Unfortunately, when a person dies there is a lot of paperwork to process. One job that needs to be done is completing an inheritance tax return (IHT) form. There are several forms in the IHT format, and the form you require depends if any inheritance tax is owed and the value of the remaining assets. One of those forms is called the IHT400 which must be completed where there is an inheritance tax to be paid or the deceased’s estate does not qualify as an accepted estate.
The main purpose of the IHT400 form is to tell HMRC whether there is any inheritance tax payable on the estate when someone has died. When inheritance tax is payable, the information you provide will enable HMRC to calculate how much tax is due to be paid.
Like lots of paperwork, this process can disrupt productivity. The most common complaints are that completion of the form is difficult and the instructions are overwhelming.
At Advanced, we have a system called IHT400 Cloud Forms Workflow – this is where all forms and schedules that are related to the IHT400 are linked together. This helps busy probate or private client practitioners to accurately, and easily, and more quickly complete these complex forms using automated calculations.
The key features and benefits are:
- The ability to add or remove relevant schedules for matters - delivering a fully customisable and more efficient process that fits your requirements.
- It uses a linked navigation panel to save the time it takes to find all of the forms and schedules for each case.
- Sets up templates for common matters to improve practice efficiencies.
- Prints all linked forms and schedules in one batch.
- You can access up-to-date HMRC guidance using direct links from the software to their website.
We’re your legal software partner
Click here to find out more about how our Cloud Forms IHT400 Workflow feature helps law firms work more effectively and efficiently.
More than 5,000 law firms and barristers chambers across the UK trust us to keep them ahead of the curve. With legal procedures becoming ever-more digitised, our solutions are designed so you can not only meet the challenge but go beyond it and utilise software powered possibility to maximise efficiency, ensure security and compliance and make the day-to-day easier.
For more information about our Advanced Cloud Forms IHT400 Workflow product, click here.