included or will attendees have to buy this separately?
  • Is there a kitchen at the venue for outside catering to use?
  • Will there be appetisers for guests when they arrive?
  • What is included in the venue’s original quote and what do you need to pay extra for?

Security

Finally, it is important to remember security. Will your staff members be safe at the corporate event? Do you need to provide door staff to ensure no-one can enter the party who shouldn’t be there? Or will the venue take care of this for you? Is there a cloakroom that guests can use to safely store their possessions whilst they are at the event? You do not want any unpleasant situations to spoil the event for anyone.

 

Final thoughts

Planning an event should never be taken lightly. Just because you are doing it for your fellow colleagues or have done it many times before, you cannot afford to give this event anything less than your full attention.

Being prepared helps you plan for any eventualities, and keeps you on guard. Plus it gives you the peace of mind to know that if something happens, you have a solution for it.

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Business

The office stationery you have to have in your new start up

LilyKing

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Building a business from scratch is challenging. As such, new business owners often have limited resources in the beginning. You may be having to budget your labour, money, and time to expand the business. You may have to juggle many responsibilities. If you are embarking on a small startup, then for sure, it’s an uphill battle in the beginning.

But it should be exciting too! Now that you have a small business that’s big enough to be positioned in an actual office space, it’s time to shop for stationery, office supplies, furniture and storage solutions. And then it’s time to celebrate!

Office stationery is a necessity when it comes to keeping yourself and your business organised, and your processes running smoothly. Documents also need to be managed through information technology. So get kitted out with these new start-up office management essentials!

 

Office Stationery

  • Desk Supplies

Begin with the real basics of the office. Items such as paper clips, rubbish bins, pens, tape, and highlighters. These items should not be taken for granted.  They are considered essential items for a reason! They will help you take notes, keep tidy records, be creative, and organise your systems and your daily business schedule. Having the right office supplies enhances productivity.

  • Apps and Software

Irrespective of your device, you’ll need software and a few apps to assist you in managing your new business. Such tasks may include making payments, invoicing clients, scheduling appointments, and maintaining your blog or website. It may also involve monitoring your social media presence. One of these apps is GoCo. For small business owners, human resources may be a terrifying mystery. There’s so much to get right and learn. If you are running your first startup, it may be difficult to devote the personnel that is needed to handle all the office work. GoCo will help you with your office management. It is also a platform to support with your human resources. It helps with time-tracking, document management, and payroll management.

  • Printing Supplies

Now that you have the technology you need for your startup, you need the supplies as well. If you have an office printer, then you should keep spare cartridges, toners, and ribbons handy at all time. There’s nothing worse than realising in the middle of a vital print job that you have run out of printer ink. Also, CDs and tapes will come in handy if there is a need to record work.

  • Files and Folders

You need files as well as folders on your desk too. You should store documents such as licenses, certificates, sanctions, and others carefully. Files are a vital part of the office supplies. They speak volumes to your customers about how seriously you take and how disciplined you are regarding organisation.

  • Writing Tools

You should store plenty of writing tools in your office. These should include pencils, erasers, and rulers. These are the basics. Have adequate supplies of various types of devices used for writing for multiple purposes. If the startup needs you to draw sketches or business plans, have pencils and brushes available too.

  • Mailing Supplies

When it comes to distributing emails, invoices, paychecks, and other vital documents, you’ll require something to send it in. You should stock envelopes and postage materials.

  • Planning- Time Tracking

The busier you become in the new business, the more vital time management becomes. You may have a calendar on your phone. It may also be synched with the official calendar. But, it’s crucial to view things in relation to other aspects such as the possibility of holding a meeting. That’s why you should purchase a planner and hang it on the wall to track your appointments. Sometimes it’s just vital to see something on paper.

  • Rubbish Bins

Your office can’t do without a rubbish can and waste paper bins. Keep one of each next to every work station. You should also keep one near the coffee machine. You’ll also need bags to put the rubbish in.

  • Scissors

Cutting tools are a necessity in the office.  Scissors, as well as paper cutters come in handy, especially with the inbound letters and parcels. You’ll be amazed by how many pairs of scissors get lost, so have plenty around!

  • Office Machinery

Having the right electricals in your small business is essential. Having the wrong equipment may set you back. It may prevent you from reaching your potential. The necessary hardware in your office should encompass computers as well as a proper networking system. They include a photocopier as well as a telephone. Without basic machines, the business may struggle to access better communication channels and reach clients.

  • Office Comfort Equipment

It’s important to create an environment in which employees feel comfortable, valued and energised when they are working. This will play a key role in reducing injury, stress, work tensions and lack of motivation. Invest in good, high quality office chairs. To do anything else is a false economy as it will only result in injuries. They should be ergonomic to help reduce neck pain. They can also alleviate back pain. Other methods that can help reduce muscle pain include purchasing wrist rests and footrests. You may also consider buying laptop stands.

Starting up a small business you will need office stationery, supplies, and equipment. Buying items such as printers, fax machines, and computers will be the most significant expense of your startup. But, if you plan well, you’ll be able to control office start up expenditures by purchasing the right items that last a long time. It may also be beneficial to purchase heaters and air conditioners, and don’t forget that other essential… the coffee machine! The right basics can transform your office space into a great success story and a motivating force for your employees and your business.

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