Estate Accounts
ESTATE ACCOUNTS
All the forms you submit to HMRC and the Probate Registry will be analysed so you need to keep account of your work. If we have completed Probate for you we will retain a physical file for this part of this process.
You should keep copies of cheques you write and all money that you pay out by transfer.
Reasonable costs may be claimed but you cannot claim against the estate for your time.
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FINAL ACCOUNTS
Prepare a final summary, from your Master Financial Summary (completed yourself or prepared by us):
Assets at date of death
Liabilities at date of death
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In addition:
Income received during administration eg on rental property, interest
Changes in asset value (eg a rapidly appreciating house)
Administrative expenses incurred
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Finally:
Distribution of legacies and residue to beneficiaries
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HMRC POWERS
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HMRC can review the liability to Inheritance Tax even after the Grant has been issued. You must keep all records.