Following months of hard work and the reading of countless missives and documents from HMRC and various professional bodies, not to mention the many blogs such as this, the deadline for registering an existing trust on the Trust Registration Service (TRS) looms on the horizon like a dark cloud.
If you're reading this you'll probably be aware of the 5 March 2018 deadline (which is only a couple of days from the time of writing), or are killing time on a Friday afternoon whilst doing something slightly work related, but are you certain whether you need to register your trust? The 5 March 2018 deadline only applies in certain circumstances for existing trusts but the penalties for missing the registration deadline will be enforced by HMRC.
The TRS requires a fair amount of information and may require the level of planning an army colonel would be proud of. Even though you may miss the Monday deadline you should not ignore that the TRS needs to be completed as continued delays will mean HMRC levy further penalties. Our advice? Deal with it now as the end is nigh…
If you have any concerns about whether trust registration is required or you have any other questions about your trust, please feel free to contact Marc Dorsett on 01245 228146 or firstname.lastname@example.org.