Discover why 170 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
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More Than Just Accountants
At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
Get in touch today to discover how Nordens can revolutionize your business.
Discover why 170 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Discover why 170 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Discover why 170 businesses have voted our service as 5 star
Mitch Hahn
CEO - Nordens
Get In Touch
02085300720
enquiries@nordens.co.uk
The Retreat, 406 Roding Lane South, Woodford Green, IG8 8EY
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Inheritance Tax Service
World class accounting from award winning chartered accountants you can trust
What is Inheritance Tax?
Inheritance tax is the tax payable on the transfer of money or property upon the death of the owner. It may sometimes be referred to as ‘estate tax’ – although international law does establish differences existing between the two. It is important to note that not all inheritance is necessarily taxable, and inheritance must meet a stipulated threshold. For example, inheritance is not taxed if the measurable value is below £325,000. Typically, it will be the executor of the will that is tasked with handling this.
Why Use Nordens For Inheritance Tax?
You must report to HM Revenue and Customs (HMRC) if you receive any inheritance, as an inheritance form must be filed in order to complete the process. If inheritance is to be charged, the standard tax rate is 40%, although the percentage charged against the property can be reduced to 36% if 10% of it is transferred to a charity organisation. Even with these percentages in mind, inheritance tax can be complex and there are certain calculations which must be considered. That’s why Nordens are here to help you through. As much as possible, we help our clients save money throughout the inheritance process. This is because inheritance tax, if handled wrongly, can cost you far more than is necessary.
That is why seeking expert financial advice during this time is crucial. At Nordens, we strive to provide you with financial advice in the form of simple, money-saving steps and reliable support at every turn. We’ll even guide you on how inheritance tax rules apply to your current asset(s). We’re here to help you feel comfortable in all things financial. That’s why, at Nordens, you can reach an array of experts in everything from wills and trusts to tax and inheritance-planning at any given point.
Our Expert Inheritance Tax Service
Nordens premium service is designed to support you in your inheritance tax planning and calculations.
Our highly qualified ACCA accounting team can handle even the most complex inheritance tax situation.
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Inheritance Tax Planning
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Frequently Asked Questions
Here at Nordens, we understand that you want to know more about Inheritance Tax. To keep you well-informed, here’s a list of our most frequently asked questions:
Inheritance tax is paid on the value of an asset that is passed across in the event of the owner’s death. It is one of the most controversial issues that arises following the loss of a loved one. This tax is enforced as a means of redistributing income equally so that the income gap remains fair and stable. The money collected from inheritance tax is then reinvested back into society by the government for the benefit of all.
There are many policies involved in the tax payable on inheritance. The current threshold is £325,000. This means if the measurable value of the property is below £325,000, there is an exemption. On the other hand, if the measurable value exceeds the amount stated above, without any benefit of tax reliefs, 40% will be charged on the value of the asset or property. The threshold is transferable to the estate of a surviving spouse or civil partner, however. In this instance, the threshold is doubled and becomes £650,000. As a result of this, the percentage to be charged is reduced.
When it comes to inheritance tax, you will likely come face-to-face with a charge which feels frustrating. There are, however, many ways to reduce the amount payable. For instance: by giving some assets to charity or social communities. By leaving assets to charity, your tax is calculated at a lower rate of 36%, rather than 40%. In the instance of marriage or civil partnership, you can give your inheritance to your partner – provided they are a permanent UK resident. You may even opt to put some of your inheritance into a trust, as capital gains put under the umbrella of ‘trust’ will not accrue charges.
Heirs have to pay inheritance tax of 40% – this means that property often cannot be transferred in its entirety. Of course, when what is being inherited has to be sold in order to pay the tax bill – this often does not seem fair. There are many ways that Nordens can help you negotiate this, and it is always advisable to consult with a financial advisor before taking any steps.
Traditionally, inheritance tax must be paid within six months of the death of the loved one. In some circumstances – such as family disputes and interpretation of the will – the payment of inheritance tax can be deferred. In certain cases this can be the case for up to ten years. In this instance, there may be an agreement made, stipulating that the charges can be paid in instalments. For example, if the deceased holds over 50% of shares or bonds in a company, any inheritance tax that is applicable can be paid in agreed-upon instalments. Meanwhile, it should be noted that deferring the payment of inheritance tax means that interest will become a factor.
Beyond Accountancy
At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.
Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.
Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.
Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.
Voted as EXCELLENT - 9.9 out of 10 based on 170 reviews
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Chris Dyer
Director - Metro Bank
Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Mark Norden
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If you want to give your business a real jump-start by identifying and working towards the goals you really want to achieve, get in touch with us to find out just how Nordens can make it happen.
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Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!
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Nordens is a trading name of Nordens Limited, a limited company registered in England under company number 04709951. Our registered office is: The Retreat, 406 Roding Lane South, Woodford Green, Essex, IG8 8EY.