Call 0843 596 4104 to discuss Inheritance Tax reliefs and exemptions with HMRC.
Inheritance Tax is becoming a concern for more people in the UK. Only around 5% of people have to pay this tax when they inherit an estate. As property prices increase, however, it also increases the value of estates for many people. This can push them out of the nil rate tax band, which means that their beneficiaries will then have to pay 40% of what they inherit back to the government in tax. This is only something that you need to worry about if your total assets are worth more than £325,000. Here are a few ways to reduce Inheritance Tax bills if this affects you.
Call 0844 453 0158 for Council Tax advice or get in touch with your local council.
As the UK government continues to cut their funding, local councils are having to raise Council Tax. The residents in each borough have to keep paying more and more in Council Tax every year. Even properties on the lowest Council Tax band can be expensive, and some people struggle to pay. Fortunately, it is possible to reduce your Council Tax bill in certain circumstances. Read this guide to find out about Council Tax discounts.
HMRC is a UK government organization, Her Majesty’s Revenue & Customs. This non-ministerial department is the authority on taxes, payments, and customs in the United Kingdom. Their administration collects taxes to pay for public services such as the NHS and education. They also issue some state benefits to families or individuals in need of financial support from the government. The aim of HMRC is to maximize revenue for the UK and prevent tax avoidance and evasion. Sometimes it is known as just the Tax Office. Every UK citizen has to deal with HMRC.
Tax Credits are a state benefit which the UK government pays to eligible claimants. If you qualify for tax credits, you must fill out a claim form to apply for them. The Tax Credit Office could fine you up to £3,000 if you provide incorrect information. They will usually backdate tax credits up to 31 days before the start of your claim. You might have to ask them to do this if you are claiming other benefits. The amount of money that you will receive every week or four weeks depends on your circumstances, particularly your income. Working Tax Credit can top up low incomes, and Child Tax Credit can help with childcare costs. You can’t claim tax credits at the same time as Universal Credit because it’s replacing them.
National Insurance is a form of tax which applies to your earnings for every pay period. This could be weekly or monthly according to your employer’s payment arrangements. It will be deducted from your wages along with Income Tax. If you are self-employed, you have to complete a Self Assessment tax return before paying both Income Tax and National Insurance Contributions. You must pay NIC if you are over 16 years old and in employment earning over £162 a week, or self-employment with a profit above £6,205 a year. You stop paying when you reach the State Pension age. If you don’t pay National Insurance contributions, you will not qualify to receive certain benefits. These include the State Pension, Jobseeker’s Allowance, Employment and Support Allowance, Maternity Allowance, and Bereavement Support. You need an NI number to pay.