Accounts, tax returns and R185s
We can deal with or assist with selling the assets or transferring them to the legatees, paying the liabilities and advising on distributions. We’ll suggest how to minimise the administration burden and if tax returns can be avoided. We can also prepare the forms R185 required by the legatees for their personal income tax reporting.
In most cases, detailed accounts won’t be required and we can prepare statements showing how the funds were realised and distributed. However, for substantial or contentious estates, we'll prepare detailed accounts, including for court proceedings if required.
If there is a trust created under the will, we can advise on the registration of that trust and assist the trustees with compliance matters.
Minimising tax liabilities
If we haven't already had the opportunity to advise on the wills and IHT planning prior to death, we’ll tell you what can be done to rearrange the estate to minimise tax liabilities. We can advise on deeds of variation or obtaining legal advice for claims under the Inheritance Act. There are income tax and capital gains tax mitigation opportunities during the estate administration period too, such as timing distributions or transfers of assets prior to sale to make use of any losses or legatees non-UK tax status.