At Abedin Chartered Certified Accountants, our experienced team is dedicated to providing you with comprehensive inheritance tax advice to help reduce your inheritance tax liability.
Inheritance Tax (IHT) is a tax levied on the estate of a deceased person. The IHT rate depends on various factors, including the value of the inheritance, the beneficiary's relationship to the deceased, and the state of residence.
Before paying the IHT, you must obtain an IHT reference number three weeks prior to making a payment. The tax must be paid by the end of the sixth month after the person's death. Failing to do so will result in interest being charged on the outstanding amount.
Inheritance tax can be a significant burden, particularly if you are unfamiliar with how it is calculated. Without proper planning, the percentage of assets you can transfer to your loved ones can be severely affected. In some cases, beneficiaries might even be forced to sell assets, such as the family business, to pay the IHT, which can be incredibly stressful.
Engaging specialist accountants like Abedin Chartered Certified Accountants can help you reduce your inheritance tax liability. We offer personalized advice and solutions tailored to your specific circumstances, ensuring that you can transfer as much of your estate as possible to your loved ones.
Contact us today to discuss how we can assist you in minimizing your inheritance tax liability and preserving your estate for your loved ones.
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Each employment is considered individually for Automatic Enrolment, even for those with more than one job. It's possible to opt out of individual schemes if desired. Eligibility for participation in an employer's pension plan is determined by each employer. If eligible, you will be automatically enrolled in that company's workplace pension scheme.
Self-employed individuals are not automatically enrolled in a pension scheme, so it's essential to proactively save for retirement and start contributing to a pension plan.
If you are eligible for Automatic Enrolment, your employer will enroll you in a pension plan and make contributions to it. Even if your employer is not legally obligated to enroll you in their pension plan, you still have the option to join.
Abedin Accountants comprises a team of specialists dedicated to addressing all your accounting and taxation requirements in a single location. Our commitment extends from the initial contact to the project's completion, with a focus on keeping you well-informed and delivering a straightforward, cost-effective solution for all your financial needs.
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