Limited Company. Open a pension scheme help
Discussion
Jockman said:
PurpleMoonlight said:
You should be okay then, but check with your intended SIPP provider. Contributions in excess of the annual allowance get reported to HMRC!
Do they?Got the letter from the pensions provider highlighting I had overpaid the allowance for a single year, that it would be notified to HMRC, and that I should consider making this clear on my tax return.
I phoned HMRC asking what I needed to do - they just said it was part of the required letters the providers had to send, and they (HMRC) would automatically allocate it to the oldest year without me doing anything extra.
Jockman said:
I did a few years back for the entire 4 year period (minus the minimal monthly drips I had paid). Suffolk Life notified me that I had exceeded the allowance and that was all I heard.
That's the same notification I think. Just HMRC are used to it and so sort it out in the background I think.Jockman said:
I did a few years back for the entire 4 year period (minus the minimal monthly drips I had paid). Suffolk Life notified me that I had exceeded the allowance and that was all I heard.
Maybe with all the new fangled tapers and threshold income the rules have changed.
This was introduced from April 2015 if memory serves me correcly.Maybe with all the new fangled tapers and threshold income the rules have changed.
The provider has to issue a Pension Savings Statement to the member.
The Scheme Administrator has to file an Event Report 22 to HMRC.
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