Retirement benefit schemes

Our team of experts tell you what HMRC need to know if you have set up one of these schemes

Our experts at DSR Tax Claims know how hard it is to find good, quality information about HMRC’s tax regulations that is easy to understand, and that’s why we have created these handy guides to tell you everything you need to know. Our aim is to make life easier for our clients and that is why we want to share our expertise with you. You can also call our friendly team on 0330 122 9972 – we’re the tax experts you can trust.

Do you need to report retirement benefit schemes to HMRC?

If you are an employer and you make monetary contributions into a pension or a retirement benefits scheme, you may have to report these payments to HMRC and as a result might be expected to pay additional PAYE tax.

As far as HMRC are concerned, retirement benefit schemes include registered pension schemes as well as any scheme which pays retirement or death benefits for your employee or their family member or a member of their household.

Whether you have to report anything to HMRC or pay additional tax all depends on whether the scheme is registered with HMRC or not. If the scheme is already registered with HMRC, the company who run the scheme on your behalf are responsible for deducting and paying PAYE tax so you shouldn’t have to report or pay anything.

If the scheme is not registered and you are considered to be the ‘responsible person’ as defined in tax law, you have the responsibility of reporting these retirement benefits to HMRC and deducting and paying any PAYE tax which is payable. HMRC recommends that you get professional advice to help you navigate the rules of providing these retirement benefits because they recognise that it is a very complex area.

How can DSR Tax Claims help?

We aim to make life as simple as possible for our clients and that includes giving you the information you need to make your taxes (and your life) simpler and less stressful.  Our team of experts at DSR Tax Claims are always on hand to help our clients and our excellent standing with HMRC means that we can make sure you don’t fall foul of their regulations, while claiming your maximum tax relief. We can even take care of all that paperwork and deal with HMRC on your behalf too. Call our friendly team on 0330 122 9972 – we’re the tax experts you can trust.

This page was last updated on 07/11/2018.

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