September 24, 2020


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.


Fill in the form and we’ll get back to you as soon as possible.

Proud to be associated with

Corporate finance
Chartered accountants
Somerset business award
Regional Top25 list logo South West
Accred 2023 2star
2023 Top25 Best Large Companies 1
2023 No1 Accountancy Firms Logo
B corp mid
Praxity white

What’s happening at AG.









Newsletter sign up

Sign up & stay informed.