How to Prepare Trust & Estate Accounts - A Guide for Professionals
This course will provide an introduction to the production of trust and estate accounts.
The course is intended for those engaged in the administration of trusts and estates or advising trustees, executors or beneficiaries in respect of their duties and rights. You will benefit from gaining a better understanding of how the relevant accounts should be presented in order to demonstrate how the different entitlements (including those of HMRC!) are calculated.
Failure to account correctly can leave trustees and executors open to claims for negligence and compensation and, in the case of HMRC, to criminal action as well!
What You Will Learn
This course will include the following:
- When will simple receipts and payments statement suffice?
- Extent to which full accounts are necessary
- Corrective amendments
- Capital account
- Income account
- Distribution account
- Common errors and areas of confusion
- Beneficiaries’ tax certificates (forms R185)
- Accounting for different types of trust
- When are they required?
- When to revalue
- Income to date of relevant event, e.g. death of life tenant, minor coming of age
Examples to be provided
- Working papers
- Tax certificates
2:00pm - 5:15pm
Please let us know if you wish to be notified when new dates are added for this programme