Within the newsletter, HMRC has thanked all of the administrators and practitioners that have assisted it with its user research for the Managing Pension Schemes service. Based on feedback, a number of new features have been developed, which will allow users to:
Find the service
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• Find out what they will need to register as a scheme administrator • Find out what they need to apply to register a new pension scheme • Check for scheme changes and any penalties for their Accounting for Tax return
HMRC is still requesting help in testing these new features, and anybody who is interested should email pensions.administration@hmrc.gov.uk, with the subject line ‘user research’. This is the opportunity to provide feedback and to assist in the future design and development of the service.
Notification of residency status report 2021-22
In Pension Schemes Newsletter 123, scheme administrators of a relief at source pension scheme were reminded that they should have submitted their annual return of information for tax year 2019-20 by 30 September 2021 – this was to enable HMRC to provide the notification of residency status report in January 2021. That deadline has now passed so HMRC will not be able to supply the residency report for January 2021 if the submission was not made. Scheme administrators are still required to submit their 2019-20 at their earliest convenience to prevent HMRC from stopping their subsequent interim repayments.
Annual allowance – members declaring their annual allowance charge on their Self-Assessment tax return
HMRC is asking scheme administrators to remind members that have exceeded their annual allowance for 2019-20, with insufficient unused annual allowance to carry forward to cover the excess, to declare this on their Self-Assessment tax return – even in scenarios where the scheme is paying the tax charge. There is help available in the form of: • The Pension savings – tax charges (Self-Assessment helpsheet HS345) - contains detailed information on how to declare the annual allowance charge on Self-Assessment returns • There is also additional information and guidance in relation to the annual allowance, carrying forward ununsed annual allowance and paying and declaring the annual allowance charge on Gov.UK. There is also a pension annual allowance calculator
Read all of the articles in full here.
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Recognised overseas pension schemes notification list 17 December 2020
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list.
There have been 11 scheme names added to the list, and no schemes have been removed. No amendments have been cited in this update.
A very welcome change is that HMRC now list the updates, as follows.
Schemes added
Australia
DJLJ Graham Super
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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