Probate Accountants in Fareham
Calm, Clear Estate Administration
Losing someone is hard enough without worrying about forms, deadlines and tax. At Compass Accountants, we take the paperwork off your shoulders so you can focus on your family.
Probate is as much a financial process as a legal one. As accountants, we look at the whole estate, deal with HMRC on your behalf and make sure every available tax relief is considered, so more of what was left for your loved ones reaches them.
What is Probate?
Probate is the process of dealing with the estate of someone who has died. It means gathering their assets, paying any debts and taxes, and passing on what remains to the people entitled to it, either under the will or, if there is no will, under the UK intestacy rules.
It involves a lot of paperwork and strict deadlines, and mistakes can lead to delays, extra costs or disputes. That is why many families in Fareham prefer to have an experienced professional alongside them.
Why Choose an Accountant for Probate in Fareham?
Most people think of a solicitor first, but probate often comes down to money: valuing assets, working out what tax is owed and making sure nothing is overpaid.
- Tax expertise: We calculate and report inheritance tax, income tax and capital gains tax arising on the estate, and look for every relief and exemption available.
- Clear, competitive fees: [Insert fee approach, for example a fixed fee, a “from” price or how fees are calculated.] There are no surprises, and we explain costs before you commit.
- One point of contact: You deal with the same person from start to finish, not a different name each time you call.
- Regulated and accountable: We are [insert exact ICAEW wording, such as “authorised by ICAEW to carry out probate activities”], and you can have confidence in how your matter is handled.
How Probate Works With Us
- A free initial conversation. We listen, explain the process and give you a realistic idea of what is involved and what it will cost.
- Gathering information and valuing the estate. We identify and value property, savings, investments, pensions and any debts.
- Applying for the grant. We prepare and submit the application for a Grant of Probate (where there is a will) or Letters of Administration (where there is not).
- Dealing with inheritance tax. We complete the necessary reporting and help arrange payment to HMRC within the deadlines.
- Collecting assets and settling debts. We close accounts, deal with banks and other organisations, and pay what is owed.
- Distributing the estate. We pay beneficiaries and provide full estate accounts, so everyone can see exactly what happened.
Who we help in Fareham
Owner-managed businesses
We specialise in owner-managed businesses: limited companies, sole traders, partnerships and professionals. You are the boss, the finance director and probably the person raising invoices at 9pm, so we take as much of the paperwork off you as we can. From barbers and window cleaners to engineers, consultants and care homes, we handle your accounts, tax, VAT, payroll and bookkeeping, and give you honest advice on how to run things more profitably. Starting out? We can help you set up as a sole trader or a limited company and get the basics right from day one. See also our page for small business accountants in Fareham.
Charities and community organisations
Charity accounting is our niche. We have worked with charities and non-profits for over four decades, from small local trusts to some of the best-known museums on the south coast, including The Mary Rose Trust, the National Museum of the Royal Navy and Jane Austen’s House Museum. We understand charity bookkeeping and accounts, charity tax and VAT, Gift Aid, payroll, internal and grant audits, and the compliance that comes with being a trustee. Find out more about our charity services.
Individuals, landlords and families
Personal tax returns, rental income, inheritance tax planning, wills and probate. As ICAEW-licensed accountants we can handle the financial side of an estate with care, and often at a lower cost than a solicitor. See our pages on probate in Fareham, will writing in Fareham and inheritance tax in Fareham.
What we do
- Taxation: personal and business tax returns and planning, so you pay what you owe and not a penny more
- Payroll and bookkeeping: up-to-date records and a payroll that runs on time, every time
- Xero and cloud accounting: see what you owe and who owes you, in real time
- Business start-up: bring us the idea and we will help you make it real
- Compliance: annual accounts, VAT, corporation tax and company filings
- Consultancy and systems advice: practical help with cash flow, reporting and growth
- Charity accounting: specialist support for charities and non-profits
- Wills, probate and estate planning
- Fee protection: cover against the cost of an HMRC investigation
Making Sure Your Family Keeps More of the Estate
Inheritance tax is generally charged at 40% on the value of an estate above the available allowances. Many families pay less than they expect, or nothing at all, when the right reliefs are claimed.
We look closely at areas such as:
- The nil-rate band and residence nil-rate band, including any unused allowance passed on from a late spouse or civil partner
- Spouse and charity exemptions
- Business and agricultural relief, where they apply
- Gifts made during lifetime
- Deeds of variation, where beneficiaries wish to change how the estate is shared
Benefits of Our Probate Services in Fareham
- Cost-Effective: Accountants often offer probate services at a fraction of a solicitor’s rate.
- Financial Expertise: With an in-depth understanding of tax and estate planning, our team ensures no financial detail is overlooked.
- Personalized Service: We provide a single point of contact throughout the probate process, giving you direct access to expert guidance.
- Peace of Mind: With our support, you can feel confident that the probate process is handled professionally, accurately, and efficiently.
Frequently Asked Questions
Do I always need probate?
Not always. It depends on what the person owned and how it was held. For example, jointly owned assets often pass automatically to the surviving owner. We can tell you quickly whether probate is needed.
How long does probate take?
It varies. A straightforward estate can often be settled within [insert typical timescale], while estates involving a property sale, a business or inheritance tax can take longer. We will give you a realistic estimate at the outset.
Who can apply for probate?
Usually the executor named in the will. If there is no will, a close relative can apply for Letters of Administration, following a set order of priority.
Is inheritance tax due on every estate?
No. Tax is only due when the value of the estate is above the available allowances, and several reliefs can reduce or remove it. We will let you know early on whether tax is likely to be an issue.
Can an accountant really handle probate instead of a solicitor?
Yes, provided the firm is authorised to do so. [Insert regulatory wording.] We are well placed where the estate involves tax or financial complexity.
What if beneficiaries disagree?
We can help keep communication clear and the accounts transparent, which often prevents disagreements. If a dispute becomes legal, we will explain your options and work with other professionals where needed.
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