Trusts and Estates

Passing on your estate to your loved ones in the most tax-efficient manner should be at the forefront of everyone’s personal financial planning.  Unfortunately, advice of this nature is not a ‘one size fits all’ and therefore specialist advice should be sought in relation to your own circumstances.  We specialise in providing advice and undertaking compliance work relating to the creation and taxation of trusts, assisting the Personal Representatives and Executors of estates and Inheritance Tax planning.

TRUSTS

The taxation of trusts is a complex area of taxation where specialist advice should be sought.  Trusts can be useful in certain circumstances, including the protection of assets and in some instances the mitigation of Inheritance Tax.

Legislation requires trustees to complete an annual tax return where required and provide HMRC with the details of any taxable income and capital gains. We can assist with this to ensure you are fully compliant and that the correct amount of tax is paid.

Our services for trustees include;

  • Completion of required compliance work for both UK and non-UK resident trustees
  • Filing of trust tax returns and repayment claims where applicable
  • Preparation of beneficiaries’ tax certificates
  • Completion of annual trust accounts
  • Capital Gains Tax advice and reporting
  • Inheritance Tax advice and reporting
  • Registration with the HMRC Trust Registration Service, maintenance and updates as required

TRUST REGISTRATION SERVICE

Trustees that incur any kind of tax liability are now required to register the trust with HMRCs Trust Registration Service.

Trusts must register with HMRC by 5 October following the end of the tax year in which the trust first has a liability to tax. This must also be maintained yearly and updated with any relevant changes to persons associated with the trust, otherwise HMRC can issue penalties.

We can assist trustees in ensuring your Trust is compliant with the HMRC Trust Registration Service.

ESTATES

Dealing with the estate of someone who has died either as an Executor or Personal Representative can be a burdensome task, already made difficult by emotion.  Keeping compliant with tax legislation in relation to an estate can add to that difficulty.

We can advise executors and administrators on their obligations in respect of tax reporting regarding bringing the deceased’s affairs up to date, as well as for the period of administration of the estate, where the estate is in receipt of income and capital gains arise. Our services include;

  • The quantification and reporting of the deceased’s final tax position for the period to the date of death.
  • Identifying and advising the Executors or Personal Representatives of any reliefs and exemptions available for Inheritance Tax purposes.
  • Quantifying the Inheritance Tax liability due from the estate
  • Advise on any post-death planning opportunities such as the use of a Deed of Variation
  • The calculation of any Income Tax and Capital Gains Tax liabilities in relation to the estate and reporting these to HMRC
  • Filing of formal estate tax returns where applicable
  • Corresponding with HMRC in relation to tax declarations for informal estates
  • The registration of an estate with HMRC
  • Advise in relation to the tax efficiency of making distribution of assets from an estate

It is worth noting that the period of administration is only for the estate, this is separate to any personal tax returns that may need to be filed on behalf of the deceased for the period up to date of death.

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