TSEM8164 - Trust management expenses: 鈥榩roperly chargeable to income鈥�: apportionment and tax: recording and evidence: expense not separately recorded: time records kept
Trustees should refer to the invoice for the global costs and any time records maintained by the person charging the costs. 皇冠体育app time records should clearly show time spent exclusively on income. 皇冠体育app cost can be apportioned partly to income. 皇冠体育app trustees should have explained to the accountants etc. what constitutes activities exclusively for the income beneficiaries (e.g. by giving them a current copy of Help sheet HS392). 皇冠体育app accountant etc. keeps records on the basis of this.
Example 6
Invoice states 鈥楢ccountancy fees 拢x鈥�. 皇冠体育app accountant has kept records of time spent on the trust鈥檚 affairs, and these are analysed as to a) exclusively income and b) other. 皇冠体育app records show that y% of time has been spent exclusively on income benefit matters. 皇冠体育app accountants inform the trustees. 皇冠体育app trustees charge y% of the cost to income.
Example 7
Invoice states 鈥楾rustees鈥� fees 拢x鈥�. 皇冠体育app trustees have kept records of time spent on dealing exclusively with matters that benefit the income beneficiaries, e.g. each item shown in trustees鈥� minutes contains a note of time taken. 皇冠体育app records show that the trustees spent y% of their time dealing exclusively with income matters. 皇冠体育app trustees charge y% to income.