Need a software recommendation for Trust tax self assessment

Jasmine_10

Can anyone recommend the most user friendly software for a self assessment tax return for two discretionary trusts (Forms SA900 and SA903).
I'm a bit overwhelmed by the choice and the prices vary a fair bit.

We usually do a paper return but not this year - starting to regret it!

Thanks.

Rosie1980

I need to do an SA900, which company did you go with in the end and what was your feedback please?

Heedtheadvice

Taxcalc has an option to use as a trust return. From memory about £60 but is really good, easy to use, lots of help facilities and online filing with a test facility, ability to recall this year's data and return next year to reduce amount of data entry and highlight any changes year on year.
I have used it for a number of years since it was started by Which? the consumers association (now sold independently) and have had no desire to use anything else. Personal basic version is under £30 I think for several returns capacity from memory.....

Rosie1980

Thank you, I will look into that.

Rosie1980

So I chose SA2000.co.uk, it's basically an Excel spreadsheet (you need to be able to run macros), you can download it and take a look without paying, you then pay your £12.99 when you actually want to send it to HMRC. Firstly I found it straight forward and secondly when I hit a submission problem the help desk at SA900 got straight back to me and has been tremendously helpful (much more so than HMRC).

It transpires for those of you like me who are dealing with an estate without legal help that you cannot submit an SA900 on your own personal UTR, nor that if the deceased. You need to get a UTR for the estate. Something that three HMRC advisors failed to tell me! Anyway my next challenge is to get one from HMRC!

timmeroo

I hope its not to late to catch someones eye here- I'm in a right tizzy. I have a Discretionary Trust Tax Return to eh Return - too late for paper and I have only just found out how to register for it on-line. The Trust merely holds my mothers shares in a family building company and has never issued any payouts since it was set up 10 yrs ago. Back then I spoke to someone who said I need not fill out another Return for the forseeable and t5ook my word on the phone, so didn't give it much thought when I recieved a 'Notice to Complete' recently. HMRC Trusts & Estates (Nottingham) have been less than helpful and have not responded to my letter. Now that I've worked out how to register and enrolled by activation code, I find myself at sea: which form am I sposed to be filling in and whats all this 'commercial software' malarky - am I sposed to click on one or is there a particular one I should use - no bloody guidance whatsoever. I've no wish to be fined for a late Return, but this ain't helping. How much are these softwares in view that I'll be filling in a lot of zero's for no income; seems a bit harsh to be charged for earning sweet !!!!!! all. Would it be cheaper to still do a paper return I wonder? Any help/advice greatly appreciated. Thanks.

Heedtheadvice

Paper return is cheapest but online/software returns easiest.

Two products mentioned above. As stated previously I have used Taxcalc and think it good and never had any problems with it over the years, plus it automatically pulls in last year's data to re-populate entries where appropriate (obviously only useful for future years!).

Pointers above too regarding some of the basic needs like trust the etc nothing that the trust is totally independent of any personal tax returns/identifiers.

Trusts are more complicated to deal with than personal returns so you may well need some help. Quite a lot on HMRC help pages online.....And if I remember I'll post links as there is quite a lot on independent web sites too.........

Heedtheadvice

https://www.gov.uk/trusts-taxes/overview
http://www.thisismoney.co.uk/money/experts/article-3397691/Discretionary-trust-taxed-withdrawals.html
https://www.moneymarketing.co.uk/issues/12-may-2016/44-tony-wickenden-what-you-need-to-know-about-trust-taxation/
Those might give you some guidance regarding trusts for starters. An online search gives lots of results.
I am no expert but only offer these as possible locations that might be of use. hmrc pages are very good generally provided you understand the terminology and it's applicability!!

Let's hope an expert can assist you better. If you do not get many responses try a new thread.

timmeroo

Thank You for the above - I'm basically weary of on-line activity especially as there are no income figures to submit. I did think about starting a seperate thread, but I can't see a 'start a new thread' icon on my screen page.

As I mentioned I am too late for a paper return unless I want to incur a fine for late submission, so prob not cheapest now !

timmeroo

OK I'm getting the gist of this I think. I've looked at SA2000.co.uk which seems to be easy enough BUT - when it comes to it, under what category does a Discretionary Trust fall? The Trust Return I am doing is for one that holds several hundred company shares and has never issued a dividend or any other outgoings - its a Nil Return, but what is it? Its not a 'Bare Trust' and its not really an 'Interest in Possession Trust' (whatever that is) - these being the only two types mentioned in the run down at Page 2 Step 1- though the latter seems to be the most logical of the two. Which box do I tick - the guide is unhelpful and makes no reference whatsoever to Disc Trust. So what is a Disc Trust when its at home?
At each stage in my attempts to get to grips with this, I seem to hit a brick wall of woefully inadequate HMRC guidance. Do please enlighten me if you can!

Heedtheadvice

Do you have a Trust Deed to refer to? That should give you the specific aims and how the trust is set up I.e. it's conditions.
You are obviously of the understanding that it is a discretionary trust but I cannot comment on that. Perhaps the gov web site https://www.gov.uk/trusts-taxes/overview
Might help to clarify and confirm.

I suspect that the fact you have no income to the trust (and you may need to beware what is counted as income!) could be irrelevant to submitting a return, (perhaps showing zero income?) HMRC it seems is asking you the trustee to declare your income, capital gains or losses.Has there ever been a return? That could be a useful starting point for a current return.

Tis a pity no experts have replied but it is not an easy area so perhaps they are unwilling to give out advice which might just be incorrect.

You may have to consider buying the bullet and getting professional advice, even if it means selling a few shares to do so.

Must admit if I were the taxman I would be asking what is the point on such a trust if there is no benefit to somebody. Why has a return never been filed? Find that all that is correct and difficult to believe ;no income;no capital gain :let's get a statement I.e. a return.