Many people often think that trusts are only used by high net worth individuals to protect their wealth, their businesses, and their belongings from taxation. In fact, trusts are used far more often than you might imagine, especially by people whose wealth has increased as a result of the average above-inflation in house prices in the UK since the late 1990s.
Trusts allow you to manage your cash, belongings, and business assets so that you remain in control of how they’re distributed after you’ve passed away in the most tax efficient way.
Black and White Accounting can help you understand what Trusts can do and how they can potentially help you manage and protect your assets. If you would like to hear more about how we can support you, get in touch with us today for a free initial one hour consultation, by emailing [email protected] or calling us on 0800 140 4644. Alternatively, you can contact us by filling out the form on the page.
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What is a trust?
A trust is a way of managing different types of asset for their owners. The main types of asset held in trust are building, lands, investments, and money.
What does a trust accountant do?
The duties of a trust accountant are many but they focus around compliance and on the potential impacts of inheritance tax, capital gains tax, and income tax on a trust.
Your trust and estate accountant will offer the following services tailored to your family circumstances and to your individual requirements:
- provision of income to your beneficiaries;
- advice on whether a trust is suitable and the most beneficial trust structure;
- act as a trustee;
- carry out reporting on tax, accounting, and administration for any existing trusts you have include IHT and other tax returns;
- accounting for all assets with the recording of the original values of assets and on the current value of trust assets;
- offer capital gains advice on the trust asset disposal;
- the appointment of assets in your trust to the desired beneficiaries;
- IHT implication and consequences reporting and advice;
- recording of all trust transactions;
- ten year anniversary reporting;
- capital distributions exit charges;
- ongoing review of the effectiveness of an extant trust; and
- planning, advice, and guidance on the wind-up of an existing trust when it is no longer assessed as useful.
Specialist accountancy services for trusts
We offer a range of specialist trust accounting services including:
- Family trust accountant;
- Legal trust accounting; and
- Property trust accountant.
What are the key advantages of Trusts?
There are many different types of Trusts, which all have different pros, but the some of the key pros include:
- Protection against creditors, relationship property claims, from or for beneficiaries and future potential claims against the estate;
- General flexibility to adapt to future law and tax changes; and
- Confidentiality as not publicly registered.
What are the key disadvantages of Trusts?
There are many different types of Trusts, which all have different cons, but the some of the key cons include:
- Loss of ownership/control of assets;
- Additional administration burden;
- Cost of formation and transfer of assets borne by you, for another’s benefit; and
- Future law changes can also undermine any planning don.
Trust accounting in Hampshire and Surrey
Accounting for estates and trusts can be complicated. However, investment in the service is worthwhile to protect potential beneficiaries from receiving potential life changing tax bills on the bequest of any part of your estate.
Your Black and White representative will assume all standard duties of the accountant of a trust. We will work with you from the start to plan your trust to minimise the tax liabilities faced by your benefactors and so that you maintain control and distribution of the assets you’ve worked a lifetime to hold.
To find out more about the trust accounting service offered by Black and White, please fill in the form on this page, call us free on 0800 140 4644 or email [email protected]. We’re offering an hour’s free consultation to new clients and we’d really welcome to opportunity to meet you.