Pay early to avoid paying interest

At FinSol Tax Advisors we have Accountants Uxbridge who is a part of the largest network of accountants and they offer various kinds of services.

Inheritance Tax: It is a tax on the estate (the property, money and possessions) of someone who’s died.
You can make early Inheritance Tax payments before you know the exact amount the estate owes (this is known as a ‘payment on account’).

HM Revenue and Customs (HMRC) will charge you interest if you don’t pay all the tax the estate owes by the due date. If you won’t know how much Inheritance Tax the estate owes by the time the payment is due, a payment on account can help you avoid some of the interest.

If you overpay

If you pay more money than the final bill says the estate owes, HMRC will refund the excess after you’ve been given probate (confirmation in Scotland). Probate is the right to deal with the deceased person’s property, money and possessions.

If all you want accountant Uxbridge to complete your tax return or annual accounts, we are happy to help you. For more information about any of our services contact us.

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