Fraudsters are encouraging savers to move their money into higher risk cryptocurrency investments. Skipton does not endorse any cryptocurrency investments.
Be cautious of uninvited investment offers. If something doesn’t feel right, trust your instincts and take the time to investigate.
The Trust Registration Service is an online system where trustees are required to register the trust they are responsible for with HMRC.
It’s mandatory for most trusts to register, even if the trust does not need to pay tax. You must register them within 90 days. Failure to do so could result in a fine of up to £5,000.
For most trusts, the registration process is relatively straightforward, and can be completed by the trustees. You appoint a lead trustee when you register. They will become the key point of contact for any HMRC correspondence.
Alternatively, trustees can authorise an ‘agent’ to register the trust on their behalf. Unfortunately, Skipton do not meet the criteria to act as an agent, as we do not operate as an accountancy service provider.
In short, most trusts need to be registered – you can find out at: www.gov.uk/trusts-taxes/registering-a-trust
If you intend to register the trust yourself as the lead trustee, you can find information on how to do this and get started at: www.gov.uk/guidance/register-a-trust-as-a-trustee
You can also download a copy of a step-by-step Trust Registration guide [PDF] which takes you through each stage you need to go through.
If you’d like this guide in large print, braille or audio please ask in branch or call 0800 085 0459.