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Is it compulsory to use an accountant for Trusts?

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bevter

25,864 Posts.

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29/01/18

23:06

Post #: 30646384
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Originally posted by The outvestor ↑

The main cost would be accounting fees. That can range depending on what city you live and the type of accountant you go to. In terms of set-up, there a few options to choose from. You could buy a standard trust deed online (type into google and see hundreds of providers) for about 160 or you get a lawyer/accountant to do it for anywhere from 300-800. In terms of difference, I would say your online trust deed is a very bare bones one size fits all deed. A lawyer would probably argue that for the extra price you are getting a legal document that will stand up better in case of disputes DYOR on what is right for your situation. Ongoing accounting fees can range, a small accounting firm will probably charge 3k a year to prepare financial statements and a tax return for you. Maybe half that if it is a small trust with little to no activity. So with that being said, the question then becomes am I making enough to even save 3k in tax. For the average punter probably not.

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Is it compulsory to use an accountant for Trusts?
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