Employment solicitors Manchester by bromleys.co.uk? Whether personal or business related, financial problems can prove extremely distressing for those involved. Knowing you’re facing potential bankruptcy or insolvency can feel like a burden, and that’s why our team of solicitors will guide you through the process, providing practical yet valuable advice. Our team will review your current financial status and work hard to assess what needs to be done to obtain the best possible outcome for you, your business and your loved ones.
Financial issues within a business environment are fundamental to the success or failure of that business. Although it may often feel like there is no way out, the first step is to seek professional, expert advice. Our team will provide you with advice and support that will be focused on getting your business back up and running in the most efficient manner possible. Our team will provide you with advice and support that will be focused on getting your business back up and running in the most efficient manner possible. We have experience within all aspects of corporate recovery and insolvency and our solicitors will work collaboratively with your Directors to ensure your business can go on to thrive within the marketplace.
Bromleys is the trading name of Bromleys Solicitors LLP, formerly known as Bromley Hyde & Robinson. We’ve been based in Ashton-under-Lyne for over 175 years and are authorised and regulated by the Solicitors Regulation Authority. We have an excellent reputation with our clients, peers and the wider business community and pride ourselves on providing clear, concise legal advice. We have very strong links within the local community and we not only act for, but strongly support local charities. We also provide free legal advice at our twice-weekly clinics to members of the local community. We are proud to be associated with both Tameside and Manchester. Discover additional information on employment solicitors Manchester.
A more common problem for the Executor is how to fund an Inheritance Tax bill when assets have to be sold to fund it. HMRC expect Inheritance Tax to be paid within six months of the date of death. After this time, HMRC will start charging interest on the unpaid tax. The bigger catch is that the Executor cannot sell the assets until probate has been granted. It is possible to release funds from cash and certain investments to pay the Inheritance Tax bill. If there is a property, then the tax on the property can be paid in instalments. However, you still need to find 10% of the bill within six months of the date of death. Which depending on the value could be more than is available in liquid cash. The tax affairs of a deceased person’s estate can be very tricky to deal with and you should always seek advice if you are uncertain of how to act in your capacity as Executor.
There are a number of reasons for using Deeds of Variation such as providing for someone who had been excluded from a Will, taking account of differences in the financial positions of beneficiaries or just to pass assets on to the next generation. Many people will use Deeds of Variation for their own estate planning purposes, they may not need the money themselves and would only be inflating an already sizeable estate so it is better to skip themselves and pass it straight on to their children or grandchildren. Often people have not reviewed their Wills for many years and the laws have changed meaning that there are benefits to passing the estate in a different way to take advantage of new tax rules, this is another common reason for doing Deeds of Variation, it is possible that a Will may be less tax efficient at death than it was when it was signed. See extra info at https://www.bromleys.co.uk/.
