All clubs operating a bank account now need to register with the HMRC’s Trust Registration Service (TRS), even if they don’t have any tax liability. And as Bank account holders change in your club, make sure the TRS system is updated too.
The following notes are not intended as legal advice and should not be relied on as such. This is a practical summary of information held at HMRC regarding TRS, as it applies to the majority of Morris clubs who operate a Bank account, to assist in dealing with reporting obligations under the TRS system. If your club has more complex arrangements, such as formal Trust deeds, ownership of land or other valuable assets, or operate as a limited company or charity, you should take specific legal advice on your reporting requirements and not rely on these notes.
There are two sections on the web page below:
(A) HMRC reporting requirements re: Trust arrangements in Morris clubs
(B) How to Register your bank account with the HMRC’s Trust Registration Service (TRS)
Government consultations are proposed on potential regulatory reforms. Once details are announced, the JMO will look closely at how the Morris community could engage with that to help our member clubs. However for now, the rules do create a TRS registration issue for unincorporated clubs operating a club Bank account. This guidance will be updated when we know more.
See more on HMRC’s Trust Registration Service (TRS)
