Audit trail spreadsheet for executor

shafeather

Good Evening.
We are all on this board as we have suffered a loss. We can do this! It's hard. But we can do it. :A

As an executer I will be dealing with the estate with no use of a solicitor.

I am needing to keep an audit trail of incoming outgoing expenses fees accounts etc etc.

Does anyone have any templates they can offer or give any advice.

Thank you all

SevenOfNine

I couldn't have kept it any simpler. An excel spreadsheet with 2 headings, INCOME / EXPENDITURE, each with 3 columns under them headed DATE / AMOUNT / DESCRIPTION

I used the auto formula function to keep a running total at the bottom of the £££ entries in both sides. Underneath that I had another auto formula to take expenditure away from income (given that more was being gathered in than going out). The running total.

Didn't take much time or skill to set it up & simple was best, all receipts neatly kept, organised. Everything passed in/out of the bank, cheques & cash alike.

Good luck.

Should add that this was £400k net estate inc house sale & every penny can be accounted for.

Savvy_Sue

I did something very very similar, although I then saved it as a google doc so I could share it with my co-executor.

Tom99

[FONT=Verdana, sans-serif]I agree with SevenOfNine but would add a third column for payments to beneficiaries, if there is more than one beneficiary or you expect to make an interim distribution.

[/FONT] [FONT=Verdana, sans-serif]Other things you might need to do is keep separate the taxable income of the estate itself for example interest or share dividends during the administration period because tax will need to be paid on these as an estate gets no personal allowance for income tax.

[/FONT] [FONT=Verdana, sans-serif]You might also want to insert separate sheets to calculate Inheritance Tax, Capital Gains Tax and one for the solicitors completion statement if you have a house to sell.[/FONT]

AnaBenjie

Tom99 wrote: »

[FONT=Verdana, sans-serif]...... Other things you might need to do is keep separate the taxable income of the estate itself for example interest or share dividends during the administration period because tax will need to be paid on these as an estate gets no personal allowance for income tax. .....[/FONT]

I am executor for my late Mum's estate. The estate is well below the inheritance tax threshold and probate has been granted. I anticipate there may be a small amount of interest, earned after her death, to be paid on one of the savings accounts. In recent years she never paid income tax, indeed up to last tax year she always had a small rebate for tax overpaid at source (which, as one of her registered attorneys, I reclaimed by form R40).
From what is written in the quote above it appears I will have to declare any small estate income after her death: how do I go about doing this? Is there an HMRC tax form I complete? Many thanks, experts.

Tom99

AnaBenjie wrote: »

I am executor for my late Mum's estate. The estate is well below the inheritance tax threshold and probate has been granted. I anticipate there may be a small amount of interest, earned after her death, to be paid on one of the savings accounts. In recent years she never paid income tax, indeed up to last tax year she always had a small rebate for tax overpaid at source (which, as one of her registered attorneys, I reclaimed by form R40).
From what is written in the quote above it appears I will have to declare any small estate income after her death: how do I go about doing this? Is there an HMRC tax form I complete? Many thanks, experts.

[FONT=Verdana, sans-serif]The following are some notes on the subject. If the interest is very small and has been put in your personal account, I doubt many people bother doing a separate income tax report for the estate.

[/FONT] “[FONT=Verdana, sans-serif]Where there is an income tax liability, then the responsibility for dealing with the tax affairs of the estate lies with the executor or in the case of someone dying intestate (intestate means that the person died without having written a valid will), with the administrator (executor in Scotland).

[/FONT] [FONT=Verdana, sans-serif]The personal representative will deal either with the tax office of the deceased or the tax office of the first-named personal representative. The executor may have to complete a tax return for the period after the date of death if the tax position of the estate is complex or if the tax liability is significant – this will not be a personal tax return, but a trust and estate tax return. An estate which is not regarded as “complex” can be dealt with informally.”[/FONT]