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Inheritance Tax
The inheritance tax (IHT) nil rate band (NRB) will remain frozen at £325,000 until April 2028. The rates of IHT payable on death remain unchanged at 40% or 36% where at least 10% of the net estate is left to charity.
An additional nil-rate band (the ‘residence nil rate band’ (RNRB)) applies where an individual dies after 5 April 2017 and their estate is above the NRB. The RNRB applies when the whole or part share in the deceased’s home is passed on death to direct descendants.The maximum value of the RNRB is the lower of: the value of the home passed on, and the amount in the table below
|
Year of death
|
Value of RNRB
|
|
2017/18
|
£100,000
|
|
2018/19
|
£125,000
|
|
2019/20
|
£150,000
|
|
2020/21
|
£175,000
|
|
2021/22
|
£175,000
|
|
2022/23
|
£175,000
|
|
2023/24
|
£175,000
|
The value of RNRB is tapered away at £1 for every £2 by which the value of the total estate exceeds £2 million.This threshold is also frozen until 2027/28.
Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.
- Accounts and Taxation
- Accounts prepared on time and presented to you at your premises
- Income tax calculations and projections
- Annual superannuation certificates for Partners
- Practice manager training about bookkeeping
- 2 - 4 meetings in a year at your premises
- Personal expenses
- Payroll
- SD55 for practice staff
- Installation and training in respect of practice computerised accounting system
- Unlimited telephone and email support for adhoc queries
Non - recurrent Services
•VAT advice •Capital gains tax planning •Partnership agreements •Surgeries finances •Pension planning •Budget and cashflow planning •Inheritance Tax planning
Recurrent Annual Services based on fixed fee:
- Accounts and Taxation
- Accounts prepared on time and presented to you at your premises
- Income tax calculations for Principles and Associates
- Practice manager training about bookkeeping
- 2-4 meetings in a year at your premises
- Personal expenses
- Payroll
- SD55 for practice staff
- Installation and training in respect of practice computerised accounting system
- Unlimited telephone and email support for adhoc queries
Non - recurrent Services
- VAT advice
- Capital gains tax planning
- Partnership agreements
- Surgeries finances
- Pension planning
- Budget and cashflow planning
- Inheritance Tax planning
Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.
Our specialist team provides a wide range of accounting and business services to General Practice.
Recurrent Annual Services based on fixed fee:
Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.
Recurrent Annual Services based on fixed fee:
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