This guidance note gives an overview of the ‘Managing your client’s trust’ sub-topic. Why should trust accounts be kept and in what format? How do you prepare the accounts? It also considers payments of income and capital to beneficiaries in cash or in specie and the considerations to be made by trustees when making such a distribution. The support for beneficiaries in receipt of state benefits and the rules in respect of accumulating income are considered.
The Payments to trust beneficiaries guidance note considers the trustees’ powers to make payments and whether the payment made is income or capital. It is designed to give outline and background for accountants and tax advisers who deal with clients establishing trusts. It is not targeted at lawyers. It considers the issues that trustees should take into account before making a payment in respect of their powers and in respect of the different types of trust. It also
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Supplies of goods and services connected with educationThis guidance note provides an overview of the VAT treatment of goods and services provided in connection with supplies of education. This should be read in conjunction with the following guidance notes:•Supplies of education•Local authority
Research and development (R&D) relief ― overviewThis guidance note provides an overview of the research and development (R&D) tax reliefs for companies.See the Research and development tax relief summary diagram which summarises the R&D tax relief.See also Simon’s Taxes D1.401.For a factsheet which
Furnished holiday letsThis guidance note sets out the qualifying conditions for a property let to be treated as a furnished holiday let (FHL) for tax purposes and the subsequent tax implications.Whether or not a property qualifies as an FHL can make an important difference to the taxation