Core Services for Trusts and Estates
Services for Trusts & Estates
Specialist trust and estate accountants protecting wealth and legacies.
Trust Bookkeeping
Organising trust transactions, rental income from trust properties, investment dividends, and distribution records.
Trust Tax Returns
Preparation and submission of the Trust and Estate Tax Return (SA900) and associated beneficiary tax certificates (R185).
Estate Accounts
Compiling detailed estate accounts for executors and beneficiaries, tracking estate assets, liabilities, and distributions.
Inheritance Tax & IHT400
Assisting executors with the complex Inheritance Tax (IHT) calculations and completing the statutory IHT400 forms.
TRS Registration
Registering trusts and maintaining records on the HMRC Trust Registration Service (TRS) to ensure full statutory compliance.
Wealth Advisory
Providing clear financial advice to trustees on tax-efficient distributions, capital gains, and wealth preservation strategies.
How We Help Trustees and Executors
Accurate preparation and filing of Trust and Estate Tax Returns (SA900)
Complete handling of the HMRC Trust Registration Service (TRS) process
Clear, detailed estate accounts for executors, administrators, and beneficiaries
Strategic tax planning for trust distributions, capital gains, and Inheritance Tax
Frequently Asked Questions
What is the Trust Registration Service (TRS), and does our trust need to register?
The TRS is a central register maintained by HMRC. Under current UK rules, almost all express trusts—including non-taxable trusts—must register on the TRS, with very few exceptions. Registration deadlines are strict, and failing to register can lead to penalties. We can manage the entire TRS registration and update process for you.
What tax return does a trustee need to file?
Trustees of trusts that generate income or capital gains must file an annual Trust and Estate Tax Return (SA900). They must also provide beneficiaries with a Form R185 showing the income distributed and the tax already paid by the trust. We handle the complete preparation and submission of these returns.
How are trusts taxed in the UK?
Trust taxation depends on the type of trust. Interest in Possession trusts tax income at standard rates (7.5% for dividends, 20% for other income). Discretionary trusts tax income above £500 at the highest rates (39.35% for dividends, 45% for other income). Capital Gains Tax also applies to trust asset sales. We help you plan distributions to manage these high tax rates.
What are the duties of an executor regarding estate tax?
Executors must calculate and pay any Inheritance Tax due within 6 months of the person’s death, file an IHT400 form, and report any income or capital gains generated during the administration period. We provide compassionate, expert support to executors to compile estate accounts and handle all tax filings.
How does the 10-year anniversary charge apply to discretionary trusts?
Discretionary trusts are subject to Inheritance Tax charges of up to 6% on the value of the trust assets on every 10-year anniversary of the trust’s creation. Exit charges can also apply when assets are distributed. We perform precise valuations and calculations to ensure anniversary charges are reported correctly and on time.
Talk To Us
We are here to make business feel clearer and easier, starting with a simple conversation. Whether you need a new accountant, specialist advice or wider support from the Nuvo team, we would love to hear from you.