The Trust Registration service deadline of 1st September 2022 for all trusts to be registered with HMRC is fast approaching!
I don’t know about you, but this year seems to have flown by, and as we approach the main summer months, I am all too aware that autumn will be upon us before we know it.
And with Autumn comes yet another HMRC deadline, this time for all UK Trusts, regardless of whether they have any UK Tax Liability or not to be registered with HMRC.
Here is a short (60 second) video to explain more about the trust registration service deadline, or scroll down if you prefer to read:
Do you have a UK Trust?
Does your Trust have any UK tax to pay?
If you answer yes to both of these questions, the chances are that your trust is already correctly registered with HMRC.
However, if your Trust does not have a UK Tax Liability the chances are that it is not yet registered, as until now it didn’t have to be.
What is changing for Trust Registrations?
That all changes with a deadline of 1 September for ALL UK Trusts (and some non-UK Trusts) to be registered or face fines and penalties.
Thereafter any new Trusts MUST be registered within 90 Days of being created.
The register must also be kept up to date ongoing, with any changes or amendments to trust or trustee details be made within 90 Days of said change.
If you think you need to register a trust, or have any questions regarding your trust requirements, please don’t hesitate to contact the IN Accountancy Team, where Kathryn will be happy to help you.