Probate can be a time confusing and difficult process at the best of times.
We often find that many clients start the probate process believing it to be simple and straightforward but regardless as to what you might read on the internet probate can be difficult and therefore if you need a assistance we can help.
Completing the inheritance tax returns is never easy. The starting point is finding and knowing the correct return. In simple terms there is a short return that is used when the estate is not subject to inheritance tax, that is below £325,000 or when a spouse exemption applies, this form is known as the IHT 205.
By contrast if inheritance tax is payable the return is particularly lengthy ( the IHT 400 ) this has various schedules as well. It must be completed and filed within 6 months of the date of death of the deceased. A tax reference must be obtained and any tax paid when the return is filed. Tax can be paid in instalments on any property whilst tax must be paid immediately on cash assets.
It is important to complete the return correctly, as the Inland Revenue ( HMRC ) frequently ask questions. In the long term getting some advice from a specialist familiar with the probate process and Inheritance tax returns, can be invaluable.
We operate a fixed fee policy and often help clients complete inheritance tax returns – if you need some help contact us on 01482 429985 or e-mail tim.murden@tmsolicitors.co.uk, we always charge a fixed fee.
