HMRC SSAS Pension Rules
This is a comprehensive guide to HMRC SSAS pension rules. At One Crown Pensions, we are your SSAS practitioner, supporting you in your SSAS planning. We administrate the SSAS on your behalf, fulfilling all the paperwork to ensure that it remains compliant with the rules set out by HMRC.
We understand that HMRC SSAS rules can be confusing. Many people are worried about falling short of the regulations and being penalised as a result. With the help of our team, your SSAS remains compliant.
Here’s what you need to know about HMRC SSAS pension rules.
Are SSAS Pensions Subject to HMRC Rules?
Yes, SSAS pensions are subject to HMRC rules and regulations. Therefore, it is vital that the SSAS administrator, and ideally the individual members of the SSAS, have an understanding of SSAS and what is and isn’t permitted.
Here at One Crown Pensions we have created our SSAS Video Hub where you can discover SSAS resources completely for free. Whether you want to brush up on the basics or learn how to get the most out of your SSAS, our video hub is the best place to start.
Does a SSAS Have to Report Yearly to HMRC?
Yes, it is the responsibility of the scheme administrator to ensure that there is an annual report submitted to HMRC. This is part of the service that One Crown Pensions offers. We ensure that the report is completed in a timely manner and sent to HMRC on your behalf.
The Pensions Regulator will also write to the scheme administrator on a tri-annual basis asking for additional information. Again, as part of the One Crown service we will ensure that the report to The Pensions Regulator is returned in a timely manner.
What Happens If I Don’t Report to HMRC?
If you fail to report your SSAS to HMRC, you will face numerous consequences, including:
Tax Charges: You could be charged tax on payments made from the SSAS that were not authorised by HMRC.
Penalties: You will be penalised for tax that was not declared to HMRC. This could be up to double the value of the undeclared tax. If you pay your tax or a penalty late, HMRC may charge you interest on the outstanding amount.
Late Event Report: You are required to submit an Event Report to HMRC by January 31st. If you fail to submit your report by the deadline, you could be charged up to £300. Further daily penalties of £60 may also be applied if there is a continued delay.
Enforcement Action: If you fail to report your SSAS to HMRC and you continue using your SSAS despite falling foul of the rules, HMRC may take enforcement action against you.
HMRC SSAS Pension Rules: What Do I Need to Submit?
The scheme administrator is responsible for submitting all relevant information to HMRC. This includes:
SSAS Pension Scheme HMRC Returns
SSASs must submit a pension scheme return to HMRC on a yearly basis. The return includes information such as, the name of the SSAS, address, HMRC reference number, number of members, and scheme administrator (to name a few).
You will be sent a letter from HMRC letting you know the submission deadline. If the return is not submitted before the deadline, HMRC will charge you a £100 penalty and £60 daily charges after that point if there are further delays. Again, we make the appropriate submissions, well in advance and on your behalf.
Complete SSAS Accounts For Tax Returns
With the Autumn Budget 2024 came the announcement of changes in tax (learn about budget tax changes in this video). We know that changes to tax rules can be confusing. That’s why we’re here to help. We will complete all the paperwork on your behalf and submit your tax return on time, so your SSAS remains compliant with HMRC and you don’t have to worry.
Event Reports
Any events within the SSAS must be reported to HMRC within the Event Report. This can be a complicated area as there are lots of events to report, from payments and transfers to changes within the set-up and structure of the SSAS itself.
Thankfully, our team at One Crown Pensions takes care of all the paperwork for you. We make sure that every event within the SSAS is accurately recorded and reported to HMRC.
Support from One Crown Pensions
We will keep your SSAS compliant. This means that, while you have autonomy over the funds within the SSAS, we support you in SSAS planning and ensure your SSAS does not fall short of HMRC’s rules. With the paperwork taken care of by our team, you can focus on growing your funds for a comfortable retirement. Book a call with us to find out more.
