The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
“Pension flexibility - reporting of non-taxable death benefits through RTI
In Pension Schemes Newsletter 72 we gave guidance on the reporting of non-taxable death benefits through RTI from April 2016.
We have received a number of queries from pension payers/providers regarding P6 tax coding notices being issued by HMRC for death benefit payments that are entirely non-taxable (i.e. an entry in data item 173 only of the full payment submission (FPS)). P6 coding notices are not relevant to these payments. We are currently investigating this to identify why these notices are being issued, however in the meantime scheme administrators should stop reporting these non-taxable death benefit payments with immediate effect. You should continue to keep records of these payments.
You should not report these entirely non-taxable payments at all for 2016 however you will be required to start reporting these again from April 2017 onwards.
This guidance only applies to death benefit payments where the whole of the payment is non-taxable. All other payments including non-taxable elements should continue to be reported as per previous guidance.
Any pension payer/provider who needs further guidance on this please email pensions.businessdelivery@hmrc.gsi.gov.uk and put reporting non-taxable death benefit payments in the subject line of the email
We are sorry for any inconvenience or confusion this may cause.”
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Payroll Giving approved agencies 6 May 2016
The list of organisations that are approved and monitored by HMRC for the purposes of Payroll Giving has been updated.
This is a list of organisations that can help you to promote Payroll Giving in the workplace, whether using a professional fundraising organisation, staff champions or a chosen charity.
The list doesn’t include all approved Payroll Giving agencies, only those that ask to be included. Some agencies restrict services to particular employers and do not take on other employers.
Approved agencies that are not listed here will be able to produce a letter of approval from HMRC if required by employers.
Employers can contact a Payroll Giving agency to set up a scheme.
Follow this link for further information on Payroll Giving .
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New record for number of payments processed by Bacs 6 May 2016
An impressive 103.7 million payments were processed in just one day in April by Bacs – a new record for the number of transactions in a single day.
That’s the equivalent of 6.7 million payments passing through the Bacs system each hour the processing window was open (15.5 hours), or 111,000 per minute.
The record-breaking figure, set on Thursday 28 April, surpasses the previous daily high of 103 million transactions set just last year on 31 July 2015.
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
Page 378 of 588
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