When you’re grieving for a loved one, red tape is the last thing you need. Sadly, that’s what the laws and paperwork around Inheritance Tax (IHT) throw up. The forms can be horribly confusing, making it very difficult to figure out what exactly is payable.
If you’re self-employed, you get the pleasure of paying HMRC not just once, but twice. There’s your tax bill, which is due by 31 January (or 31 October, if you file using a paper return). And then there are payments on account, which are due twice a year.