A trust accountant will play a pivotal role in your business. They can support many different businesses including financial advisors, accountants, solicitors and non-professional executors and trustees. Trusts can be quite complicated and only a professional accountant will be able to provide the appropriate advice. Accountants will be able to manage tax returns for trust, general accounting practices and other tax related forms.
Accounting for a trust is not for everyone. This is why it is advised that you seek a professional accountant to help.
There are often misconceptions about what a trust accountant is. Many believe that they are a solicitor, but trust accountants do not complete any kind of legal work. They will simply provide support to complete estate accounts, tax forms and trust accounts. Trust accountants will often work with solicitors to offer advice on a range of tax matters, including inheritance, capital gains or income tax which may become due from an executor or trustee.
Under the Financial Conduct Authority rules, a trust accountant cannot advise you on investment products. The accountant is simply there to provide tax support.
Trusts can be an effective way of managing and promoting wealth. There are many different types of trust and an accountant should be able to advise you on the merits of each.
The Accountancy Network can help you find the right trust accountant. With a vast database of UK accountants, we can help you find the information, advice and accountancy services that you need. Start your search through our website today or contact us for your free advice.