28/03/2023
We are being asked a lot of questions about the Trust Registration Service (TRS) with HMRC, so we have put together a quick guide to how it's done:
Introduction:
The Trust Registration Service (TRS) is an online platform by Her Majesty's Revenue and Customs (HMRC) for registering and updating trust records. This guide provides step-by-step instructions to help you navigate the TRS process.
Table of Contents:
1. TRS Eligibility and Requirements
2. Creating a Government Gateway Account
3. Registering a Trust
4. Updating Trust Information
5. TRS Deadlines and Penalties
6. TRS Eligibility and Requirements
To use the TRS, your trust must be a UK tax-paying trust. In addition, the following types of trusts must register on the TRS:
a. Trusts with tax consequences in a given tax year.
b. Trusts that are already registered and have changes to report.
c. Non-UK trusts with UK tax consequences.
Additionally, the trust must have a designated "lead trustee" and a "trustee with access" to the TRS. The lead trustee is responsible for providing and updating trust information, while the trustee with access will have permission to view and edit the trust's records on the TRS.
Creating a Government Gateway Account
To use the TRS, you must have a Government Gateway account. If you don't have one, follow these steps:
a. Visit the Government Gateway website (www.gateway.gov.uk).
b. Click "Register."
c. Follow the on-screen instructions to create your account.
d. When prompted, choose the "Organisation" account type and select "Trustee."
e. Complete the registration process, including verification through email or phone.
f. Please note your User ID and password for future access.
Registering a Trust
Once you have a Government Gateway account, you can register your trust:
a. Log in to your Government Gateway account.
b. Access the TRS by selecting "Trusts and Estates."
c. Choose "Register a new trust" and click "Continue."
d. Provide the required information, including:
i. Trust details: name, date established, type, and address.
ii. Settlor details: name, date of birth, and National Insurance number or unique tax reference (UTR).
iii. Trustee details: names, dates of birth, and National Insurance numbers or UTRs for all trustees.
iv. Beneficiary details names, dates of birth, and National Insurance numbers or UTRs for all beneficiaries.
v. Any other relevant information: tax consequences, assets, and liabilities.
e. Review and submit the information.
Once the information is submitted and verified, you will receive a unique trust registration number (TRN) via email. Keep this number safe, as you will need it for future correspondence and updates.
Updating Trust Information
Trust information must be updated within 30 days of any changes. To update your trust's information:
a. Log in to your Government Gateway account.
b. Access the TRS by selecting "Trusts and Estates."
c. Choose "Update an existing trust" and click "Continue."
d. Enter your trust's TRN and follow the on-screen instructions to update the relevant information.
TRS Deadlines and Penalties
Trusts must be registered within 30 days of a taxable event. Failure to register or update information within the required timeframe may result in penalties, fines, and potential criminal prosecution.
Please be sure to stay compliant by regularly reviewing and updating your trust's information.
The TRS is essential for maintaining compliance with HMRC requirements for trusts. By following this guide, you can efficiently navigate the TRS process and ensure your confidence remains in good standing with the UK tax authorities.
I hope this helps you.
JMC Financial Services
