Since being established in 1951, Mitchams have always been involved in Trust taxation.
Over the years we have developed a high level of expertise in this area, which has enabled us to provide clear and concise advice and guidance to our clients.
Trusts are an important part of wealth and tax planning for private individuals and can be used to protect assets for chosen beneficiaries in circumstances where it may not be desirable to gift the assets outright. There are also some very generous tax reliefs available to trusts, which would not be available to individuals.
Trusts have their own tax regime and are required to submit Self-Assessment Tax Returns. Depending on the complexity of the Trust, some trustees may decide that it is beneficial for the Trust to prepare Accounts. Whilst this may lead to an additional cost in professional fees, if managed correctly, and by adopting a healthy distribution policy, fees are more than covered by the benefits achieved.
Mitchams are able to advise on the initial structure of the Trust to ensure it meets the needs of the settlor and is created in the most tax efficient manner. We will also be able to assist with the ongoing taxation and accountancy requirements and will, in particular, use our expertise to ensure all tax benefits are achieved and claimed.
The Directors at Mitchams have, on many occasions, been appointed as trustees and are willing to offer this service to all our clients.
If you would like to discuss how a Trust will benefit you or would like assistance in the administration of a Trust, please feel free to contact us for a free, non-committal initial meeting.