HMRC has recently launched a new Trust Registration Service which requires trustees to register their trust online. The old paper-based registration CT41G process ceased earlier in 2017.
The new TRS must be registered as part of self-assessment with HMRC by the 5 October the year after the Trust first became liable to Income Tax or Capital Gains. However, if you have missed the October date, an extended deadline is available until the 5 December 2017, and there will be no penalty charge so long as the extended deadline is met.
The Association of Taxation Technicians (ATT) and HMRC have now confirmed, as of the 17 October 2017, that you can arrange your TRS via your accountant. If you would like to explore this savings opportunity further, please get in touch with us for more guidance and options available.