It is a requirement for registered pension schemes to submit a pension scheme return to HMRC in respect of each tax year by the following 31st January.
The information submitted to HMRC relates to:
- Contributions and transfers in and out of the scheme
- Lump sum payments
- Borrowing and interest paid
- All fees borne from the scheme
- The value of assets held by the scheme, purchases and sales, and any income generated by them.
As the professional trustee and scheme administrator for your SSAS, we complete the pension scheme return on behalf of the scheme. Where possible, we will collate the details required from our records and/or by requesting the necessary information directly from the investment providers and banks.
In some circumstances we may need member trustees to provide or validate information to enable us to fulfil the HMRC requirements of the scheme. We appreciate your cooperation and prompt response should this be necessary.
What information do I need to provide?
The information required relates to the assets, liabilities and payments in or out of the scheme. As professional trustee and scheme administrator, we will normally hold this information or can obtain it directly from investment providers and banks. In some circumstances we may not hold information or may require the member trustees or their professional adviser to validate it before we can complete the return. In these situations, we will contact you or your professional adviser and specify what is needed.
When do I need to provide the information requested to James Hay?
Please provide the information requested as soon as possible and contact us directly if you have any queries or concerns.
When does the return need to be submitted to HMRC?
We will submit the pension scheme return once all information has been received. The pension scheme return must be submitted no later than 31st January following the tax year end.
What happens if the pension scheme return is not submitted or is submitted late?
HMRC may apply penalties to the scheme for late pension scheme return submission. These may comprise of a late filing penalty and potentially further ongoing charges.