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 within strict deadlines. There are indications that some pension scheme administrators failed to account properly for the tax charges which applied to schemes under the old tax regime. If such failures continue into...
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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 within strict deadlines. There are indications that some pension scheme administrators failed to account properly for the tax charges which applied to schemes under the old tax regime. If such failures continue into...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
