Trusts provide a tax-effective way of transferring family and business wealth, with inbuilt safeguards to ensure that assets are passed to the correct people at the right time.
TRUSTS PLANNING
We can advise you from the outset on the most suitable trusts to allow you to control the passing on of personal and business assets to the next generations. If required, we can arrange an introduction to a legal adviser for the preparation of the appropriate legal documentation.
ADMINISTRATION AND ACCOUNTING
With over four decades of experience in trust administration, we can provide as much help and support as your trustees need. This can include being the primary contact point between trustees, investment advisers and bankers engaged in the administration of a trust and its assets.
We also offer offshore trustees’ tax planning and compliance requirements. Through our contacts list, we can also establish and administer offshore trust vehicles where this is an effective tax option.
TAX COMPLIANCE AND ONGOING ADVICE
Compliance with HM Revenue & Customs requirements is part and parcel of a trust’s administration, both onshore and offshore arrangements.
Our tax specialists, with the support of specialist tax compliance software, ensure trustees are compliant with their responsibilities in this area.
In addition, our ongoing service to trustees includes advice on legislative change affecting trustees and any necessary action to maintain the trust structure so that it can continue to operate effectively in furthering its objectives.
INHERITANCE TAX PLANNING
We recommend on every aspect of estate planning to minimize inheritance tax (IHT) charges for our private and business clients. Death and lifetime planning can make a huge difference in minimizing the IHT payable, and it can prove especially beneficial where business property is involved.
The importance of having a well-drafted will cannot be overstressed. Arrangement can be made with a proper legal advisor to prepare the best possible will for your circumstances.
We would be happy to review the terms of wills and suggest suitable changes – e.g., after major tax changes announced in a Budget or on the death of a spouse.
Our Trusts & Estates specialists can similarly support executors in any manner possible to minimize liabilities to IHT, income tax, or capital gains tax. In will amendments, we advise on any tax savings and act in conjunction with legal advisers.
ESTATES ADMINISTRATION AND TAX
Our experts can also assist with administration of an estate. This assistance can also include advice on any IHT charge incurred in the estate and possible methods of avoiding tax, for example through use of deeds of variation.
CHARITABLE TRUSTS
Charity trust accounts can give trustees a great amount of headache due to continuous fluctuations in the law that applies to administration and record-keeping. Generally, ‘smaller’ charities with income between £10,000 and £250,000 must have their accounts independently audited, while ‘larger’ charities must have audited accounts.
Charity tax compliance is generally not a problem, but we can assist on the activities of a charity and the tax implications. We also have VAT experts who can assist with any VAT issues in relation to any trading activity. We also do regular compliance work on the recovery of tax for charities, namely in relation to investment income.
Shipleys have extensive experience of offering accounting and audit services to charitable trusts on a wholesale basis. For example: we
prepare annual accounts and the annual trustees’/directors’ report in Charity Commission format
complete the annual return and trustees/officers details as the Charity Commission requires all registered charities.
CAN WE HELP?
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Our team of experts has recognized a long tradition of helping the professionals who work directly with trusts and estates with tax, administration and compliance issues, and we communicate with other advisers as necessary. We help them to ensure everything runs smoothly. If there are any means we can help with an inquiry regarding the trust or estate, please email one of the experts listed on this page.