Have you considered your tax affairs during lockdown?

Who’s afraid of the big bad wolf?

It should probably have come as no surprise, that people started to look at their paperwork during lockdown and the inevitable queries started to flow!

Two key themes have arisen out of this period:

1. Generally there is a lack of awareness regarding the income and capital gains tax obligations following an individual’s death.

2. Executors and beneficiaries of Wills do not appear to be well informed of the resulting structures following death.

Other than seeking professional advice at the appropriate time, there is nothing to be afraid of in terms of trying to sort out historic omissions, the Revenue would rather you approach them than didn’t (it will also help mitigate potential penalties they can impose).

If the period in question goes back many many years, do not be disheartened just collate what information you do have and go from there. As with most things in life, ignoring something won’t make it go away and matters that seem overwhelming are really very manageable when broken down into smaller tasks.

If you have any concerns regarding your tax affairs, do not hesitate to contact us at Albert Goodman.