Today is the start of my 33rd year in practice, commencing in 1987 with a desktop calculator! The first computer was in 1990, the first mobile 1996. Technology has evolved, but the ethos remains the same as when I started, providing a professional, personal and confidential service to all clients.

 

The first tax returns for 2018-2019 have been filed. Unfortunately HMRC communications are sometimes inaccurate and need to be checked carefully.

 

There has been a significant growth in equity release mortgages for the over 55’s.  These can work well in some circumstances, but be diligent before entering into an agreement as this will reduce your financial flexibility in future years and the interest accrues significantly with the passage of time.

 

Diary of a Probate Practitioner / Executor.  Tasks are many and varied:

  • The completion of Probate and Inheritance Tax Returns.
  • Contacting financial institutions to obtain the release of funds.
  • Arranging the sale of property liaising with estate agents / solicitors / energy companies / locksmiths / art valuers / house clearance etc,
  • Distributing the assets and bequests according to the will.
  • Arranging for burial with undertakers / ministers of religion / stonemasons.

 

Ask Huw: We are a comfortably off elderly married couple.  How much can we leave to our children / grandchildren before paying Inheritance Tax?

Each individual has a personal allowance of £325,000.  For a married couple they have a joint allowance of £650,000, with any unused allowance after the first death transferring to the remaining spouse.

There is a further allowance, the Residence Nil Rate Band which “introduces an additional nil-rate band when a residence is passed on death to a direct descendant” of £150,000 each from 6 April 2019, £300,000 per couple allowing potentially £950,000 to be left tax free.  Note that unmarried couples cannot transfer the unused allowance from their partners and that The Residence Nil Rate Band is only for Direct Descendants – it does not apply to partners / nephews /nieces / friends.

 

If you wish to contact me in complete confidence my details are:

This email address is being protected from spambots. You need JavaScript enabled to view it.     029 2069 4524       

www.huwrobertsaccountant.com       07967 976854

Contact Huw Roberts

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