This week’s top need to knows

Nov 13, 2017

This week we bring you news of a further extension to the new trusts registration deadline and a warning to taxpayers to check their HMRC repayment arrangements.  Settlement terms for disguised remuneration schemes have also been announced.

New trust registration deadline – further extension

We’ve carried several items on this recently but last week saw HMRC announce a further extension to the deadline for new trusts to register on its online trust registration service.

HMRC had originally extended the deadline for new trusts to register from 5 October 2017 to 5 December 2017. The revised deadline is now 5 January 2018. The deadline for existing trusts to register remains unchanged at 31 January 2018. 

This means that trusts which have incurred a liability to income tax or capital gains tax for the first time in 2016/17 will need to complete its online registration by 5 January 2018.

Repayment instructions

HMRC are issuing tax repayments to the last used debit or credit card, if certain criteria is met, instead of following bank payment instructions entered on self-assessment tax returns.

HMRC’s guidance advises that ‘A count will be kept of repayment amounts made following a card payment so that multiple repayments to card can only be made up to the limit of the payment received’. Readers are advised to be aware of this when expecting repayments from HMRC.

Disguised remuneration scheme settlement guidance

HMRC has published guidance on recognising disguised remuneration tax avoidance schemes and explain how individuals can settle their tax affairs with HMRC. The guidance should be used if you're a tax agent or adviser and need to help clients who are in a disguised remuneration tax avoidance scheme.