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Trust Registration Service (“TRS”)
In the simplest terms, TRS is a methodology for trustees to register, when required to do so, with Her Majesty’s Revenue and Customs (“HMRC”). It provides HMRC with information on the “beneficial owners of a trust”. The details to be provided include personal information on the Settlors, Trustees and Beneficiaries of a relevant trust, as well as some information on trust assets.
Seeing through the Cloud
As we know, cloud computing has transformed the accountancy profession in recent years. With ever increasing coverage and speed of internet access, the days of hosting software on individual machines appear to be numbered. It is not without its challenges however, and I outline below some considerations for people deciding on how best to proceed.
For many entrepreneurs from less developed countries travelling to first world countries can become a difficult and often daunting prospect. Acquisition of visas and collecting the correct documentation can often be time consuming and tedious as are the queues and questioning by immigration officials. This coupled with other domestic issues makes the prospect of acquiring a second passport that can smooth entry at the border of their next destination an attractive proposition to many individuals.