Many people believe that the inheritance tax only affects the wealthy. However, the relatively recent rises in property prices mean that more of us are paying inheritance tax than ever before.

Combining probate expertise with chartered tax and certified chartered accounting, Price Mann Probate Services are perfectly placed to advise you. Our extensive professional knowledge means that we understand complex tax legislation, working in your best interests to minimise any tax that needs to be paid from the estate.

Distributing a loved one’s estate among beneficiaries normally incurs inheritance tax and potentially, capital gains tax too. Equally, if your loved one owed income tax or was due to receive a refund, it is vital to establish that the correct amounts were paid.

Inheritance tax can involve many complex variables including: 

• Tax reliefs, exemptions and charitable beneficiaries

• The valuation of the property

• If your inheritance includes farmland or woodland

• If you choose to keep, sell, or rent an inherited property

• Properties held in trust

As well as calculating the taxable liabilities of your loved one’s estate, Price Mann Probate Services also work with you to plan and reduce your future tax burdens. 

Whilst inheritance tax is a tax on wealth, paid on death, it is not necessarily inevitable. Strategic financial planning is a crucial and sound approach to maximise your tax efficiency.

As the well-known phrase affirms, you cannot take it with you when you go. Although, with strategic financial planning, your legacy can live on.

Price Mann proactively monitor changes in financial regulations and legislation. This means that in line with our estate planning advice, you can structure your affairs in order to ensure your estate is distributed according to your wishes. Moreover, this can be completed in the most tax-efficient way, securing the future of your loved ones and reducing their added stress. 

Although estate planning may not be at the top of your list, getting things in order can make a world of difference when the unthinkable happens. 

Whatever the value of your assets, Price Mann guide you through the entire process of estate planning. Our services include: 

• Will making and secure document storage 

• Beneficiary and taxation advice

• Understanding, evaluating and minimising inheritance tax 

• Inheritance tax implications and consequences

• Deeds of variation, restructuring pre-existing wills and trusts

• Incorporating trusts within your will

• Succession planning for small businesses and the self-employed 

Once your estate plan is finalised and as circumstances in life inevitably change, it is good practice to review it every few years. This ensures your plan is relevant and up to date.

Although the laws and taxation surrounding them are complex, trusts are a good way to manage and protect your assets. There are many different types of trusts available, for example, you may want your beneficiaries to inherit when they reach a certain age, or immediately following your death. Alternatively, you may prefer a trust that provides an income on assets. 

Price Mann deliver prudent advice on setting up trusts and incorporating them into your will. We help you to choose the trust most suited to your needs and circumstances. 

Because tomorrow is never promised, establishing trusts and implementing estate planning can provide your loved ones with the secure financial future they deserve.

Just as you incorporate financial planning within your lifetime, planning for your estate in death, is a sensible and arguably, an essential task.

At worst, failure to plan your estate can mean that HMRC and the government will become your main beneficiaries. At best, a failure to plan can leave your grieving loved ones in chaos and dispute.

Even if you do not own many valuable assets, estate planning ensures that your possessions will be distributed according to your wishes. Furthermore, you can appoint guardians for your children, set up trusts and leave a lasting legacy for your loved ones. Moreover, estate planning reduces the tax levied on your estate.

Under the Corporation Tax Self-Assessment (CTSA) regime, the legal responsibility for correctly calculating corporation tax liability falls on business owners. We understand the issues facing owner-managed businesses. Thus, Price Mann calculate your company's tax liability and prepare tax returns in a timely and efficient manner.

The ever-evolving reporting obligations, investigation policies and increasingly harsher penalties for non-compliance mean that your time and resources can be devoted to administration. We help you to minimise your tax exposure and relieve the compliant administrative burden with current tax legislation. Effective corporate tax planning can also significantly improve your net earnings.

Price Mann are specialists in all areas of personal tax obligations, including:

• income tax

• capital gains tax, and 

• inheritance tax. 

Although we do not promote any form of tax avoidance, we strive to mitigate your taxable exposure.

Yes. We have the expertise and software to take the headache out of form filling and compliance aspects relating to self-assessment. We can provide you with practical advice on personal taxation and the planning opportunities available to you. Over recent years HMRC has increased applicable penalties for errors and the failure to file a return on time. We can complete tax returns, calculate your tax liability and advise you on the amount due and when and how to make payments.

Value added tax and its associated technicalities is a complex subject. We present information to you without jargon and as clearly as possible. The VAT rules are constantly evolving, alongside an ever-changing stream of regulatory details. Increasingly, HMRC is demanding more and more from businesses, adding more stress to your already heavy workload. Price Mann are VAT experts and our professional approach ensures that you do not fall foul of legislation. 

Our efficient and cost-effective VAT service includes:

● Assistance with VAT registration/dealing with VAT enquiries

● Advice on VAT planning and administration

● VAT control and reconciliation

● Help with completing VAT returns

● Establishing processes to avoid discrepancies with HMRC

● Representing you at VAT tribunals