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Thousands of higher earners, affected -by the Tapered Annual Allowance

October 15, 2020

"Thousands of higher earners, mostly in the public sector, have fallen foul of the tapered annual allowance since it was introduced in 2016."However, it is not just high earners in the public sector that are at risk. Do not let this be you. Many individuals are unaware that failing to declare tax due when exceeding annual allowances and paid even if by the pension provider has to be declared on your self-assessment. Failure to do this means you are subject to fines/penalties from HMRC for failing to report it.Speak to your pension advisor or provider before completing your self-assessment to ensure that you do not omit this information and therefore become liable. Ignorance is no defence when dealing with HMRC.To find out more, visit https://www.gov.uk/guidance/pension-schemes-work-out-your-tapered-annual-allowance[widget id="recent-posts-2"]

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