Registering on TRS- is it hard?

Trusts Discussion
1

Hi

As a trainee I do not register any trusts on the TRS, my firm uses an independent tax advisor to do this.

I am drafting a declaration of trust which will need registering on TRS.

Just wondered how hard it actually is to complete the online form and if I can do it?

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It’s not too difficult. The fun part, which can take some months, is registering your firm with HMRC as an agent (if it isn’t already) and then setting up an agents services account (if your firm doesn’t already have one). See:

Register a trust as an agent - GOV.UK

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To register you must either be a trustee or an agent. An agent has to be authorised by the trustee(s). This authorisation is separate from the 64-8 procedure for most taxes. It is feasible for a solicitors firm to act as a TRS agent if within its PI cover. You would need instructions from your client to become an agent and do the work and to inform them of any charge. I suggest that it would not be good for client relations if it would be cheaper to use your firm’s existing arrangements. I expect the pros and cos and decision-making of your firm acting as agent will be above your pay grade!

While it is likely to be easy to supervise your work in preparing a DOT, supervision of the online form procedure if not done in real time might necessitate correction post event, more expense and some possibly egg on face.

I have sympathy for your instinctive concern at the disproportionate cost to clients of registering a simple trust but as a trainee you surely must comply with your firm’s policies on your own supervision and the use of the third party arrangement.

Jack Harper

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Hi Jack,

After reading this I can agree that it is indeed above my pay grade but as I don’t know the process I thought it was good to ask. We do use a third party. Perhaps in the future it is something I can get into but for now I’ll stick with the drafting of Trusts.

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The HMRC Agents registration form requires the personal tax details and signature of a designated partner. Given that was our MP and SP, I don’t think there is any risk of Natalia doing this of her own volition…