Probate Services
We aim to provide a service that will alleviate any of the administrative pressures
At Compass Accountants, we understand that the passing of a loved one can be an incredibly distressing time and therefore we aim to provide a service that will alleviate the stress of dealing with their financial affairs while giving you peace of mind that they are being dealt with accuracy and efficiency.
We pride ourselves on our personal approach, making the process simple through comprehensive packages, tailored to meet your individual needs and provide as little or as much assistance as you require.
Compass Accountants is one of only a small number of accountancy firms licensed to carry out probate services by ICAEW (The Institute of Chartered Accountants in England and Wales), and one of even fewer in Fareham and Portsmouth.
As accountants, we are fully qualified and highly experienced in dealing with all aspects of taxation, legislation, assets, liabilities, preparation of accounts and estate planning, and as such are in the perfect position to assist you.
The Probate Process and How We Can Help
When a loved one passes way, their estate will need to be administered by either the Executors appointed in their Will or their next of kin. This process can be both time consuming and complex in cases and we can provide assistance in a number of areas: –
- Obtaining details of the deceased’s estate including assets and liabilities
- Obtaining professional valuations if required
- Calculating any inheritance tax payable (IHT) and arranging payment
- Advising on available IHT reliefs or exemptions available and making required applications.
- Preparation of inheritance tax forms to be submitted to HMRC
- Dealing with any tax returns outstanding for the deceased to date of death
- Applying for the Grant of Probate
- Collation of assets, payment of debts and distribution to beneficiaries
- Preparation of Final Estate accounts.
- Advise in potential tax savings through a variation to the Will
- Calculating potential Capital Gains Tax Liabilities and Income Tax liabilities arising on the estate
- Preparation of tax returns required during the administration period
Whether you need assistance in one or all of these areas, we are here to help. We provide a fixed fee quote before work begins which is tailored around the work required so there are no unpleasant surprises.
Probate Fees
We will discuss the composition of the estate with you and the work required before providing you with a fixed fee for the work will need to undertake which is agreed with you before we begin.
To give you an indication of the level of fees involved for our services:
A simple estate consisting of the main residence, bank accounts and a small number of additional assets such as quoted shares, premium bonds with a valid will is in place and all executors agree to act.
| Preparation of probate application (PA1P) and IHT forms 205if executors provide all information and valuations | £650 + VAT |
| Preparation of probate application (PA1P) and IHT forms 205if we deal with collation of informations | £1,250 + VAT |
| Preparation of probate application (PA1P) and IHT forms 400 and supplementary schedulesif executors provide all information and valuationscalculation of inheritance tax and arranging payment with bank | £950 + VAT |
| Preparation of probate application (PA1P) and IHT forms 400 and supplementary schedulesif we deal with collation of informationcalculation of inheritance tax and arranging payment with bank | £1750 + VAT |
Our fees are based on an hourly charge out rate and the work involved.
Our regulatory and complaints information
Probate Services
- In the unlikely event that we cannot meet our liabilities to you, you may be able to seek a grant from ICAEW’s Compensation Scheme. Generally, applications for a grant must be made to ICAEW within 12 months of the time you become aware, or reasonably ought to have been aware of the loss. Further information about the scheme and the circumstances in which grants may be made is available on ICAEW’s website at icaew.com/probate
- If you would like to talk to us about how we can improve our service to you, or if you are unhappy with the service you are receiving, please let us know by contacting Kerry Lawrance. We will consider carefully any complaint that you may make about our probate services as soon as we receive it and will do all we can to resolve the issue. We will acknowledge your complaint within five business days of its receipt and endeavour to deal with it within eight weeks. Any complaint should be submitted to us by letter.
- If we do not deal with it within this timescale or you are unhappy with our response you may take the matter up with the ICAEW and the Legal Ombudsman. Complaints to the Legal Ombudsman should be made within six years of the of the act or omission or within three years of you becoming aware of the issue, and in either case within six months of our written response to your complaint to us. The contact details for the Legal Ombudsman are Post: The Legal Ombudsman, PO Box 6806, Wolverhampton, WV1 9WJ. Email:[email protected]. Telephone: 0300 555 0333
Professional indemnity insurance
As detailed in our standard terms of business we have professional indemnity insurance in place in accordance with the requirements of ICAEW. Our professional insurance cover is up to a maximum of £1,000,000 and is capped at this level.
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