📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Registering a bare trust .Really appreciate some help.

2»

Comments

  • xylophone
    xylophone Posts: 45,672 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I  used the same email address for both , so Im wondering if thats the problem. 

    It shouldn't be - after all, you could be a Trustee of a dozen trusts but not have a dozen e-mail addresses.

    That said, a relative recently had to deal with transactions (not related to trusts) where he thought that using the same e mail address for both transactions threw up a problem.

    As you say, HMRC should be able to clarify/resolve the difficulty.

    Let us know how you get on.

  • mnbvcxz
    mnbvcxz Posts: 391 Forumite
    Part of the Furniture 100 Posts
    Just stealing a thread. I did this a little while ago (only a week or two late). Accountants quoted £500 a trust plus vat, solicitors were similar.  Four trusts...

    I followed the tips in this forum and the comments on an ft.com artical. In the end it was actually quite straight forward. Did involve setting up four seperate government accounts but once we said  the trusts had not paid any tax in the last few years all they really asked for was the details of the people in the trusts. Much less than we had assumed. Thought they would require all the shares and investment details to check if you were up to something but no?

    The accountants did hint that 90% of the work for them was checking the identity of the kids involved. Which we could do automatically... 

    Slightly worring that if they ever make a capital gains tax it sounds a bit confusing, but cross that bridge if we have to.

    So basically if you haven't already I would give it a go. Its extremely hard to work out before doing it but actually not that painfull learning as you go through if that makes sense.

    (An we may of course get shouted at for having done it all wrong one day but at least we have shown an effort).


Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.5K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.9K Spending & Discounts
  • 244.5K Work, Benefits & Business
  • 599.8K Mortgages, Homes & Bills
  • 177.2K Life & Family
  • 258.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.