What about the accountancy fees of filing tax returns every year of a trust, as all trusts have to be registered? Are there any other costs involved if I set up a trust? Thanks, Sue.
If you put your home into Trust, there is no income. Ergo, no filing and no accountancy fees. If there is income - mandate it out to a bene that discharges it through their self assesment. There should a ZERO annual cost for MOST people - unless you've got an unusually large or complex situation. Mike
Thanks for sharing. Sorry to hear you've had a bad experience. Perhaps in the 'bad old days' where solicitors would charge a % of the trust. These days it's all flat fees (1 hour a year) and a career ender to do anything outside the framework.
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What about the accountancy fees of filing tax returns every year of a trust, as all trusts have to be registered? Are there any other costs involved if I set up a trust? Thanks, Sue.
If you put your home into Trust, there is no income. Ergo, no filing and no accountancy fees. If there is income - mandate it out to a bene that discharges it through their self assesment. There should a ZERO annual cost for MOST people - unless you've got an unusually large or complex situation. Mike
Professional Trustees will rip you off at the end of life...thats how they exist.
Thanks for sharing. Sorry to hear you've had a bad experience. Perhaps in the 'bad old days' where solicitors would charge a % of the trust. These days it's all flat fees (1 hour a year) and a career ender to do anything outside the framework.