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13-08-2019

The Fourth EU Money Laundering Directive (4MLD) was the reason for HMRC introducing the Trust Registration Service which broadly requires all trusts with tax liabilities to register with HMRC.


The new Directive will bring into its scope all UK express trusts not just those with UK tax implications and also non-EU resident trusts which own UK land or property or which have a “business relationship” with an entity in the UK such as solicitors, accountant or bank.


The term ‘express trust’ means a trust that was expressly/deliberately created by a settlor as opposed to being set up through a court order. The onus will be on the trustees and their agents to determine whether the trust is an express trust or not. The government has issued examples of the categories of UK trusts likely to have to register to include discretionary trusts, interest in possession trusts, many types of bare trusts, charitable trusts and employee ownership trusts.


Public access will also be available to the trust register to anyone who has a legitimate interest. There is no de minimis thresholds or exemptions provided.


For unregistered trusts already in existence on 10 March 2020 the proposed by government deadline for registration is 31 March 2021. For trusts created on or after 1 April 2020 the government is proposing that they trust should be registered within 30 days of its creation and this 30 day deadline is also to be used for any amendments to be made to the TRS data once the availability to do so is there.


The practical difficulty for agents will be in helping their clients identify the trusts they are involved in that the trustees will have to register for the first time. For example life policies written in trust, trusts owning a single property where the beneficiary lives, etc. Many clients will not have advised their agent of their interest in such trusts if no tax liabilities have previously arisen.


More detailed guidance can be found here.


28-06-2019

The government has announced that next year’s Early May Bank Holiday is  to move from its usual position of the first Monday in May to Friday 8th May in commemoration of the 75th Anniversary of VE Day.

17-04-2019

If you’re currently an EU, EEA or Swiss citizen living in the UK, you and your family will need to apply to the EU Settlement Scheme to protect the rights you currently have in the UK.

Irish citizens or those with valid indefinite leave do not need to apply.

Applications are open until 30 June 2021.

It’s free to apply.


16-04-2019

If you buy from or sell goods to the EU you need to apply for an EORI number as a matter of urgency.  To apply click here.  The application process takes approximately 10 minutes.  For more guidance from the government on an EU exit click here.

05-02-2019

HMRC have published their latest letter to UK businesses that trade only with the EU, with details of important actions they need to take and changes to be aware of in the event of the UK leaving the EU without a deal. It is their third letter to businesses on preparing for the UK leaving the EU.

The letter asks businesses to take a number of actions to prepare for no deal. These include:

  • registering for a EORI number at Get a UK EORI number to trade within the EU
  • deciding if they want to hire an agent to make import and/or export declarations for them or if they want to make declarations themselves using relevant software
  • registering for Transitional Simplified Procedures (TSP), which is a new process to make importing easier than it otherwise would be for the initial period after the UK leaves the EU, should there be no deal – registration opens from 7 February on GOV.UK.

There are also important updates on the way businesses trading with the EU pay import VAT and use EU VAT IT systems if the UK leave with no deal. You can read the full letter at Letters on 'no deal' Brexit advice for businesses only trading with the EU.

These changes do not apply to trade across the Northern Ireland-Ireland land border. HMRC will set out information about the arrangements for trading with Ireland as soon as they can.

New guidance

HMRC have also published new guides on GOV‌.UK on:

The guides provide further information explaining what these changes mean for UK businesses that trade with the EU. You can find the guides at Trading with the EU if the UK leaves without a deal.

New ‘Prepare your business for the UK leaving the EU’ tool

HMRC have also published a ‘Prepare your business for the UK leaving the EU’ tool to help UK businesses find out:

  • what they need to do to prepare for the UK leaving the EU
  • what’s changing in their industry
  • information on specific rules and regulations.
All businesses need to do is answer 7 simple questions to get guidance relevant to them and their sector. You can access the tool at Prepare your business for the UK leaving the EU

06-11-2018

If you or your children are considering opening a "help to buy ISA" then you should be aware that the deadline to open an account is 30 November 2018.

For more information click here.

07-06-2018

Since 1 February 2016 landlords have had a responsibility in the UK to verify the "right to rent" for both tenants and lodgers. There is good guidance at Shelter's Website - click here
or
At the HMRC website where the documents required and a Home office Check are available - click here

25-05-2018

GDPR comes into force on 25 May 2018.  For more information and to see how the regulations affect you click here

13-02-2018

The biggest update to the EU's data protection legislation in 20 years will be enforced from 25 May 2018 and it could heavily impact your business  For a guide to GDPR click here.

Further guidance is available from the Information Commissionioner's Office (ICO) by clicking here.

05-01-2018

Client of Wolfson Associates should note that in order for the practice to comply with the new GDPR regulations, confidential data will be sent either via our secure client portal or as secure email using our Citrix/Sharefile secure mail system.  Both systems will require your to register your email address.  If in doubt about any communications from the practice, please call us.


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