Breaking inheritance tax laws and regulations in the UK attracts penalties such as fines imposed by HM Revenue & Customs (HMRC) and interest charges for late payments. The tax administration body can also take legal action to recover the tax you owe through criminal prosecution or court order.
You must hire inheritance tax advice accountants from reputable firms like Allen and Atherton. The professionals will help you with the inheritance tax in the following ways:
Tax Compliance
These professional tax advisors will help you with tax compliance by offering guidance on inheritance tax laws and regulations. In addition, they will assist you in preparing and filing inheritance tax returns, all while offering comprehensive tax planning to minimise your tax liability.
Thanks to extensive experience in this field, these accountants are knowledgeable regarding exemptions, allowances, and other tax reliefs on inheritance tax. They will also advise you on the most tax-efficient ways to structure a gift to minimize the tax impact.
Staff quote: “We know how non-compliance will affect you financially. Therefore, we strive to help you in all possible ways with tax compliance and minimising inheritance tax liability through planning.”
Estate Planning and Tax Strategy
Worry not about running out of money later in life; these tax advisors can help you with estate planning. The tax advisors will use cashflow modeling to determine how much you will need to maintain your lifestyle and cater to other later-life care like elderly care.
In doing so, you can pass on assessments effectively with a low inheritance tax bill. The professionals will also give you a tax strategy to prevent your beneficiaries from selling part of your asset to cover inheritance tax.
Staff quote: “We will work with you in estate planning to ensure that your lifestyle isn’t disrupted and unburden your beneficiaries once you have passed the inheritance.”
Trust and Will Preparation
The qualified team of tax advisors also helps with will and trust preparation by walking you through the inheritance tax laws. While at it, they will help you understand your assets, liabilities, and beneficiaries, then create a trust that reduces or eliminate inheritance tax. They can use an effective strategy like the trust that transfers the assets to your beneficiaries over a long period to minimise liability.
In addition, tax advice accountants can help you prepare a will that aligns with your estate plan and ensure that it’s a legally binding document that reflects your wish upon demise. In some cases, the accountants will offer probate advice after death. Still, they will walk you through the process and how it affects the distribution to your beneficiaries.
Staff quote: “It’d be best to contact us if you are struggling to prepare for trust and will because our expertise will lift the heavy burden and advise you accordingly.”
Estate Administration
The tax advisors will help with estate administration after your demise by preparing estate accounts and ensuring payment of all relevant taxes. They can also ensure that all liabilities are also paid.
These professionals can also assist in distributing your estate according to the will. And to prevent non-compliance and penalties, the professionals can offer ongoing support by giving tax advice and planning to minimise the tax payable.
Staff quote: “We will ensure that your estate is distributed according to your will and provide tax advice and related services to ensure compliance.”
Complying with the inheritance tax laws and regulations is the only way you won’t be fined by HM Revenue & Customs (HMRC), be criminally prosecuted, or be served with a court order. It’s also the only way to ensure you retain your assets as the rightful owner. However, the laws and regulations can be challenging to follow.
Therefore, hiring inheritance tax advice accountants from reputable firms like Allen and Atherton would be best. Hiring from such a firm is the best option thanks to its presence in five countries and over 200 employees in each station, making it easy to find a suitable tax advisor according to your needs.
