Trust registration penalties eased
Non-taxable trusts need to be registered with HMRC’s Trust Registration Service by 1 September. What happens if you miss this deadline?
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Self-employed taxpayers warned over missing Class 2 NI credits
HMRC is warning some self-employed taxpayers to check their National Insurance (NI) records after an issue affecting Class 2 NI credits came to light. The problem could leave some individuals with gaps in their contribution record, potentially affecting their entitlement to the State Pension and other contributory benefits. What should you do?
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When is pensions advice exempt from tax?
You’re close to retirement age and want some professional advice on topping up your pension and a rough idea of how much you’ll have to live on in retirement. If your company foots the bill, will it qualify for the tax exemption?
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HMRC takes aim at side hustles
People with side hustles are the target of a HMRC press release reminding them of their potential tax obligations. Why has this been published now, and what are the key points to remember?
The scope of the Trust Registration Service (TRS) has been extended to include non-taxable trusts. You can find out which trusts need to be registered here. The deadline for the initial registration is 1 September 2022, however, as this requirement is still new, HMRC has confirmed that no penalty will be charged for a “first offence”. This covers both failure to register and late registrations.
As ever, there is an exception to this easement; If the trustees deliberately don’t register the trust on time, or there are repeated offences, the penalty will be as high as £5,000 per offence.
You may have a trust that needs to be registered that you aren’t even aware of, as it isn’t just formal trusts that fall within the scope of the requirements. For example, a bare trust arrangement, land and property where the legal owner and beneficial owners differ or will trusts.
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