How to find professional advice about tax on a trust

cashferret

I need tax advice about a trust and am wondering how to find competent advice from someone appropriately qualified, such as an accountant or tax adviser.

I gather that accountants etc. specialise in different areas. How can I find one that specialises in trusts and is properly certified?

[Edit: I'd prefer not to consult a solicitor because I've been quoted a very high fee by one.]

DavidT67

I'd suggest contacting a STEP solicitor, https://www.step.org as a good starting point.

cashferret

DavidT67 wrote: »

I'd suggest contacting a STEP solicitor, https://www.step.org as a good starting point.

Thanks, David, but a solicitor has already quoted me a huge fee and I think it might be better to go with an accountant or tax adviser.

(I've added that to my original post in case anyone else offers me that very reasonable advice!)

Pennywise

cashferret wrote: »

Thanks, David, but a solicitor has already quoted me a huge fee and I think it might be better to go with an accountant or tax adviser.

(I've added that to my original post in case anyone else offers me that very reasonable advice!)

Very few accountants will be trust specialists and those who are will charge about the same as a solicitor. Both accountants and solicitors can be STEP qualified too. Trusts are a specialist area so you're not going to get anyone competent/experienced who is "cheap and cheerful".

cashferret

Pennywise wrote: »

Very few accountants will be trust specialists and those who are will charge about the same as a solicitor. Both accountants and solicitors can be STEP qualified too. Trusts are a specialist area so you're not going to get anyone competent/experienced who is "cheap and cheerful".

Thanks! Was just hoping not to have to spend nearly £500.

SeniorSam

So which Trust is it and when was it effected? What are you looking for in respect of taxation?

Sam

cashferret

SeniorSam wrote: »

So which Trust is it and when was it effected? What are you looking for in respect of taxation?

Sam

Thanks for your post, SeniorSam - I've sent you a private message.

xylophone

https://legalresearch.westlaw.co.uk/books/trust-taxation/



https://www.gov.uk/trusts-taxes

https://www.icaew.com/technical/tax/tax-faculty/tax-webinars/an-elementary-guide-to-the-taxation-of-uk-trusts/an-elementary-guide-to-the-taxation-of-uk-trusts-faqs

If you don't understand the taxation aspect then you will need to obtain expert advice from a chartered accountant.

Example

http://www.rousepartners.co.uk/services/trusts/

cashferret

xylophone wrote: »

https://legalresearch.westlaw.co.uk/books/trust-taxation/

https://www.gov.uk/trusts-taxes

https://www.icaew.com/technical/tax/tax-faculty/tax-webinars/an-elementary-guide-to-the-taxation-of-uk-trusts/an-elementary-guide-to-the-taxation-of-uk-trusts-faqs

If you don't understand the taxation aspect then you will need to obtain expert advice from a chartered accountant.

Example

http://www.rousepartners.co.uk/services/trusts/

Thanks - I've read loads of stuff on the net now but it's over my head and I think I need professional advice.

Gabbs_the_Newt

cashferret wrote: »

Thanks - I've read loads of stuff on the net now but it's over my head and I think I need professional advice.

£500 really is not bad. The firm I work for would certainly charge more than that. The consequences of getting these things wrong would be many times higher than that!

cashferret

All done - I phoned a firm of accountants to ask about their fees and they offered a no-obligation chat to see what was what and I got the advice (which was on an existing trust) that I needed.

Thanks to everyone on the thread for their helpful suggestions.