Latest Trusts

5th May 2022 TRS – Information required and annual declarations

Intended as a companion to: TRS Who should register and when. The TRS will collect information about the trust and its trustees, settlors and other individuals or organisations exercising control. This will include: Name of the trust. Date the trust was created. Whether the trust is an express trust or not. Details of the trust…

12th April 2022 TRS – Who should register and when

The Trust registration service went live in 2017 and required any express trust with UK liabilities to register whether they were UK or non-UK resident. An express trust is simply a trust deliberately created by a settlor by transferring property to a trustee. Who should register? Recent money laundering directives have extended the definition of…

15th October 2018 Preserve your wealth

Discover how to manage your wealth effectively at our annual event led by our wealth management and tax experts. There will be three presentations followed by a light lunch – a great networking opportunity. Tax planning tips & traps Barbara Nicholas, Tax Partner at Whiting & Partners  Passing on Wealth – How hard can it…

20th August 2018 When an employee becomes a trustee

When an employee becomes a trustee it is important to consider what the salary is paying them for – either trustee duties or for their contractual employment. There are only limited circumstances when trustee boards can pay a trustee for carrying out their trustee duties. Whilst there is a general power to pay a trustee…

18th December 2017 Trust Tax Demand errors

  HMRC are now issuing statements to taxpayers ahead of the 31 January 2018 tax payment deadline.   Unfortunately, for a large number  of trust taxpayers, HMRC’s calculation and statement is incorrect, resulting in HMRC demanding an incorrect amount.   HMRC’s Nottingham Trusts district is apparently aware of this issue, and is currently having to…

12th October 2017 Trust Registration Service

  HMRC has released guidance for trustees and their agents for the new online Trust Registration Service (TRS) which has been operating since the middle of July. The new service replaces the old form 41G, as well as a section of the trust tax return used to report changes in trustee contact details.   Trusts…

31st August 2017 Life Interest Trusts and Mandated Income

With the taxation of dividends and interest having changed with effect from April 2016, many trusts may face the requirement to file an annual tax return and pay income tax on their income, even though the income (and credit for the tax paid) will also be declared by the trust beneficiary.   HMRC allow trustees…

18th October 2016 Wealth Protection

Once clients have built up a successful business, their focus will naturally evolve from business development to protecting the valuable they have buily up from the risks associated with running a business.

5th September 2016 Trust Residence Relief

Matrimonial Trusts: Mesher orders and CGT residence relief. When a marriage breaks down and there are children to consider, the Courts will often provide for a ‘Mesher Order’ – an order of the Court that the former matrimonial home is held on trust to provide a home for the children, typically until the youngest child attains…

24th January 2015 Protect Valuable Assets from Business Risks

We can assist in this process by assisting in assessing risk and then advising on introducing appropriate mitigation: Robust Financial Management Undertaking a voluntary or statutory audit as, both, a preventative and detective measure. Introducing appropriate financial controls, timely financial reporting procedures and other examples of best practice governance. Registering for the Companies House PROOF…