2019/20 Pension Savings Statement – Request yours today!

25th September 2020

 

If you have made contributions to a registered pension scheme of more than £40,000 in the tax year, your scheme administrator should automatically send you a pension savings statement by 6 October 2020. This will detail your total pension input for the 2019/20 tax year as well as your pension input for the 3 previous tax years.

 

The statement will then be used by your tax advisers when preparing your tax return to determine the annual allowance position and calculate any charge arising

 

If you have a final salary scheme, the growth in your pension pot will be considered rather than the actual contributions made.

 

However…

 

There are two circumstances where a pension savings statement may not be automatically issued but it will still be needed:

 

  1. Where your contributions (or the growth in your pension pot) are less than £40,000 but your total earnings after contributions are more than £110,000.

 

  1. Where your contributions (or growth) are in excess of the £40,000 allowance in total but are split across a number of schemes and each individual scheme is below the threshold.

 

If either of the above apply to you, or for any reason you should have received a statement automatically but didn’t, we recommend you REQUEST YOUR PENSION SAVINGS STATEMENT FOR 2019/20 NOW to ensure it is received in good time to prepare your tax return and fully review your pension position. The statement can be requested by contacting the scheme administrator directly.

 

If you require any further information about the annual allowance, or need assistance with calculating an annual allowance charge, then please speak to your usual Whiting and Partners contact.

 



 
Other items in Blogs
 
Angelica Hunt
19th April 2021 HMRC – Tax refund delays

A number of our clients are experiencing long delays in receiving tax refunds from HMRC.   HMRC attribute these to the need for them to perform security checks in order to combat fraudulent claims.  In some cases, HMRC need more information in order to verify genuine claims.   They may issue a verification letter, either…

Read More »

Ian Piper
15th April 2021 2021 SME Growth: Revenge Spending?

As we pass the Covid-19’s first anniversary of its impact on our area’s economy, accounts of local SME’s are now starting to show part of the damage they have experienced through the lock-downs and associated restrictive measures. Thankfully, through Government financial help and the nimble footwork of businesses adapting to survive, the overall effect upon…

Read More »

Jaimie King
15th April 2021 Life after CBILS: The Recovery Loan Scheme

The government-backed Coronavirus Business Interruption Loan Scheme closed on 31st March to new applicants. Thankfully, the government has put in place further support for businesses, to follow this.   The Recovery Loan Scheme – Government backed loans, 3 months – up to 6 years depending on the product – Up to £10m, no cap on…

Read More »

Vanessa Pearson
26th March 2021 6 April: A Guide to Off-Payroll Working Tax Rules

The proposed new rules apply regarding who determines IR35 status for freelancers hired by medium and large companies are imminent. Our Brief Guide will help find out how this affects you and what you can do: A Brief Guide to Off-Payroll Working Blog entry by: Vanessa Pearson

Read More »

Ben Kilby
25th March 2021 I hear a rumour…

I hear a rumour that Lloyds Agricultural banking team based in Edinburgh has been disbanded and merged within other teams around the country. Although some within the new regional teams may have some knowledge of agriculture it has been suggested that customers felt that this was not important. It seems that the agricultural specialism within…

Read More »

Fiona Mann
24th March 2021 Making Tax Digital – the next steps

Our MTD Group have produced Issue 5 of their newsletter giving details of Making Tax Digital (MTD) as it continues.   So if you are unsure of what to do next, our newsletter has information and advice how to proceed.  Don’t delay however as penalties will be introduced if submission deadlines are missed.   W&P_MTD5…

Read More »