Trusts
Guide to Self-Assessment tax returns
Welcome to Mercian Accountants’ comprehensive guide to Self-Assessment tax returns in the United Kingdom. Navigating the complexities of the UK tax system can be challenging, but our team of experienced accountants is here to help you through every step. Self-Assessment is an essential aspect of the UK tax system that requires individuals with more complex…
Read MoreLoan Trusts for Inheritance Tax Planning: Everything You Need to Know
Inheritance tax is a concern for many individuals who are looking to pass on their assets to their loved ones. One way to minimise the impact of inheritance tax is through using trusts. Trusts are legal arrangements that allow an individual to transfer their assets to a separate legal entity, which a trustee manages for…
Read MoreTrusts for Disabled Persons – Special Tax Treatments
Do you have a disabled family member or friend? Do they require care, and are they unable to manage their finances on their own? By setting up a Disabled Person’s Trust (a trust for ‘vulnerable beneficiaries) you will get special tax treatments based on the disabled person’s circumstances, and receive flexibility to adapt to their…
Read MoreSchool Fees Tax Planning Guide
A private school education is an investment into your children’s (or grandchildren’s) future, but comes at a significant cost. According to the Independent Schools Council (ISC), the average fee per term was £5,064 in 2021, which equates to over £15,000 per year – and this is only set to increase as time goes on. With…
Read MoreHave You Registered Your Trust with HMRC?
The 1st September 2022 deadline for Trust registration has been and gone – and only 61,700 of one million non-taxable UK trusts had registered in the first six months of 2022. Those who failed to register could face penalties of up to £5,000. These figures suggest that many trustees are still unaware of their obligations…
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