Accountants don’t take time enough for themselves for Inheritance Tax planning, especially when they’re younger. That’s one of the points our tax consultants Rachel Davies and Andrew Symons intend to hammer home in their conference presentation on IHT for accountants at next week's Virtual Tax Partner Practical tax conference.

Accountants, it seems, are much like the rest of the population. None of us is immortal but by not planning for the future, there seems to be a belief you can take it with you.

“The reality is that there’s a full spectrum of IHT planning amongst accountants, but certainly younger practices and practitioners tend to spend the time they could use for planning, working for fee-paying clients and probably sorting out their IHT issues,” said Mr Symons. 

They also note that there are accountants who go to the other end of the spectrum. “Some of them plan to the extreme, with complex structures and constant reviews. we often don’t feel that’s necessary, good IHT planning doesn’t need to be overly technical or difficult,” Rachel added. 

They both make a couple of recommendations:

Day 1 of our two day Virtual Tax Partner Practical Tax conference explores topics that are close to every accountant's heart:

How to make lots of money out of your practice

Useful guides on this topic

IHT (Inheritance Tax): allowances & rates
What are the current rates and allowances for Inheritance tax?

IHT Business Property Relief: estate planning
How can you use Business Property relief (BPR) to its maximum advantage through the interaction with other Inheritance Tax (IHT) reliefs?

IHT: Estate planning checklist
This checklist covers some of the essential planning points that taxpayers should know when planning for their estate and Inheritance Tax (IHT).

2021 Virtual Tax Partner Conference
Our 2021 Virtual Tax Partner 'VtaxP' practical tax conference takes place over two half-days on 12-13 October

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