Trusts

Since mid 2017, trusts (whether resident in the UK or not) that were liable for certain UK taxes have been required to register under HMRC's Trust Registration Service (TRS).  From October 2020, this requirement was extended to include almost all UK trusts, regardless of whether they are liable for UK tax.  It is the responsibility of the trustees to ensure that this registration is done and that an annual confirmation is completed.  We can help with this, as well as with trust tax returns and accompanying accounts, where required.  We can also help with the completion and filing of UK Property Disposal Returns, where a UK residential property is sold by the trustees and there is capital gains tax to pay (see Selling UK Property). 

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Estates

Telling HMRC about income and gains arising during the administration period of an estate is another area where we can help, whether that be by completing formal tax returns or using the simplified reporting option (determined by a number of factors including size of estate and level of income/gains). 

We always make sure we get formal clearance from HMRC once all income and/or gains have been declared and any tax due has been paid so executors can be confident that aspect of the estate is agreed.

We can also provide capital gains tax advice to make sure that estate assets are disposed of in the most tax-efficient way, as well as preparing and filing UK Property Disposal Returns, where a UK residential property is sold by the executors and there is capital gains tax to pay (see Selling UK Property). 

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We also assist Solicitors in calculating the tax due on estates.