Latest Changes On Trust Registration Service |
Posted: September 29, 2020 |
HMRC has updated its guidance on the online Trust Registrations Service (TRS). No changes need to be modified for any years for which the Trust is not liable to tax. However, the registry, which applies to any of the following adjustments, must be revised in the first year. Are you looking for a accountants in London to help you with your start-up company? Updating trust detailsIt is appropriate to update only the following changes using the online TRS system:
DeclarationDeclaring 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:
DeadlinesThe information must be revised by 31 January 2021 for any adjustments prior to 6 April 2020 if the Trust is liable for taxes for any of the three tax years up to 6 April 2020. For any amendments to the 2020-21 tax year, whether the trust is taxable for that year, the information must be revised by 31 January 2022. The same deadlines refer to the declaration that no information about the TRS have changed in every year in which the Trust is liable for taxation. Closing a trustWhen 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. With Accotax's services, you cannot go wrong when it comes to the best accountants in London. You will not be disappointed in choosing us with an impressive track record and outstanding facilities with on-time deadline deliveries. Get in contact with us today to find out more about how we can support you!
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