Managing pension schemes newsletter – July 2020

23 July 2020

HMRC has published the latest managing pension schemes newsletter, for July 2020. The aim of the newsletter is to provide an update for stakeholders in relation to the latest news on pension schemes.

The July 2020 edition includes an article which confirms that new accounting for tax features have been added to the Managing pension schemes service. This means that scheme administrators of this service now have the ability to submit an Accounting for Tax (AFT) return, make amendments to returns that they have submitted using the service, view what’s changed from the previously submitted version of the return, search their returns for members, and request payment refunds or reallocations relating to AFT returns that have been submitted via the Managing pension schemes service.

In terms of submitting an AFT return, for those that have compiled and saved it for the quarter 1 April – 30 June 2020 on the Managing pension schemes service, they can now submit this return to meet the filing deadline of 14 August 2020. Once the AFT return has been submitted, administrators will receive an online notification to confirm receipt of this. There will also be the option to make amendments to any AFT returns that have been submitted through the service, if required.

From 21 July 2020, administrators are also able to compile and save new AFT returns for the quarter 1 July 2020 to 30 September 2020, and once the quarter has ended, they can, too, be submitted. More information on submitting accounting for tax returns through the Managing pension schemes service can be located in the guide, Submit an Accounting for Tax return using the Managing pension schemes service. For schemes registered on the Pension Schemes Online service, the AFT will still need to be submitted through the Pension Schemes Online service and there are no amendments to the current process.

There are also articles on:

  • Payments relating to accounting for tax returns submitted using the Managing pension schemes service
  • Phase two timeline
  • Migration of pension schemes to the Managing pension schemes service
  • Signing in to online services
  • How you can help
  • Further help and information

Read the newsletter in its entirety here.

 


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