In this episode Damian talks to Tim Whitehead about joining the family business and turning what was just a job into a passion.
We learn about mixing family with business and maintaining strong relationships under pressure. And, in what may be a familiar experience for many business owners, Tim explains how he developed the ability to let go of the things he was most passionate about to allow him to refocus on looking to the future.
Owning it. Insights
Learn more about Tim Whitehead about joining the family business and turning what was just a job into a passion. Click below to find out more:
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Our regional offices spread across the heart of the West Midlandshave a particular passion for the manufacturing and engineering sector. Our team of specialist manufacturing accountants offer the core accounting services and tax advice you need, coupled with the strategy to take your business to the next level.
Estate Administration Fees
Our initial 30 minute meeting is free and there to discuss what’s involved and how we can tailor our service to best suit your needs, as well as providing you with an estimate of what we expect the work will cost.
Then, where Haines Watts Probate Services LLP are instructed by executors to act on their behalf in obtaining probate or assisting with estate administration, we’ll charge for our services at the following hourly rates:
Full Name (Position)
Hourly Rate (£) +VAT
Jonathan Scott (Partner)
Jim Demetriou (Partner)
TEP, CTA, ATT, MAAT
Every Estate is different and average fees range between £5,000 to £20,000 plus VAT, that’s roughly 18 to 60 hours.
The minimum cost for administration of a very simple estate is £3,000 plus VAT.
Factors which will affect the minimum cost:
Please be aware that the following factors will impact on the time spent, so the cost of the service might be higher than stated above:
· Estate is worth over £1 million
· Estate involves the sale of a property
· The deceased held life assurance policies
· Assets in foreign jurisdictions
· Where there are many assets
· Complex gift history by the deceased
· Inheritance tax is payable
· Capital gains tax is payable
· Extensive correspondence with beneficiaries or executors is required
· Dealing with multiple executors who do not provide us with consistent
or clear instructions
· The location of the beneficiaries is in doubt
· A Deed of variation is required
· The deceased owned private company shares
· The deceased owned public limited company shares
· The deceased had complex business affairs
· Lack of clarity over assets owned by the deceased
· Assets are to be transferred to beneficiaries in lieu of residue
· The deceased had multiple bank accounts
· The deceased had an investment portfolio or portfolios
A disbursement is a payment to a third party that we make on our client’s behalf to ensure a smoother process. The cost of the disbursement is passed onto the client via invoice at a later stage.
The likely disbursements that are usually incurred are as follows:
Probate registry fee
£273 plus £1.50 per office copy Grant of Probate/ Grant of Letters of Administration required
fees and search fees
£3 per search, usually needed where the estate contains a property.
Section 27 Trustee Act
Costs are around £250.
There are further disbursements which might need to be incurred if relevant to the estate.
For example, if the deceased’s estate contains shares, a valuation will be required to establish the correct value for probate and inheritance tax purposes. The cost of the share valuation varies depending on the nature of the business but can be around £1,000 plus VAT
Please note that Conveyancing is not included as part of the process offered, although we do work closely with other professionals who can assist with any conveyancing needs.
All costs above are subject to change, as they are for third parties, these are indicative prices as of May 2022.
Our team of personal tax specialists is experienced in working with high-net-worth individuals and will understand your unique requirements. In addition to ensuring that your personal tax affairs remain compliant, we will advise you on strategic tax planning.
Many of our non-domiciles clients have an international tax aspect to their personal financial matters. We will help you protect your earnings and minimise your tax liabilities while complying with local tax laws. We'll provide peace of mind that your international personal tax affairs are in order.
Trusts are created as a means of wealth preservation. They can provide flexibility in allowing assets to be passed down through the generations in a secure and tax efficient manner. Our specialists can advise on the initial creation of a trust and help you to choose the most suitable structure. Once the trust has been formed we can provide ongoing advice concerning the running of the trust.
Our estate planning specialists can assist you in mitigating inheritance tax liabilities by utilising lifetime gifts, both outright or via a trust.