Tax advice for trust and estate client2024-03-21T12:43:52+00:00

Tax advice for trust and estate client

Get in touch to discuss your tax 07813 434195 stephanie.churchill@churchilltaxation.co.uk

The Problem

Graham came to us with a tax issue that involved both an estate and a trust. His mother had died many years ago and had left a property to her children – partly outright and partly held within a trust structure. The property had been rented out since her death, but no income had been reported to HMRC. The trust hadn’t been recorded on HMRC’s trust register and Graham hadn’t been completing annual tax returns. Also, the estate hadn’t been fully distributed, and no income tax had been dealt with for the administration period.

The Solution

We worked with the executors to bring the estate to a conclusion. To do this we calculated the income tax liability that arose during the administration period and liaised with HMRC to agree the figures. The income tax was settled, so the estate could be wound up.

Once the estate position was resolved, we helped Graham to bring his trust tax affairs up to date. Because there were tax liabilities for each year involved, it was necessary to record the trust on the trust register. A tax reference was allocated, and we submitted a disclosure for the earlier tax periods.

We brought the tax matters for the estate and trust up to date for Graham, while incurring no financial penalties.

We continue to help the trustees stay abreast of their tax obligations by submitting annual tax returns and preparing annual trust accounts. We also advise them on matters such as the tax position for profits on the sale of assets and reporting the 10-year anniversary charge for inheritance tax purposes.

TAX ADVICE
ACROSS THE UK

Based in Dudley, in the West Midlands, we’ll work with you over the phone or on email, so it doesn’t matter where you are in the UK.

Our support can help you whether you live in London, the South, the Midlands, Wales, or the North.

With Churchill Taxation, you’ll benefit from the skills of a highly qualified team, combined with a tailored, personal service, ensuring you receive the right advice for you.

PERSONAL
TAX

We’ll review all your personal tax matters to give you peace of mind. Our services include self-assessment tax returns, capital gains tax, offshore tax planning, inheritance tax and personal tax investigations.

We work with a wide range of private clients, from sole traders and entrepreneurs to high net worth individuals (HNWIs), retirees and married couples. With our support, you can be confident your tax matters are in safe hands.

SMALL BUSINESS
SUPPORT

As a small business owner, the word ‘tax’ may fill you with dread.

But it doesn’t have to be that way.

We’re here to take the pain out of your business tax by saving you time and hassle and making sure you don’t fall foul of HMRC rules. Our advisers are trained to deal with all areas of tax that are relevant to your small business. This includes corporation tax for limited companies, VAT and income tax for partnerships.

TRUSTS AND
ESTATES

If you’re a trustee or executor, we’ll work with you to ensure your trust or estate is managed efficiently and correctly.

We can also help if you’re a financial adviser, accountant or solicitor looking for specialist tax advice in relation to trusts and estates.

Our team of experts understand complex tax legislation and are up to speed with the latest developments, so you can rely on our advice.

No surprises

Our prices start from £295 per hour plus VAT, and our fees are agreed at the start, so you’ll be clear on the cost.

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