Trust Registration Service
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Unit 7, Olympic Park, Olympic Way, Warrington, Cheshire, WA2 0YL
Monday – Friday: 09:00 – 17:00
Saturday – Sunday: Closed
Landline: 01925 859 622
Email: [email protected]
TrustDocs Training
At TrustDocs, we believe that our clients deserve the best possible service.
OUR SERVICES
What is a trust registration service?
The Trust Registration Service (TRS) is an online register set up to improve transparency around the ownership of taxable assets and to comply with money laundering regulations.
According to the new rules, all UK Trusts created after September 2022 must be registered within 90 days.
Failing to do so may lead to penalties being imposed. (For more information please visit the Trust Registration Service website).
How to Register a Trust?
The Trustees can register the Trust for themselves directly with HMRC.
However, many prefer to assign an agent to collect all the relevant information and complete the TRS process on their behalf as the process is quite complex and lengthy.
If you wish to provide this service to your clients but worry about how you can fit it within your busy schedule, rest reassured that our team can register their Trust with the HMRC for you.
How can TrustDocs Help?
At TrustDocs, we can undertake the registration for you for a reasonable fee.
The process will be as follow:
- We provide you with a short one-page Fact Find.
- You will liaise with your client to collect the information required to complete the questionnaire. However, we can do this on your behalf, although an extra fee for this service will apply.
- You will send the questionnaire to us together with a copy of the Client’s Trust(s).
- Once we receive the instruction, we will then prepare an invoice to be paid as per the agreement.
- Our team will then register the Trust(s) with HMRC and a letter will be sent to the consultant to confirm registration. You will then pass it on to your client. Please note, we can send the confirmation letter directly to the client if you choose us to undertake the extra service as stated in point 1.
- Within 15 days, HMRC will send a letter to the lead Trustee confirming that the registration is complete, and they will provide a URN code that we ask to be forwarded to us to keep on our records, should the client lose or misplace it.
- If your client wishes for TrustDocs to continue acting as an agent to keep their registration up to date, we will be happy to do so.
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FAQS
Frequently Asked Questions
When does the client need to register their Trust?
All clients with an Express Trust must register this with the HMRC. Any FAPT Trust or Lifetime Trust must be registered regardless of whether it is taxable or not. For more information on this please go to our article section and see relevant TRS content.
What is an Express Trust?
An Express Trust is that which has been produced as a result of a direct instruction from the Settlor (client with intention to set up a Trust).
What are the requirements for the client after their Trust has been registered?
If the client chooses to use TrustDocs for their registration we ask that they return their URN number to us, this being the Unique Reference Number given to them by the HMRC – 15 working days after their Trust has been registered. Once this information is shared the client is not required to take any further action. It is then the responsibility of the Trustees to manage and observe the Trust.
Why does the client’s Trust need to be registered?
It is now a legal requirement to register all Trusts, whether they are taxable or not. As of 2017 new legislations were introduced to comply with anti-money laundering precautions set up by the government.
How would the client register their Trust at home?
The client would need to acquire an organisational government gateway ID and password. This must differentiate from an individual government gateway ID. They must seek a copy of their Trust documentation in order to complete the necessary questions within the registration process.
How much is the fee for TrustDocs to complete the Trust registration on behalf of client?
£200+VAT (£240) for the registration of a single Trust. £250+VAT (£300) for the registration of a double Trust.
Does a PPT or Life Interest need to be registered?
No, only express Trusts which are active within the lifetime of the client.
