Author: Glenn

Before probate begins, you must estimate the estate's value to see if Inheritance Tax applies. This includes valuing the deceased person's money, property and belongings in order to determine if Inheritance Tax (IHT) is due. This process is important even if you are not sure that any tax will be due.

There is usually no IHT to pay if the estate is valued under £325,000 or if anything above this threshold is left to a spouse, civil partner, charity or amateur sports club. If the person was widowed or passed on their home to children or grandchildren, the threshold may be higher.

To estimate the estate's value, you'll need to account for:

• All assets owned at death (homes, bank accounts, valuables, vehicles, investments etc).
• Any gifts made in the 7 years before death.
• The value of any trusts where the person had a beneficial interest.

You can estimate values yourself or use HMRC’s Inheritance Tax Checker to guide you. The checker helps identify whether IHT is likely to be due, but it does not calculate how much tax is due or notify HMRC.

When valuing assets, include joint property, pensions, or overseas items and assess their market value on the date of death. For gifts, consider their value when given, especially if the deceased still benefited from them (e.g., living rent-free in a gifted home).

You will also need to consider debts and check whether full reporting of the estate to HMRC is required.

The Valuation Office Agency (VOA) has issued updated advice to help business owners choose and monitor business rates agents more effectively. A key message is that the name listed in the Check and Challenge service must match the name on the signed contract. If it does not, this could be a sign of misleading activity, and business owners are encouraged to report any mismatch directly to the VOA.

This guidance comes in response to cases where agents have changed their trading names after complaints or regulatory scrutiny. The VOA is reminding businesses that transparency and due diligence are essential when appointing an agent.

Although there is no requirement to appoint an agent, many businesses choose to do so for support with managing business rates. If appointing one, it is important to conduct independent research and not rely on an agent who contacts you first. Check that any agent is a member of a recognised professional body such as the IRRV, RICS or RSA. These organisations enforce ethical codes and can handle disputes and complaints.

Before signing a contract, business owners should review it carefully to understand the services offered, the fee structure, how to exit the agreement, and the duration of the appointment. Be cautious if the agent uses high-pressure tactics, requests large upfront payments, or makes bold claims about savings.

Once an agent is appointed using their agent code through your business rates valuation account, all correspondence with the VOA can be monitored. You should not share your personal login details. If the agent later operates under a different name, it is your responsibility to alert the VOA.

If issues arise and the agent is not part of a professional body, concerns should be raised with Citizens Advice or Trading Standards for further support.

Communities and town centres across the UK are about to get a serious boost. The Government has unveiled sweeping reforms aimed at slashing red tape so new cafés, bars, music venues and outdoor dining spaces can spring up in former shops and quickly bring life back to high streets.

At the heart of the plans is a new National Licensing Policy Framework designed to replace outdated and inconsistent local rules with something streamlined, standardised and modern. That means fewer forms, faster decisions, lower costs and, hopefully, a lot more neighbourhood hangouts for locals to enjoy.

One of the flagship changes will be the introduction of dedicated hospitality zones. In these areas, planning and licensing permissions for things like alfresco dining, extended hours, street parties and general outdoor engagement will be fast-tracked to cut delays and encourage footfall and buzz on the high street.

Crucially, the reforms also embed the Agent of Change principle into national policy. That means developers building next to pubs, clubs or music venues must take responsibility for soundproofing. So long-standing venues are protected from noise complaints arising from new residential neighbours, and the local entertainment scene can continue without interruption.

These changes form part of the Government’s wider Small Business Plan and Plan for Change strategy, aimed at supporting the UK’s 5.5 million SMEs, which account for a substantial proportion of private sector jobs and turnover.

The Business Secretary explained that the goal is to turn vacant, shuttered shops into vibrant cafés or bars that support local jobs and give small entrepreneurs room to flourish. The Chancellor added that pubs and bars are at the heart of British life. The Government is scrapping outdated rules to protect al fresco dining, pavement pints and street parties, not just for summer but all year round.

Trade bodies welcomed the announcement but reminded ministers this needs to be the start of a bold, long-term approach. Industry representatives in particular urged that faster licensing must go hand in hand with meaningful business rate and operating cost reform to prevent businesses being taxed out of existence.

All measures are expected to follow an initial call for evidence, with a clear commitment to reduce administrative regulation costs by at least 25% as part of efforts to revitalise local economies.

Who values goodwill when a business is sold? HMRC's Shares and Assets Valuation team takes the lead.

Whether the goodwill belongs to a sole trader, partnership or limited company, HMRC’s SAV team will either accept the submitted valuation, give their own open market estimate, or state they need more information.

For non-corporate goodwill, the SAV team have the following options for valuing goodwill:

• Accepting the valuation
• Providing an opinion of Open Market Value if the claim appears under or overvalued
• Stating that insufficient information is available to form a view

Corporate goodwill valuations are usually submitted directly to SAV as informal or formal requests. When Trade Related Property is involved, the SAV team will liaise with the Valuation Office Agency.

These are the key issues the SAV team will look at when valuing goodwill:

• the full sale and purchase documentation relating to the transfer of both tangible and intangible assets;
• succession arrangements;
• the valuation approach used – e.g. capitalisation of profits, super profits or a trade specific method;
• the activities of the business and role of the owners within it;
• the financial statements/accounts (including the detailed trading and profit and loss account) for the 3 years before valuation;
• any other relevant financial information;
• appropriate yield and multiples of comparable companies and sectors;
• the commercial and economic background at valuation date;
• how the personal goodwill of the owner has been reflected in the valuation; and
• any other relevant factors.

Open market value must exclude any assumptions about a "special purchaser" unless industry norms support synergy-based premiums.

You now need to set up a verified GOV.UK One Login to confirm your identity with Companies House.

To verify your identity at Companies House, you can use the GOV.UK online verification service if you have one of several accepted photo identification documents. These include a biometric passport from any country, a full or provisional UK photo driving licence, a UK biometric residence permit or card or a UK Frontier Worker permit.

You will also need to provide your current address along with the year you moved in, and you must sign into or create a GOV.UK One Login account to complete the process. Your verified identity will then be linked to your GOV.UK One Login account.

A recent update to the guidance published by Companies House makes it clear that each email address can only be used once for identity verification. If other individuals use the same email address to access GOV.UK One Login, they will need to register a separate account with a different email address.

If you do not have any of the accepted forms of photo ID but live in the UK, there are alternative ways to verify your identity. These include verifying your identity in-person at a Post Office or using details from your bank or building society account together with your National Insurance number.

If you are unable to verify your identity using any of the available online or in-person methods, you can appoint an Authorised Corporate Service Provider (ACSP), such as an accountant or solicitor to verify your identity on your behalf.