HMRC have announced that the deadline for registering a Trust on the new Trust Registration Service (TRS) is to be extended for this year.
Ordinarily, HMRC should be notified of a new Trust by 5 October following the end of the tax year in which there is a tax liability first arising. The deadline has been moved to 5 December for this first year. Part of this decision has been due to the fact that the TRS for agents is not yet up and running. It was scheduled to go live in September 2017 but it now seems likely that this will happen in October 2017.
Where there is an existing Trust that already has a self-assessment reference the deadline for providing full information on TRS is 31 January after the tax year end, i.e. the same as the self-assessment tax return deadline.
If you have any questions about the TRS or would like to talk about how a Trust can be used please contact Marc Dorsett on 01245 228146.