Some pension providers may offer a choice of tax relief, while many others only offer one type – for example, NEST only offers Relief at Source. If you’re running a payroll, don't assume that you know whether Relief at Source or Net Pay Arrangement should be used, but get confirmation. If your client is new to pensions they may not even know which one should be used. So, if in doubt, check with the pension provider. Find out more on tax relief for members’ contributions. Improved online declaration portal now live The Pension Regulator’s new declaration of compliance portal went live on 13 April. It’s now really easy to make a single declaration for one employer. It’s also much quicker if you’re logging in to submit multiple declarations or want to pick up where you left off with one. You’ll have to change your password, when logging in for the first time on the new portal – just follow the simple onscreen instructions. You’ll also need to know the email address used for the original agent registration, as this is the username for your account. If you have more than 200 clients, you’ll need to look them up individually, as the new portal only shows a list if you have less than 200 clients. Go to the new portal.
Back to Contents
Pensions annual allowance calculator back online 10 July 2018
Further to the news in April about HMRC taking the pensions annual allowance calculator offline, we have now been informed that it is up and running again.
Following the addition of the 2018 to 2019 tax year, the pensions annual allowance calculator was not working as it should in some cases. Because this isn’t in line with the level of service that HMRC is committed to provide and to make sure customers get the right results from the calculator in future, HMRC temporarily removed access to the calculator.
The calculator has now been up-dated and is available here.
Further information on the annual allowance
• Tax on your private pension contributions: Annual allowance - GOV.UK • HMRC Pensions Tax Manual • Pension schemes newsletters - GOV.UK.
Back to Contents
Pensions Industry Stakeholder Forum minutes 11 July 2018
The minutes have been made available from the last meeting of the Pensions Industry Stakeholder Forum.
Devolution One of the topics under discussion was the complexities for pension relief at source that devolution brings due to the Scottish and Welsh Income Tax rates. HMRC explained that work in this area continues and it is currently engaging with devolved authorities, and whilst appreciating that pension scheme administrators need certainty about this, has no additional information to share at this time. One attendee explained that they’d carried out work with pension scheme administrators to see how prepared they are for Scottish Income Tax and Welsh Income Tax. The attendee explained that feedback received from scheme administrators is that it may already be too late to have an orderly change to their systems for the 2019 to 2020 tax
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
Page 521 of 598
Made with FlippingBook - Online magazine maker