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Tax & Accounting02 June, 2022

How legal practices can manage trust accounts smoothly and efficiently

Over recent years, the UK government’s Making Tax Digital initiative has changed the landscape of accounting compliance. 

We’ve seen a huge amount of commentary on best practice in how to comply with the new MTD requirements. It has thus far affected key areas such as VAT and Income Tax Self-Assessments. However, the specialist accounting requirements of trusts, estates, charities, pension funds and similar entities have not received the same attention thus far.

We should be under no illusions: MTD is coming for those entities too. Moreover, when we consider entities like these, MTD comes to encompass more than just accountancy practices. Its implications also affect solicitors in their probate and trust accounts work – and by extension, the organisations and individuals they serve. How can all parties achieve best practice in this area?

Our article advises legal practices on how they may future-proof their operations ahead of MTD. Download it to find out how to:

  • Optimise efficiencies
  • Minimise costs
  • Improve reports
  • Monitor investments
  • Cut out errors
 

Complete the form to download our article:

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