What is a Deputyship?
A financial deputy is appointed to an individual who may have lost mental capacity and is no longer able to deal with his or her own finances. The deputy is often a professional person, but can be a family member or indeed a friend.
Here at Slaters & Co Accountants in Newcastle-under-Lyme we understand that being appointed as a Deputy for an individual is an appointment with great responsibility and the deputy will usually be required to report financial activities to the Office of the Public Guardian (OPG) and/or Court of Protection (CoP).
Whilst the OPG and Court of Protection are there to help and provide assistance to Deputies, they are also there to oversee that the deputies deal with the assets of the individual correctly and will be reportable for any financial discrepancies that may arise. As such, Annual accounts detailing all of the financial activities of the Deputies are required by the OPG who will often review these in depth and raise any questions or concerns.
Here at Slaters & Co Accountants we can assist Deputies appointed by the Court of Protection with their reporting requirements for the preparation and reporting of the annual accounts and also the preparation of the personal tax returns.
What we offer
1. Preparation of annual accounts
Depending of the level of supervision you as a deputy are allocated, the OPG typically require deputies to submit annual accounts.
The annual reporting procedure to the OPG is to ensure you are acting in the client’s best interest, and is also a way for the OPG to check that the client’s funds are not being misused.
Slaters will prepare OPG annual accounts for a fixed fee of £235 plus VAT.
2. Preparation of personal tax returns
Tax can be a tricky area for Deputies as they sometimes do not realise that they have to file a tax return.
Due to the complexities of understanding what is taxable and what is not it is always advisable to appoint a tax specialists.
Slaters offer the preparation of tax returns starting from £120 plus VAT.
Download more information about the services that we offer – click here to download
Contact Us Today
If you are interested in learning more about what we offer, or how we can help then do not hesitate to contact us today on 01782 566101 or by emailing us at Steve.Mastin@SlatersCA.co.uk