At Finsol Tax Advisors we are an accounting firm with educated and experienced Accountants in Finchley. We will help you keep track of costs, tax returns on time and make the right financial decisions to grow your firm.
Inheritance Tax: It is a tax on the estate (the property, money and possessions) of someone who’s died.
There’s normally no Inheritance Tax to pay if either:
• the value of your estate is below the £325,000 threshold
• you leave everything to your spouse or civil partner, a charity or a community amateur sports club
If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren, your threshold will increase to £425,000.
If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die. This means their threshold can be as much as £850,000.
Inheritance Tax rates
The standard Inheritance Tax rate is 40%. It’s only charged on the part of your estate that’s above the threshold.
The estate can pay Inheritance Tax at a reduced rate of 36% on some assets if you leave 10% or more of the ‘net value’ to charity in your will.
We can help you to manage your business and their accounts easily and efficiently. If you need any Kind of information about our accountants and their services contact us today!