Inheritance Tax is paid if a person's estate (their property, money and possessions) is worth more than £325,000 when they die. This is called the 'Inheritance Tax threshold'. The rate of Inheritance Tax is 40% on anything above the threshold. The rate may be reduced to 36% if 10% or more of the estate is left to charity.
At Tax Compute we will work out how much the estate is worth to find out if the estate needs to pay Inheritance Tax. We can then advise on areas of Tax Planning that can significantly reduce Inheritance Tax or in some cases avoid it legally altogether. What is important is that you contact us in good time so that we can advise on the most appropriate tax planning for you.
Paying Inheritance Tax
Here are five simple things you can do to reduce the taxman's cut - and not all of them involve changing your will
We carry out an analytical review and quality checks before submitting your tax return. We ensure compliance and timely submission.
Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization's strategy.
The VAT return shows the calculation of the amount of VAT due on sales minus the amount of VAT reclaimable on purchases. The result is the amount payable to HMRC.
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation
Within a company, payroll is the combination of all of the financial records of their employees' salaries, wages, bonuses and deductions. In accounting, the term payroll signifies the amount that has been paid out to employees for the services they have done for the organization within a certain period of time
Corporation tax is a tax placed on the taxable profits of limited companies and other organisations such as clubs, societies, associations, and unincorporated entities.
You can register online with Companies House if your company is limited by shares and uses standard articles of association (known as 'model articles'). Otherwise, you must use a different method of registration. Your company will also need to register for Corporation Tax within 3 months of starting to do business
Working outside the scope of IR35 and knowing what is claimable are the two most important issues when freelancing or contracting.
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