Inheritance Tax Planning Services

Inheritance Tax Planning Services in Derby

RLTP Accountants have an expert team of accounting specialists at the heart of everything we do. With extensive knowledge and expertise to draw upon, you can rest assured that you’ll always receive an exceptional service every single time. We’re dedicated to helping our clients deal with and manage their financial records, together with any and all tasks associated with ensuring streamlined processes when you need it most.

Expert accountants in Derby

We’re proud to be able to provide our clients with a wide range of accountancy services in Derby, Leicester, Nottingham and the surrounding areas. Our extensive range of expert accounting services also include Inheritance Tax planning. We will work closely with all of our clients in order to ensure you’re able to fully-understand how it works and what you need in order to enable a smooth process and solid results.

What is Inheritance Tax?

Inheritance Tax (IHT) is a tax on someone’s estate, including their property, possessions and any money they might have, after they have passed away. Typically, the IHT rate stands at 40% and is only charged if the estate is above the tax-free threshold. Currently, the tax-free allowance is set at £325,000. Normally, you won’t be charged IHT if:
  • The value of your estate sits below the £325,000 threshold
  • Anything above the £325,000 threshold is left to your spouse, a civil partner, a charity or a community ameteur sports club

However, you will still need to report the overall value of the estate, even if it comes below the £325,000 threshold. If you’re giving your home away to your children, including those which are adopted or fostered or are your stepchildren or grandchildren, then the threshold could increase to £500,000.

It’s important to note that if you’re married or are in a civil partnership and if your estate is worth less than £325,000, then any unused threshold can be added to your spouse’s or partner’s threshold when you pass away.

If the value of the estate falls outside of the aforementioned conditions, then IHT will need to be paid to the HMRC. This can be done by an executor, if there’s a will, or another person who has been appointed to deal with the estate. This means that an accountant will be able to help guide you carefully through the process, taking the burden off you and your family when the worst happens.

It should be noted that the terms and conditions surrounding IHT can be extremely confusing and, often, each case is unique. As such, you’ll need the help of a highly-qualified professional to help you understand your situation when it comes to the amount of IHT you owe. RLTP Accountants will always be on hand to assist you in this scenario.

How can RLTP Accountants help you?

We have a dedicated, fully-trained team of specialist accountants at the helm of our operations. This means that you’ll be in safe, reliable and trusted hands when looking to us for all of your IHT needs.

As well as talking you through the process, we’ll also be more than happy to execute all the associated tasks to enable the right amount of IHT to be paid, if applicable. As well as a committed team on hand to manage your account, you’ll also be able to benefit from the following when choosing us for Inheritance Tax planning services in Derby and the surrounding areas:

  • Cost-effective services – we’re able to offer bespoke accountancy services to our clients, with all fees discussed and agreed before we commence any work. This gives you complete peace of mind that you won’t be landed with unexpected bills or additional payments
  • Reliable handling of your affairs – our expert team will always act in your best interest, allowing you to grow and develop your business into a highly-successful, fully-organised, smooth-running company. This enables you to carry on doing what you do best
  • Professionalism at all times – our accountancy team are knowledgeable and friendly, offering you the best possible experience when choosing us to carry out Inheritance Tax services on your behalf. But as well as a positive experience, you’ll also receive a professional one, so you can rest assured you’re in safe hands
RLTP Accountants are pleased to offer Inheritance Tax planning services to clients throughout Derby, Leicester, Nottingham and the surrounding areas. Whether you wish to speak to us about IHT or one of the other accountancy services we have available, we’ll always have the time to discuss your options. For more information about how we can help you today, get in touch with a member of our team – we’re always happy to hear from you.