INHERITANCE TAX

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Inheritance Tax

PROFESSIONAL INHERITANCE TAX PLANNING

Inheritance Tax is levied on the possessions, money and property of a person who has died. Should the value of the estate come below the threshold value of £325,000 or should the deceased person leave everything to their spouse, civil partner, a charity, or community amateur sports club, there will be no tax payable. In the case where the deceased person’s property is given to their children or grandchildren, (including any step-children, foster children or adopted children) the threshold value rises to £425,000. In the case of couples with an estate worth less than the threshold who are married or who have a civil partnership, any unused threshold amount is added to their partner’s threshold upon their death, increasing their threshold up to a total of £850,000. Inheritance Tax laws can be complex, so it is recommended to consult our experienced professional Tax Accountant for help and advice.

FAQ

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Our tax accountants have extensive experience in personal tax. From very simple self employment tax return to complex personal tax planning, you can call our accountants to discuss your circumstances.

No you may not need an accountant to file your self assessment tax returns. But its always advisable to consult specialist tax accountant, so you are not loosing any tax relief on claimable expenses.

If you sign up to become our client, we will not charge you for the advice. But if you are looking for tax advice only it is dependent on the nature and complexity of your question.  

HMRC have a self explanatory guidance to setup personal tax account. This account will help you to know about your taxes and income for each year. For more information please visit HMRC website.

When it comes to personal tax, as resident in UK, a taxpayer is obliged to pay tax on worldwide income. If you do not live in UK and you have taxable income in UK, you must file tax return to HMRC.

As self employed person you will file your self assessment tax return to HMRC every year. You must total your takings and less business expenses. If you need help with something which you are not sure, you can call our accountants to help you out. For general guidance please visit HMRC website.

If you have made a mistake and want to amend your tax returns, you must get in touch with HMRC and explain to them the nature of mistake or omission. 

It is always dependent on nature of mistake. If the amendment will result in correction of tax liability, then you must file an amended tax return. If you have omitted income and want to correct your records, you would need to file a disclosure.

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