Are you looking to add a professional trustee service to your trust? Perhaps you are looking to retire and need impartial professional advice to look after the trust in the way it was intended by the settlor?
Trustees service offers a wealth of knowledge, acting in a professional and efficient manner.
Our Trustee approach
The Trustee service can be involved from the commencement of the trust, or if you feel now is the right time to have a professional trustee involved in the Trust in addition to existing trustees or to replace retiring members, the service can be added at any stage.
The Trust may be set up to protect the capital assets of the Trust providing for future generations with some restrictions in order to pass down generational wealth, alternatively the Trust may be for funding schooling or a lifestyle of beneficiaries now which needs to be dealt with in a sensible manner. However, the Trust has been set up and whatever its purpose the trustee service can oversee the mechanics of the Trust.
Some of the advantages of having a professional trustee service include providing knowledge of trust structures and reporting requirements together with tax planning and advice for the structure of the trust and its future purpose. Being trust, tax and accountancy experts mean that we can service all your trust, tax and accounting needs under one point of contact.
How can we help?
Statutory requirements which Menzies can help with are as follows:
Trusts are required to register with HM Revenue & Customs online via the Trust Registration Service, in addition to this, taxable trusts are also required to submit annual declarations/ updates as and when required.
Taxable Trusts are required to submit annual Trust Tax Returns to HM Revenue & Customs, this involves gathering income and capital movement in the year, calculating tax due and reporting thereon.
Trust accounts often accompany Trust Tax Returns and whilst there is no statutory obligation to do so, keeping a record of all income and capital movement in a Trust throughout its duration is not only advantageous in keeping a clear overview of the Trust. This in itself often keeps costs down overall rather than having to retrospectively compile details for taxable events such as for capital gains or inheritance tax purposes.
Capital Gains events should be reported to HM Revenue & Customs within the Trust Tax Return, however a sale of property can result in an additional filing requirement within 60 days.
Inheritance Tax events should be reported to HM Revenue & Customs within 6 months of the event, being Ten-year charge or by way of an Exit charge.
The administration of a Trust and the role as Trustee should not be taken lightly, however with the right help and guidance this does not have to be a daunting process, making timely decisions and meeting deadlines is of the utmost importance.
Using a Trust can be a pragmatic way to protect assets through the generations. Should you wish to speak to someone in more detail on our services please get in touch.
