With the deadline of 5 March 2018 fast approaching, many members will be busy completing registrations with the Trust Registration Service (TRS). HMRC are expecting that around 170,000 trusts will need to register with the TRS by this date.
HMRC has recently (13 February) provided us with an update on their project to digitise the VAT RES system, to improve the efficiency for both retailers and travellers, and also to help reduce fraud.
We surveyed our members during November 2017 for their views on how they approached compliance with the obligations imposed on them by the International Tax Compliance (Client Notification) Regulations 2016 and to obtain feedback on their experiences. These regulations placed an obligation on tax advisers who provided offshore advice or services in the year to 30 September 2016 (beyond solely the preparation and delivery of tax returns) to send certain clients a notification comprising an HMRC branded document and standard wording for inclusion in a covering letter or email by 31 August 2017.
