As the state pension system moves to flat rate in April, National Insurance contributions will determine the level of pension received.
All perfectly normal and logical. However, there appear to be difference between the records held by HMRC and employers. As such, there is a risk that some pensioners will be over paid and others underpaid.
HMRC has claimed “no pensioners will lose out” due to faulty data supplied by their employers pension schemes.
A spokesperson for HMRC has told the FT Adviser that it is working closely with pension funds to make sure their records are completely up to date, while all pension providers should use the official checking service to make sure their members’ records are accurate.
“HMRC is offering a free reconciliation service to enable the schemes to match their records against HMRCs, based on employers’ PAYE returns. This service has been available for nearly two years and HMRC urges employers to register for it before the deadline of 5 April.Let us see how this all ends up working out!
For individuals shortly reaching their state pension age there is a fast track service to ensure they get the correct pension.”
Tax does have to be taxing.
Professional Cover Against the Threat of Costly TAX and VAT Investigations
Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.
Ken Frost has negotiated a 10% discount on any polices that may suit your needs.
However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.
What is Solar Tax Investigation Insurance?
Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.
To find out more, please use this link Solar Tax Investigation Insurance
HMRC Is Shite (www.hmrcisshite.com), also available via the domain www.hmrconline.com, is brought to you by www.kenfrost.com "The Living Brand"
MyCSP (Civil servant pensions) are absolutely fucking useless too with 77% of all records either lost or inaccurate data. Just like this, its endemic....couldnt organise a piss up in a brewery. More fuck ups on the way.
ReplyDelete