Personal tax
The outcomes of an earlier review by the government into mixed-use property purchases and multiple d...
By RJP LLP on 18 March, 2024
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Our probate experts will work with you to obtain grant of probate and calculate inheritance tax liabilities.
We will always provide you with a fixed fee in advance of carrying out any work.
“I wanted to write and express our gratitude for your help and hard work in getting probate through and settling all the taxes. I am so pleased that we selected RJP, as your professional help and updates throughout this process have been invaluable. If at any time in the future probate assessment may be needed, you will be our first port of call. Once again, many thanks to the whole team.”
Dan Cooke, probate client
When a person dies, unless all their assets are held jointly with another person, it will be necessary to obtain grant of probate. This will give the executors the legal right to distribute the estate assets in accordance with the deceased’s wishes.
Before probate can be applied for, the inheritance tax position needs to be determined. This is often the most lengthy part of the process as it involves determining the value of all the estate assets, both gross and net, submitting inheritance tax returns to HMRC, agreeing the position, and arranging payment of any inheritance tax liability.
It may also be necessary to prepare income tax returns for the deceased to the date of death, and for the estate to declare any income or gains received during the period of administration.
A suitably qualified firm of tax advisors like RJP can provide a full tax and probate service to obtain grant of probate and prepare all inheritance tax, income tax and capital gains tax returns and calculations, and can also provide tax planning advice. By administering the complex inheritance tax and probate paperwork on your behalf, the entire procedure can be dealt with by one professional. Apart from making things easier for you, this means a notoriously long-winded process can be completed more quickly, which also saves costs.
Probate is only granted for estates where the deceased left a valid will. Where there is no will, it is an intestate estate, for which it is necessary to apply for a grant of letters of administration. The process is the same as applying for grant of probate, and the inheritance tax and income tax position remains the same.
It is possible for a layperson to apply for grant of probate, but it can be time consuming and administratively and technically challenging, coming at a time when you are likely to be under greater stress. Given the type of work involved, there can be a number of practical and financial benefits to using an appropriately qualified tax advisor or accountant.
We do not charge on a percentage basis based on the value of the estate, but on a fixed fee basis according to the work you wish us to undertake. This may cover some or all of the following services:
Following an initial conversation with you, we will provide a fixed fee quote for the above work as required. The fee will typically range between £1,500 plus VAT and £6,500 plus VAT depending on the complexity of the estate and the level of support required.
Once grant of probate or letters of administration are received, the executors or personal representative are legally responsible for distributing the estate in accordance with the terms of the will, or in accordance with the intestacy provisions where there is no will.
This involves collecting in all the estate assets, paying all debts, preparing a tax return if relevant, paying any tax due for the period of administration and distributing the net assets in accordance with the legal requirements.
We are very happy to carry out the estate administration on your behalf and we will provide a fixed fee quote in advance for this work. The fee will typically range between £1,500 plus VAT and £3,500 plus VAT depending on the complexity of the estate and the assets concerned.
We aim to obtain HMRC’s agreement to all inheritance tax matters and grant of probate within 6 months of our appointment to act on behalf of an estate.
An accountant or tax advisor is well placed to deal with the tax calculations, paperwork and numbers involved in preparing estate accounts and dealing with tax calculations – after all, it is what they do every day. The aspect that has traditionally been viewed as more legal in nature involves the probate application itself; this can now be done online and no longer requires an oath to be signed in the presence of a solicitor. Collecting in the estate assets and distributing them in accordance with the will has been a reserved legal practice until recent years; however it is now recognised that a qualified accountant or tax advisor, regulated by their professional body and licensed to undertake probate work, has an equally high level of professional integrity to undertake this work.
A further advantage in asking your tax advisor to obtain probate could be the close working relationship you will already have with them. Most people have an accountant who regularly advises them, but they might not have a solicitor too. Your accountant or tax advisor is someone you can trust, who knows you well and who will act on your behalf with sensitivity at what can be a very difficult time.
Your tax advisor may already have a good understanding of the deceased’s assets and tax liabilities, which enables the entire process to be dealt with quickly.
RJP LLP is licensed by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of non-contentious probate in England and Wales.
RJP also offers a combined probate and inheritance tax planning service if you are in the unfortunate position of having to conclude the financial administration associated with a loved one who did not leave a will or conduct inheritance tax planning; the same situation should not arise again. Our service is designed to let you swiftly complete probate and put measures in place to minimise the amount of inheritance tax your family will be liable to pay.
There are circumstances in which legal advice is required to obtain probate; such as where the validity of the will is in doubt, or its provisions are contested. RJP LLP is licensed by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of non-contentious probate in England and Wales.
I wanted to write and express our gratitude for your help and hard work in getting Probate through and settling all the taxes. I am so pleased that we selected RJP, as your professional help and updates throughout this process have been invaluable. If at any time in the future Probate assessment may be needed, you will be our first port of call. Once again, many thanks to the whole team.
Dan Cook, Probate clientI just wanted to drop you a short note to say how grateful I am for the support that RJP has provided over the past 4 weeks while our Financial Controller was away. I struggle to comprehend how much work your staff get through during their weekly visits and they are always a pleasure to have around the office.
I Evans, CFO, MoblicitiJust a quick e-mail from me to thank you for achieving the target for producing the draft accounts – it is very much appreciated and gives a first class impression of your firm. Many thanks.
J Stanfield, Chairman, BBS Actuaries LtdI would like to take this opportunity to thank you very much for the amazing job you have done navigating us through this whole process. My family and I also really appreciate the care and compassion demonstrated by you and your team in every dealing. Our thanks to everyone.
M Goldsmith, Probate ClientRJP provide our company with a complete service which takes the stress and strain away from the day to day running of our accounts! Their understanding of our business and their patience and advice is invaluable.
Outsourcing Client
If you sell a property and incur capital gains tax on the transaction, you will need to file a tax return and also pay any tax that is due within 60 days of completion, or penalties will arise. Need help with your property taxes? Talk to us.