Finalising an Estate - The Accountant’s Role Explored

Introduction

Reaching the end of an estate administration does not necessarily mean that the estate’s tax affairs are complete. Late investment income, revised valuations, outstanding tax liabilities and incomplete beneficiary information can all create difficulties after funds have been distributed.

Accountants need to reconcile the tax records with the estate accounts, confirm what should be reported to beneficiaries and help the personal representatives decide what provision should be retained.

This new virtual classroom seminar will explain the accountant’s role in bringing the estate’s tax affairs to an orderly and properly documented conclusion.

What You Will Learn

This live and interactive session will cover the following:

• Confirming that all administration-period income and gains have been identified
• Reconciling tax returns and informal submissions with the estate accounts
• Reviewing payments, repayments and outstanding HMRC correspondence
• Deciding whether a tax reserve should be retained
• Interim distributions and the risks of distributing too early
• Allocating estate income and capital between beneficiaries
• Preparing beneficiary statements and forms R185
• Charitable beneficiaries and potential Income Tax recoveries
• Dealing with late, corrected or revised information
• When tax clearance should be considered
• Communicating outstanding risks to executors
• Closing the accountant’s file and documenting the work completed

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.