TRUSTS
With trusts often forming a really important part of a family’s inter-generational wealth and succession planning, it’s crucial they are handled by the experts to avoid any mistakes that have long-lasting and costly repercussions.
The purpose of trusts is fundamentally to preserve capital and give current and future generations of a family a steady income. However the tax arrangements around them can be complex - UK resident trusts are subject to Income Tax AND Capital Gains Tax, and many are also subject to Inheritance Tax every 10 years. And administering a trust has considerable responsibilities, including bookkeeping transactions, preparing accounts for the trust, preparing trust tax returns and more.
We have the professional understanding of trust law and trustee responsibilities you need to avoid hours of complicated work and costly mistakes. It means Lawrence Accounting can support you at every stage, including:
● Preparation of accounts
● Completion of 10-year charge and exit charge calculations
● Administration of distributions
● Negotiation with HMRC
● Provision of advice in conjunction with your legal advisors
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