Trusts can provide a tax efficient vehicle for the transfer of family wealth and business assets, with in-built safeguards to ensure assets pass to the right people at the right time.
The tax regime has made trust operation increasingly complex, so expert advice on trusts and estates is essential to ensure they are run cost-effectively and tax-efficiently.
At Shipleys, we have a long history of providing trust and estate planning advice to our clients. We also handle administration and tax compliance.
Trust planning
From the outset, we can provide advice on the most suitable trust structures for you to control the transfer of personal and business assets to subsequent generations. Where appropriate, we can also arrange an introduction to a legal adviser to prepare the necessary legal paperwork.
Administration and accounting
Drawing on decades of experience in trust management, we can provide as much help and assistance as your trustees need. This can include being the primary interface between trustees, investment advisers and bankers involved in the administration of a trust and its assets.
With our wide range of contacts, we can help you choose the right people to be involved with the day-to-day trust administration and investment management. We also cater for the tax compliance and planning needs of offshore trustees. Through our network of contacts, we can also establish and administer offshore trust vehicles where this is a tax-efficient option.
Our accounting services to trustees are provided using the latest accounting software, ensuring trustees comply with their duty to account properly for dealing with trust assets.
Tax compliance and ongoing advice
Compliance with HM Revenue & Customs requirements is an integral part of the management of a trust, both for UK and offshore structures.
Our team of tax specialists, supported by dedicated tax compliance software, ensure that trustees comply with their obligations in this area.
In addition, our ongoing service to trustees includes advice on legislative changes affecting trustees and any action that should be taken to ensure the trust structure continues to meet its objectives.
Inheritance tax planning
We provide advice on all aspects of estate planning to mitigate inheritance tax (IHT) liabilities for our personal and business clients. Planning during lifetime and on death can significantly reduce the IHT payable, and it can be especially effective where business property is involved.
The importance of a properly drawn-up will cannot be over-stressed. Arrangements can be made with an appropriate legal adviser to draw up the most effective will for your circumstances.
We are happy to review the terms of wills and suggest suitable amendments – for example, following fundamental tax changes introduced in a Budget or after the death of a spouse.
Our Trusts & Estates specialists can also advise executors on any opportunities to mitigate liabilities to IHT, income tax, or capital gains tax. In the case of will variations, we advise on any potential tax savings and work in collaboration with legal advisers.
Estates administration and tax
Our team of specialists can also assist with estate probate and administration. We are licensed by the ICAEW to provide probate services via our subsidiary, Shipleys Probate Services Limited.
We can help with the whole process from filing the IHT forms and applying for probate to the orderly winding-up of an estate. We will also ensure all tax compliance aspects are dealt with and can prepare executorship accounts.
Such assistance can also include advice on any IHT liability arising in the estate and possible means of tax mitigation, for example with deeds of variation.
A full guide to our probate services can be found here.
Charitable trusts
Charitable trust accounts can give trustees a considerable headache due to continuing changes in the legislation relating to administration and record-keeping. Generally, ‘smaller’ charities with income between £10,000 and £250,000 must get their accounts independently examined, while ‘larger’ charities require audited accounts.
Tax compliance for charities is not usually problematic, however we can give advice on a charity’s operations and possible tax implications. We also have VAT experts who can advise on any VAT issues relating to any trading activity. We regularly deal with compliance work on the recovery of tax due to charities, particularly relating to investment income.
Shipleys has extensive experience in offering accounting and auditing services to charitable trusts at all levels. For example: we
- produce annual accounts and the annual trustees’/directors’ report in the format required by the Charity Commission
- complete the annual return and details of the trustees/officers as required by the Charity Commission for all registered charities.
Can we help?
Our specialist team has a long track record of helping those involved with trusts and estates deal with tax, administration and compliance issues, as well as liaising with other advisers. We help them ensure things run smoothly. If we can help in any way with a matter relating to your trust or estate, please get in touch with one of the specialists shown on this page.
Specific advice should be obtained before taking action, or refraining from taking action, on any of the subjects covered above.
