HMRC has updated its guidance on the online Trust Registrations Service (TRS).
For any year for which the trust is not responsible for taxes, no adjustments need to be changed. However, in the first year, the registry which refers to each of the following changes must be updated. Are you looking for an accountant in London to help you with your startup business?
Updating trust details
It is appropriate to update only the following changes using the online TRS system:
• Primary or other trustees
• Beneficiaries
• Settlor(s)
• Protector or other relevant individuals.
Declaration
Declaring that the information of the individuals connected with the trust are correct and up-to - date in the Trust Register, irrespective of whether or not any changes have been produced. If a self-assessment tax return for the trust is done, it must also include a declaration specifying that:
· The TRS details have been modified or changed
· No changes to the trust were made.
Deadlines:
· If the Trust is responsible for taxes for each of the three tax years up to 6 April 2020, the details must be updated by 31 January 2021 for any changes prior to 6 April 2020.
· For any revisions to the 2020-21 tax year, the details about whether the trust is taxable for that year must be updated by 31 January 2022.
· The same deadlines apply to the statement that, in any year in which the Trust is liable for taxes, no information about the TRS has changed.
Closing a trust
When the trust comes to an end, the TRS must be modified by ensuring that the records on the Trust Log are up to date and reminding HMRC of the date on which the trust ended. Notice that for the year in which the trust has expired, a tax return will need to be filed.
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