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Trust Accounting Services
As part of succession planning and wealth distribution, trusts can provide effective solutions. In some situations, they can also reduce both capital gains tax and inheritance tax. In other situations, they can make it possible for specific family members to receive income tax effectively, lowering the overall tax burden on families.
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.
Tools and resourcesWhat 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.
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.
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We understand that for many businesses having to grapple with accountancy, bookkeeping and finances can be a real headache, forcing your focus away from your passion. With over twenty years of experience together our dedicated team of industry professionals is happy to help clear things up.
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