Inheritance Tax Planning Services
Avoid paying tax again on wealth you've accumulated and been taxed on already!
Tailored inheritance and estate planning enables a smooth transition of assets to the next generation while minimising tax liabilities. Our specialist inheritance tax planning services provide practical advice and strategies to reduce the tax due on your estate.
Inheritance Tax Accountants
We offer numerous inheritance tax planning services, including:
- Estate planning when assets are close to the nil rate band or many times larger
- Techniques to mitigate inheritance tax on family homes, family businesses and investment portfolios
- Advice on lifetime transfers and Wills.
Estate planning is not solely about reducing inheritance tax. Here at Hartley Fowler, we adopt a common sense approach to ensure your own financial needs are met in your lifetime and avoid giving away too much too soon.
Our Inheritance Tax Planning Services
We can assist you with a number of inheritance tax planning services to help limit the amount of inheritance tax your family and other loved ones will have to pay from your estate.
Key examples of inheritance tax planning include:
- Gifting money
- The use of trusts
- An inheritance tax efficient fund.
Our knowledgeable inheritance tax planning advisors are here to help you plan for the future, enabling you to pass on as much as possible to your nominated beneficiaries.
Next Step: Call our Inheritance Tax Planning Advisors
Please contact us if you have any questions about our inheritance tax planning services. Alternatively, please get in touch to request an initial free consultation.
FAQs
Inheritance Tax (IHT) is a tax on the estate of someone who has passed away, including all property, possessions and money. This reduces how much value will be passed to your beneficiaries.
Inheritance tax and estate planning involve organising your financial affairs to minimise the amount of IHT that will be due on your estate when you pass away. The goal is to maximise the value of the estate that can be passed on to beneficiaries.
For IHT planning advice, please contact our dedicated team of accountants today.
In the current tax year, 2024/25, IHT is applied to estates worth over £325,000.
IHT is usually charged at the rate of 40% on anything that exceeds the £325,000 threshold.
If you’re applying for probate, you’ll need to calculate the value of the deceased person’s estate, including all money, property and possessions. This will help you determine whether you need to pay IHT and, if so, provide a basis for you to calculate how much.
If the estate is large, this process may take a few months. Be aware, you will need to send the forms declaring the value of the estate within one year of the person’s passing. You must also begin paying the tax at the end of the sixth month following their death.
Once you have calculated the estate’s value, you will need to subtract the aspects that are exempt from tax to determine if the amount falls above or below the threshold.
You may qualify to pay inheritance tax at a reduced rate of 36% if you leave at least 10% of your estate to charity.
Your inheritance tax bill will be paid by the person managing the estate, typically called the ‘executor’ if there is a will. Your beneficiaries do not usually pay tax on the things they inherit.
Accountants can assist in inheritance tax planning, helping you assess your position to minimise any potential inheritance tax liability and maximise the value of your estate for beneficiaries.
To find out more about our outstanding inheritance tax planning services, please get in touch.
The person responsible for calculating inheritance tax and managing the estate is commonly chosen by the deceased in the will. They will typically be someone close to the deceased, who they trusted. If there is no will, the administrator of the estate (appointed by the court) will take on the role.