Trust Accounting Services

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.

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Tools and resources

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.

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Tools and resources

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.

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Tools and resources

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.

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Tools and resources