Trust Service Brochure

“Working with you to manage your financial affairs and to meet the responsibilities of trusteeship.”

enquiries@om.uk

Our Team

Natalie Galvin

Senior Trust Manager

+44 (0)1935 709397 natalie.galvin@om.uk

Andrew Langdon

Assistant Trust Manager

+44 (0)1935 709405 andrew.langdon@om.uk

Jessica Little

Trust Assistant

+44 (0)1935 709306 jessica.Little@om.uk

Setting up a trust can help to provide for loved ones, protect family assets and manage tax liabilities

The Trust Service

Trust Matters

Setting up a trust can be useful for many different reasons, including providing for loved ones, protecting family assets or managing tax liabilities. A Trust is a relationship where assets are held by Trustees on behalf of one or more beneficiaries.

Whether you’re considering setting up a new trust, or already have a trust in place we offer a full range of services for both family and professional trustees. This includes tax advice, investment management and the broader administrative and advisory support often required to manage a trust.

We’re one of a limited number of trust specialists in the South West who offer a corporate trustee service, allowing you to appoint Old Mill as a trustee, or co-trustee on a settlement to guarantee expert involvement in the management of your trust.

With specialist knowledge and experience in trust management our dedicated team will work with you to ensure they understand your circumstances and wishes. They will then support you to prudently and pro-actively manage your trust in the interests of your beneficiaries.

“Our award winning financial planning service combined with our accountancy and tax planning expertise offers you an integrated service that really sets us apart”

How we can help

Our integrated financial planning and accountancy practice enables us to offer a comprehensive service to trustees.

If you already have an Old Mill adviser, one of our dedicated Trust Team will work alongside them. The breadth of our trust service includes:

Formalities on creation of a Trust

Once a Trust has been established, the administrative formalities can be a daunting task, and that’s where we can help. From collating information about the trustees and beneficiaries and registering the trust with HM Revenue & Customs (HMRC) to opening a trust bank account and providing friendly help and support for those involved, Old Mill can take care of it all, giving you peace of mind and assurance all regulatory aspects have been dealt with’. We can also assist the settlors with their CGT and IHT reporting requirements’.

Investment management

The Trustee Act 2000 provides clear guidance to trustees on the considerations and steps which ought to be taken in managing the assets of a trust. It’s vital that trustees adhere to the requirements of this legislation in order to minimize their own personal risk and liabilities. Our Society of Trusts and Estates Practitioners (STEP) qualified chartered financial planners will listen and work closely with you to understand the circumstance of your trust and what you aim to achieve on behalf of your beneficiaries.

We then overlay our investment process which is specifically designed around the requirements of trustees and the Trustee Act 2000. This helps ensure the chosen investment strategy works in the interests of your beneficiaries and protects the trustees from any suggestion of wrongdoing.

Once in place, the trust’s investment portfolio will be reviewed on a regular basis using the relevant benchmarks approved by STEP for use with trust investments.

With specialist knowledge and experience in trust management our dedicated team will work with you to ensure they understand your circumstances and wishes enquiries@om.uk

Trust taxation

Trustees are legally obliged to report trust income and gains, calculate tax payable and report this to HMRC via an annual Trust tax return.

Trustees are expected to consider and take advantage of any tax allowances available, where practical, and we can advise on legitimate ways of doing so. For example, how to mitigate Inheritance Tax, Capital Gains Tax or Income Tax to minimise the tax burden of the trust.

Trust accounts

We can prepare annual accounts to 5 April each year, as well as providing ad hoc management accounts for trustee meetings. Having an accurate record of the trust assets and liabilities, both current and historical can help the trustees make better decisions and also means the accounts are readily available if requested by the beneficiaries.

Trust administration

In addition to the management of assets, trust management, taxation and accounting, there are many other aspects of running a trust. As well as the routine administration and bookkeeping, Old Mill can help with banking, property management, the preparation for

and minutes of trustee meetings and organising the payment of capital and income to beneficiaries. As specialists in the field we can also advise on changes in legislation and HMRC practice affecting trusts.

Other trust related specialist services

Relevant property trusts are subject to ten year charges. This means the trustees may need to account to HMRC for inheritance tax every ten years as well as when capital exits a trust.

We can assist with the inheritance tax return and ensure the trust complies with the requirements and deadlines of HMRC in this regard.

Our team can also provide expertise in a number of other areas, including calculation of gains and reporting of residential disposals within the 60 day deadline, preparation of distribution planning and repayment claims on behalf of beneficiaries and review of trust deeds.

214635

(0)1225 701210

Wells Bishopbrook House | Cathedral Avenue | BA5 1FD +44 (0)1749 343366

Yeovil Maltravers House | Petters Way | BA20 1SH +44 (0)1935 426181

If you would like to discuss anything in this brochure, please contact us for a free consultation.

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