Form P1000 now available digitally
Dealing with a deceased person's tax affairs can be drawn out, partly due to the authorisation process. However, a recent change should help simplify things. What’s the full story?
When a client dies, HMRC will cancel the authority the advisor holds - required to act on the their behalf. This means that the advisor immediately loses access to all of their client’s online information. If the advisor is to continue acting, e.g. filing the tax return for the estate during the administration period, they have to reapply for authority to act for the personal representatives. This is generally done by submitting a form 64-8, but HMRC prefers the application to be made on form P1000, which contains information pertinent to the estate, e.g. the personal representatives’ details.
Using form P1000 secures authorisation up to the date of death as well as the administration period, and helps to avoid issues with repayments. The problem is that, until now, the form has had to be requested from HMRC, which inevitably means delays. The good news is that the form is now available online, which should help streamline things for the advisor and the personal representatives.
Related Topics
-
Company buying back shares? Watch out for forthcoming changes
Company owners arranging a retirement, a family succession or a shareholder exit may need to rethink how shares are bought back. The Budget confirms that the government intends to tighten the rules distinguishing capital gains from dividend income, potentially making some buybacks considerably more expensive. How might an ordinary business exit be caught?
-
What can you learn from HMRC’s input tax toolkit?
You know that penalties can be charged on careless errors and many mistakes relate to input tax being wrongly claimed. How can HMRC’s input tax guidance help your business to claim the right amount?
-
A £3,000 side-hustle allowance: more generous than it looks?
People making money from small side businesses will have more room to earn without paying income tax, following a Budget decision to triple the trading allowance. However, the figure relates to what you receive before expenses, not the profit you keep. Will the £3,000 allowance actually save you tax?