Inheritance Tax is a tax on a person’s estate which includes their property, money and possessions. Inheritance Tax is paid if the estate is worth more than the threshold which currently stands at £325,000. Above the threshold there is a 40% tax liability from the estate, which may be reduced to as little as zero if the reliefs are claimed. If you are the executor or administrator of the estate you will need an accountant to advise you on any Inheritance Tax and other taxes you are eligible to pay. Your local AIMS accountant can advise on all aspects of IHT.
As with all taxes there are deadlines for submission and Inheritance Tax must be paid six months after the person’s death and you may also be liable for other tax payments. IHT may seem like a minefield but to an AIMS accountant this is familiar territory.
Your AIMS accountant will make sure that your Inheritance Tax obligations are dealt with professionally and in a timely manner. Our accountants can also advise and assist with all of your other accounting and tax requirements. This leaves you with piece of mind to run and develop your business.