Tax Returns
Tax laws are complex. Navigating and understanding them without professional assistance can make dealing with HMRC time consuming and stressful.
Self Assessment Tax Returns
The Crusader Tax Return service is designed to help trustees, settlors and beneficiaries. Whether this be for a settlor to declare a taxable bond gain or for a beneficiary to declare income received from a trust or for the trustees to declare their taxable income or gains. All aspects of preparation and filing of Self-Assessment tax returns can be undertaken.
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Please complete the Contact form to arrange an initial 45-minute free consultation to discuss your needs and provide a fixed fee quote. The service fixed fee starts from £350 with no VAT or additional charges, but will depend on your particular circumstances and requirements. ​
​The service will be tailored to your needs. To help you understand your tax reporting and payment position and to meet your compliance needs on a timely and accurate basis. Meaning you have peace of mind that you are staying on the right side of HMRC.
Inheritance Tax Returns
For settlors and trustees’ assistance can be provided for completion and submission of inheritance tax forms, IHT100s, to declare inheritance tax due on a settlor’s chargeable lifetime transfer to a trust, a trusts 10-year charge and exit charges.
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To enquire about this service please complete the Contact form to arrange an initial 45-minute free consultation to discuss your needs.
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The fixed fee will depend on the complexity of the information to be included on the return and will be discussed and agreed during the initial consultation.​
​Further information on trusts and inheritance tax can be found on the HMRC website.
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The 10-year and exit charges are based on the values held in the trust or leaving the trust and the availability of the Trustees Nil Rate Band. The calculations of the 10-year charge and exit charge can be complex. Trustees are required to submit an account to HMRC using form IHT100. The form may also be required on occasions even if there is no tax to pay.
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The IHT forms and any tax payable are due six months from the end of the month in which the 10-year anniversary or exit charge occurs. Interest and penalties are charged for late payment and filing.
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With the advent of the Trust Registration Service HMRC have available a large data base of trust information. HMRC compiled figures in 2018 which showed that trustees are failing to report 10-year charges. They have estimated as many as 75% of trusts have not filed their IHT100 return by the due date. The late returns mean that HMRC would be charging interest and applying penalties until the returns are filed and the tax paid.
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