Inheritance Tax Accounant

Inheritance Tax

How do we help in Inheritance Tax?

We provide comprehensive Inheritance Tax support that is focused on minimising tax liabilities. We begin by creating a personalised estate plan to minimise inheritance tax obligations while ensuring your assets are transferred efficiently.
Additionally, we offer tax-efficient lifetime gifts and transfers, which reduce an estate’s taxable value. The structuring of your will is another crucial aspect of our assistance, allowing you to optimise tax benefits and ensure that your wishes are carried out effectively. To safeguard assets and decrease Inheritance Tax liability, trust options are explored. During the probate process, we also provide guidance to ensure proper tax compliance and minimise tax burdens.

Your Trusted Partner in UK Inheritance Tax Planning

The Benefits Of Hiring an Accountant for Inheritance Tax

It makes perfect sense for a growing business with complex accounting issues to hire Taxaccolega and take advantage of knowledge and expertise. Not only do we offer advice about how best to progress your business with an in-depth business model and financial plan, but we will also save you hundreds if not thousands of pounds in tax breaks and potential HMRC penalties. Even if you are a sole trader or freelancer working from home, Taxaccolega can help you prepare your year-end accounts and ensure you avoid fines for late submission or incorrect completion of your Self-Assessment Tax Return form. We also offer a bookkeeping service to ensure your finances are kept up to date and to save your valuable time doing it yourself.

FAQs

What is Inheritance Tax (IHT)?

The estate of a deceased person, including their assets, cash, and belongings, is subject to inheritance tax (IHT). It is a tax levied by the UK government on the transfer of assets upon death, with the goal of raising money.

Who is liable to pay Inheritance Tax (IHT)?

Any unpaid inheritance tax must be made good by the executor or personal representative of the deceased’s estate. In the event the estate is unable to pay the entire amount, beneficiaries may also be responsible for any additional IHT.

How is the Inheritance Tax (IHT) calculated?

The deceased person’s estate value over a specific amount, referred to as the nil-rate band, is the basis for determining IHT. Right now, the £325,000 nil-rate band applies. If at least 10% of the estate is left to charity, the tax rate on anything over this threshold is lowered to 36%. Otherwise, it is taxed at 40%.

Are there any exemptions or reliefs available for Inheritance Tax (IHT)?

Yes, several exemptions and reliefs can reduce the IHT payable. These include gifts to a spouse or civil partner, gifts to charities, and the Residence Nil Rate Band (RNRB) for passing on the family home to direct descendants.

Can I give away assets during my lifetime to reduce Inheritance Tax (IHT)?

It is true that giving away assets while you are still living can lower the amount of your estate that is liable to IHT. These gifts must, however, abide by a number of regulations, such as the seven-year rule, which stipulates that donations given more than seven years prior to death are not subject to IHT.

How can Taxaccolega help with Inheritance Tax (IHT) planning?

Taxaccolega provides expert guidance on inheritance tax planning to help minimise your IHT liability. We offer tailored advice on making tax-efficient gifts, setting up trusts, and utilising available reliefs and exemptions to protect your estate for your heirs.

Can Taxaccolega assist during an HMRC Inheritance Tax (IHT) audit?

Yes, during HMRC IHT audits, our team offers strong support and representation. To ensure a seamless audit process, we make sure all required paperwork is in order and communicate with HMRC on your behalf.

How can I learn more about Inheritance Tax (IHT) and planning strategies?

Taxaccolega can provide you with a customized consultation. Our professionals will walk you through the complexities of Inheritance Tax (IHT) and create a plan specifically for your estate that will safeguard your assets and minimise your tax burden