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Accounting for Tax for Pension Schemes

Stephen Degnan, an associate with Alec Ure & Associates, sounds a warning on penalties to pension schemes which have not yet got to grips with the new post-A Day accounting for tax process

 
Stephen Degnan an associate with Alec Ure & Associates sounds a warning on penalties to pension schemes which have not yet got to grips with the new post-A Day accounting for tax process
New tax charges and returns
 
A new quarterly Accounting For Tax (AFT) return and payment procedure was introduced for UK tax registered pension schemes from 6 April 2006. Any scheme which incurs liability to any one of five tax charges within any quarter year must make a return without notice and pay up...

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