This guidance note gives an overview of the ‘Creating and changing a trust’ sub-topic. What is a trust and why might a client want to use a trust? What should you do if you take on a trust as a client? How is a trust created and how are changes made to it? It also considers the legal aspects of the appointment of trustees as well as the practical considerations when appointing trustees. The trustees’ powers and duties are considered and how to change trustees where a trustee has died or retired.
The Resettlements and sub-funds, Variations, Partitioning trust funds and Winding up a trust ― legal, administrative and compliance issues guidance notes cover changes to the trust that may occur over time.
Some legal services are ‘reserved legal services’ which can only be undertaken by specific classes of people and this is covered in the Reserved legal services guidance note.
This sub-topic of guidance notes is necessarily simplified to include the key points for the accountant or tax adviser.
**Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason.
UK VAT invoice requirementsThis guidance note provides details of the information that must be shown on a valid tax invoice. Businesses supplying goods and services that are liable to the standard or reduced rate of VAT are required to issue a tax invoice to another VAT registered person.If the
Temporary differencesCalculation of temporary differencesThe temporary difference arising in respect of an asset or liability is calculated by comparing the carrying value of that asset or liability with its tax base.IAS 12 uses the concept of taxable or deductible temporary differences. Whether a
Terminal trading loss reliefTerminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period.