Taxation


Trusts & Estates


Although trusts are an important part of tax planning, they have many uses far beyond this. For example, they are often used to protect the interests of children, and indeed sometimes young adults from themselves.People chatting


We have many years’ experience preparing both accounts and tax returns for trusts and estates. Indeed, several of the partners are trustees of trusts set up by our clients and therefore well understand not just the practical requirements but also the personal aspect of acting as a trustee and the legal responsibilities that come with it.


Accounts


Although it is not essential to prepare a set of accounts, they are often an invaluable aid to the trustees for managing the trust’s assets and protecting the interests of the beneficiaries. As a result, we recommend that annual accounts are prepared, especially for larger trusts.


Tax Returns


Like individuals, trustees are required to submit a tax return annually to HM Revenue & Customs. This includes details of all income received and capital gains realised in the year and, in some circumstances, distributions to beneficiaries.


Beneficiaries


As part of the preparation of the trust’s tax return, we will also provide details of the income to be declared on the beneficiaries’ own tax returns. Where distributions are made at the trustees' discretion, we are also happy to liaise with the trustees and the beneficiaries themselves in order to ensure that tax repayments to the beneficiaries are maximised.


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In the News

Budget 2012

The Chancellor has confirmed that this year's Budget statement will be made on Wednesday 21 March.

VAT Online Filing

This becomes compulsory from 1 April 2012 and payment of VAT must be made by electronic means. Cheques will no longer be accepted.

Compulsory Pensions

In 2012 automatic enrolment into a pension scheme is due to come into force. On average, it will cost small businesses an extra £2,550 per year.

Budget 2011

You can still access our in-house 2011 Budget guide and commentary by clicking the link here. We welcome any feedback or questions you may have to enable us to improve our services.

Features

Deadline Diary

The next important diary date is 31 January when 2011 Tax Returns have to be submitted to HMRC to avoid an automatic £100 late filing penalty. Payments of tax are also required by this date. Do get in touch if you need any help.

Rates & Allowances

Click here to download a PDF file with the latest figures.