Service Charges -
Estate Administration/Probate
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Argo believes in transparency of costs so we will not charge you hourly rates because you need to know what a job will cost. We also look to offer the service that would help you the most.
There are many different issues which can arise during the administration of a trust so we wanted to let you know in advance what fees could arise.
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Trust Registration
HMRC impose rules and regulations upon trustees which need to be followed. At the beginning of administration, it is necessary to comply with the Trust Registration Service. This will involve notifying HMRC of the status of the trust, trustees and beneficiaries, the taxation position, and the compliance with money laundering regulations. It will also be necessary to complete a set of trustee minutes to set out how the trust is to be administered for the coming year.
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Our charge for completing this service is £500 plus VAT
Trust administration where assets do not generate reportable income or capital gains tax
Trusts do not always generate income or capital gains tax which must be reported to HMRC. If your trust falls within this category then the annual administration will be straightforward. An annual update of the records retained on the Trust Registration Service will need to be undertaken and annual trustee minutes will need to be prepared.
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If circumstances change and assets need to be actively administered then our charges will alter accordingly.
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Our charge for completing this annual service will be between £300 and £500 plus VAT
Trust administration where assets generate reportable income or capital gains tax
If your trust generates income or capital gains from the assets held then it will be necessary to comprehensively administer the trust. This will involve liaising with asset holders, banks and building societies and accountants. It is the nature of assets within the trust that determine the level of administration required. A trust holding actively managed shares will need a greater level of administration than a trust holding a rental property. For this reason it is difficult for a fixed fee to be given without further details.
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Daily annual administration is likely to cost somewhere between £1,000 and £1,500 plus VAT per annum.
Completion of annual accounts
If income is generated, capital gains are incurred, and distributions are made it will be necessary to complete annual accounts. These will be full and comprehensive and will provide an overview of all activities which have taken place during the year.
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Costs for the completion of annual accounts will be between £500 and £1000 plus VAT per annum.
Completion of annual tax return
Where income is generated, and capital gains arise these will need to be reported to HMRC by the completion of an annual tax return.
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Costs for the completion of an annual tax return will be £400 plus VAT per annum.
Supplemental charges
Often during the lifetime of a trust things happen that need to be recorded in writing. Here are a list of charges for other services that may be required:-
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Land Registry transfer of freehold property into trust £300 plus VAT
Deed to change a trustee £400 plus VAT
Deed to take assets permanently out of trust £400 plus VAT
Loan agreement £300 plus VAT
Identification of trust assets £275 plus to £550 plus VAT
Tax deduction certificate for distribution £20 plus VAT per beneficiary
Bankruptcy search £3 plus VAT per beneficiary
Electronic identification check £15 plus VAT (per name)
Additional work re sale/purchase of property Hourly rates
(conveyancing charges additional)
Completion of ten year anniversary report £750 to £1,000 plus VAT
H M Land Registry charges dependant on value of property
Completion of holdover election £250 plus VAT
Completion of annual minutes £200 plus VAT
Closure of a trust
There are times when a trust needs to be closed. This could require several the services listed above.
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