Inheritance Tax Planning
The last thing you want to think about after the passing of a loved one is finances and taxation. While inheritance tax feels unfair and foreboding, it could be the case that you are exempt from paying any at all – depending on the value of your estate.
Give the team a call on 0115 947 6677 to arrange a meeting. We can help individuals across Nottingham, the East Midlands and London.
What is the threshold for inheritance tax?
You will not have to pay inheritance tax if either:
The value of your estate is below the £325,000
You leave everything above the £325,000 threshold to your spouse or civil partner, a charity or a community amateur sports club.
Even if your estate threshold is lower, you may still need to report the value of your estate.
Inheritance Tax Advice
You can minimise the costs involved with inheritance tax by using the services of a chartered accountancy firm, such as Keith Willis Associates.
We can provide all the inheritance tax advice and inheritance tax planning you need to minimise any financial burden for loved ones. Our services are specific to our clients, ensuring that any assets or finances to be left behind have been accounted for in advance.
Whether we’re helping to formulate a will and testament, forecasting the potential you need to pay inheritance tax, or planning to minimise the tax if required, we always work with a passion and dedication to our clients and their wishes.
What is the tax rate for inheritance tax?
The standard tax rate is 40%. But it is only charged on the part of your estate that’s above the threshold.
Why is it a good idea to hire accountants when it comes to inheritance tax?
The amount that HMRC have been collecting from deceased persons is increasing every year through high levels of scrutiny when it comes to assets and bank accounts. Without proper knowledge of the allowances given by the government, mistakes can be made and large sums can be taken away. These legislations can change at any time and have been particularly erratic over the last few years, so it makes sense to speak to a company like ourselves that keep on top of the latest changes.
If you’d like to make use of our inheritance tax planning advice, contact our team today. We’re based in Nottinghamshire and are always happy to help.
Prices start from:
Inheritance Tax Service - Quotation given following consultation.
All prices are subject to VAT at 20%.
