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Scottish Trust Deed Forum
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Topic starter
13/04/2020 2:47 pm
good afternoon
i have a few questions regarding my trust deed i hope you can help with. As its the end of the tax year and im self employed i am about to submit my tax return .
last May i received two letters from hmrc regarding my trust deed and my UTR letter dated 23 may 2019 stated i had to submit tax returns under a new self assessment reference number and register for online assessment using this number.
also in a letter dated May 2019 i received a new UTR and to use this number when contacting HMRC and if i wanted to submit self assessment online to register using the new UTR .
At no point either letter mentioned changing my UTR with my Employer and have been paid under my old UTR. i have know set up online self assessment using the new utr but all payments have been made under the old UTR number
my question is should i submit my tax return under my old utr or the new one ?.
i have just contacted my employer and given them my new utr so all payments from Apri 6th this year should be under the new UTR.
my second question is regarding my tax refund as this is part of my annual income and i rely on this as savings during the winter months and was pointed out when i set up the trust deed i needed to save and budget for winter months.in this unusual time with the covid-19 outbreak i need this money even more at his time as i am currently not working and receiving no government support at this point . will my tax return be paid directly into my account?
14/04/2020 10:19 am
Welcome to the forum scutler.
I'm afraid I don't feel qualified to answer your first question. My advice would be to contact HMRC directly and seek their guidance about how to submit your tax return.
If you stand to receive a tax refund you should notify your trustee and agree how this will be dealt with. Hopefully you'll receive a sympathetic response given that you're currently without income or additional government support. You may even wish to contact your trustee in advance so you know where you stand.
Have you spoken with your trustee regarding your current lack of income? It may well be possible to suspend your trust deed payment temporarily.
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14/04/2020 11:49 am
When did you sign your Trust Deed, Scutler?
I presume the tax refund will be for the tax year 2018/19, is that right? If this period ended prior to you signing the Trust Deed then I am afraid you are likely to find that the refund will be paid directly to your Trustee instead.
Even more reason why you should contact your Trustee straightaway about your current situation, as TDA has suggested, to see what they are agreeable to in terms of these funds and your current contributions.
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