Following the death of an individual, the Personal Representatives (PRs) is responsible for several matters, including but not limited to:
- Ensuring the tax affairs of the deceased to their date of death are brought up-to-date with HMRC.
- Any income received and or chargeable gains realised by the PRs, during the administration period of the estate, subject to de minimus limits (a threshold which unless exceeded, income can be ignored), is reportable to HMRC. The method of reporting is determined by whether the estate meets HMRCs definition of ‘complex’ (see below).
The associated tax compliance may include:
- Non-complex estates – Informal disclosure and forms R185 ‘Statement of Estate Income’
- Complex estates – Registering a ‘complex’ estate with HMRC, preparation of tax returns, and forms R185 ‘Statement of Estate Income’
- Completion and submission of a 60-day UK property report
Need some guidance?
We understand that dealing with estate matters can often occur at a difficult time. The Burton Sweet Team can make the process as stress free as possible, under the circumstances. Please get in touch to see how we can help you…
