The long promised mandatory Trust Registration Service is now live and the deadline for registrations is looming.
Who should register trusts?
It is the trustees responsibility to register a trust. Trustees may do this themselves or appoint an agent to do so on their behalf.
When should trusts be registered?
Trusts must be registered with HMRC’s Trust Registration service by 1st September 2022 or within 90 days of the trust being created. Whichever is the longest date
Are there any ongoing responsibilities for trustees?
Non Taxable trusts so not need to give an annual declaration but they must update the information registered within 90 days of any change. Changes would include changes in trustees or beneficiaries and the trust coming to an end.
Trustees of taxable trusts must give an annual declaration confirming that the registered details are up to date.
How will I know that the trust has been registered?
HMRC will issue a unique taxpayer reference (UTR) which will confirm the trust’s registration status.
How can Atterbury Payne help you?
If you have trusts that are non taxable we can help you meet the deadline for registration. If you are unsure if a trust needs registering contact us by email firstname.lastname@example.org and we can advise you.
What will Atterbury Payne charge?
We are currently assisting clients with trust registrations at a fixed fee, please contact us for a quote.
If you would like our help with registration please complete the form here and we will be in touch
within 48 hours.