House Clearance Help & Advice: Dealing with the financial and tax
affairs of a lost loved one
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There are many financial issues which have to be dealt with upon the
loss of a loved one and these can all add to the burden of grief felt
upon the passing of your loved one. However there are some finances which
have to be taken into account and have to be dealt as soon as possible
with in order to save problems later, tax issues are one of them.
The most important thing to do upon the death of a loved one is to find
if there is a will, if there was who is named executor of the estate?
All you need to do then is get in touch with the executor and the financial
burden is on them. If there is no will, then the loved ones nearest relative
will usually take over the proceedings, including dealing with the financial
If you are taking over then it is important that you deal with the deceaseds
tax and national insurance as soon as possible. By informing the tax people
as soon as possible this will help to straighten matters up when it comes
to the amount of tax that has to be paid or is owed.
Getting started with the tax and national insurance finances is relatively
easy, simply get in touch with your local Social Security office who will
be able to advise you on which forms you need to apply for and the information
you will need to complete them.
If you dont know the deceaseds tax office ,if you can find
papers with the deceaseds national insurance number on then just
give them the main office their name, address and national insurance number
and they will be able to help you deal with your enquiry.
You will normally be given a form called the R27 this form
is essential in calculating how much tax is owed if any and whether any
rebate is due. To help you fill in this form you will need such details
as state and other pensions, details of any work the person did, any benefits
they were receiving and any bank or building society interest.
You will also be asked to fill in a self assessment tax form, this is
very similar to the R27 form but you will also be asked information regarding
the deceaseds persons. You will need to return the form no later
than three months after it was issued to you completed.
Form R40 will help you to claim any tax back that is due,
this can be filled in at the time of filling and handing in the other
documents or you can wait until you know for sure that a tax rebate is
It is also very important that you inform the banks and building societies
of the deceased, tell them that they have passed away and hand the payment
books and cheque books into them. This is mainly because any interest
that is paid after the date of the persons death belongs to the estate
and if the person was receiving tax free interest then tax will have to
be paid on interest from the date of death.
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