Our specialists can assist in a range of VAT & Tax areas
Benjamin Franklin said that “nothing is certain except death and taxes”. In the case of Inheritance Tax (IHT), it couldn’t be truer. When a person dies in the UK, the government levies a 40% tax on the value of their estate. Money, property and possessions anywhere in the world contribute to a decedent’s estate, and the heirs of anyone leaving an estate worth more than a certain value will have to pay IHT. Nor is it limited to the very rich, since rising UK property values have put the value of many estates over the IHT threshold.
Having to deal with these issues when in bereavement just adds insult to injury. At Deeks VAT Consultancy we have the experience and in-depth knowledge to help mitigate the additional pain this can cause. Our specialist consultants can take you through this from start to finish.
Inheritance Tax Planning
IHT is often called a “voluntary” tax, which technically means that people can plan not to pay it. There are several legitimate ways to do this that are built into the IHT structure, though the rules are complicated. With careful forward planning, however, we can help clients to manage their assets so as to maximise the share of their estate that is bequeathed.
This includes knowledge of IHT thresholds and seeking out available allowances and reliefs. Effective IHT planning also involves calculating the value and timing of lifetime gifts and the role of settlements and trusts. It may extend to tallying and reporting estate assets to submit for probate.
At Deeks VAT Consultancy, our IHT experts work closely with our clients to ensure that their estate is passed on with minimum tax liability.
Our Direct Tax Specialist
Simon has over 25 + years of experience working within City law firms and accountancy practices. He is a member of the Association of Taxation Technicians, Chartered Institute of Taxation, Federation of Tax Advisers, Institute of Financial Accountants and the Institute of Public Accountants (Australia).Visit Simon’s Profile
Latest news & insightsView all news & insights
Deeks VAT News issue 39
Welcome to this months Newsletter December 2023 issue 39 Keeping you up to date on VAT changes In this months newsletter we cover the following: Changes to the DIY Housebuilders’ Scheme Best Judgement: what is it, and why is it important? Updated guidance on zero-rated exports New rules for registration and reporting in the EU […]
Deeks VAT News Issue 30
Welcome to the latest edition of Deeks VAT News. January 2023 – Issue 30 Keeping you up to date on VAT changes In this edition of the months newsletter we cover the following: Insurance partial exemption Doctors and healthcare professionals So what does VAT registration mean? Discounts – value of supply. The TalkTalk case. […]
Changes to the VAT DIY Housebuilders Scheme
Embarking on self-build projects can yield significant VAT savings through the DIY Housebuilders scheme. With the spring Budget 2023’s announcement, the scheme is set to digitize, extending claim periods from three to six months starting 5 December 2023. Understand what qualifies for VAT reclaim and how these changes can benefit your project. For any queries, reach out to Jane at Deeks VAT.
Want to find out how we can help?
Here at Deeks VAT Consultancy we can help all types of businesses, either personally or acting on your behalf for your clients. Drop us a message and one of our specialists will be in touch to discuss how we can help.
Jane: +44 (0) 7710 553831
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