{"id":2886,"date":"2017-07-04T13:05:16","date_gmt":"2017-07-04T13:05:16","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/?p=2886"},"modified":"2017-09-29T10:02:33","modified_gmt":"2017-09-29T10:02:33","slug":"july-2017-newsletter","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/july-2017-newsletter\/","title":{"rendered":"HMRC urged to extend executors\u2019 Inheritance Tax deadline"},"content":{"rendered":"

Royal London is calling on HMRC to change inheritance tax (IHT) rules on larger estates to allow executors more time to pay complex tax bills.<\/strong><\/span><\/h3>\n

Under current rules, the executor of a will can manage a person\u2019s estate following their death by applying for a \u2018grant of representation\u2019 \u2013 otherwise known as probate.<\/p>\n

The process involves valuing the estate, paying any outstanding debts or taxes and distributing the estate in accordance with the deceased\u2019s wishes.<\/p>\n

The deadline for IHT bills on an estate is six months after the person\u2019s death.<\/p>\n

However, research from Royal London states the majority of estates can take between six and 12 months to complete as larger properties or shares can be complicated and may need more time to be sold.<\/p>\n

Helen Morrissey, personal finance specialist at Royal London, said:<\/p>\n

\u201cWe are seeing more estates than ever subject to inheritance tax and larger estates can take a long time to wind up.<\/p>\n

\u201cMany executors may have no idea they could be responsible for finding the money for a large tax bill before money in the estate is available.\u201d<\/p>\n

Responsibilities<\/span><\/h2>\n

Other issues for the executor, such as lost paperwork or inaccurate record keeping, could cause further delays in paying tax bills on time so it is imperative to know your responsibilities.<\/p>\n

Any outstanding taxes and debts must be reported and paid to HMRC. You will need your IHT reference number at least three weeks before completing your payment.<\/p>\n

We can help with your estate planning.<\/em><\/p>\n

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\u00a0<\/em><\/p>\n

Rejected contracts hit SMEs in the pocket<\/strong><\/span><\/p>\n

47% of small businesses lost out on up to \u00a310,000 in the last year due to turning down work contracts and orders, according to a study.<\/strong><\/span><\/p>\n

Out of 501 companies surveyed by Hitachi Capital Invoice Finance, 26% rejected contracts worth up to \u00a35,000 while 21% snubbed deals worth between \u00a35,001 and \u00a310,000.<\/p>\n

Almost one in five (19%) turned away work because of unfair demands from customers, whereas only 8% rejected contracts due to lack of finance.<\/p>\n

Out of those that turned down work due to lack of finance:<\/p>\n