The 2016/17 tax year seems to have been more challenging than previous tax years, due to the introduction of the tapered annual allowance limit, the interaction with the 2015 Scheme, and the very late release of the type one and type two certificates. However, with all tax returns and superannuation certificates completed and submitted, it’s time to start thinking about the year ahead.
For those doctors whose earnings are above the £110,000 Threshold Income limit for annual allowance tapering it will be important to make sure that any large balancing payments are collected before the end of the tax year. This will therefore mean that practice managers of practices where doctors are affected will need to check their March global sum statement to see whether they have been collected. It will therefore be necessary to check with the practice managers that they have done this. Where they have not, it is possible to make an additional Bacs payment and the details for this are:
The practice managers should check that the deductions on the April global sum statement are in line with the 2018/19 estimate of pensionable profits form that was submitted, especially if there are doctors at the practice who have come out of the scheme for annual allowance purposes for whom contributions have been deducted. Where this is the case, PCSE will have to be contacted using the online system. Again, it may therefore be necessary to confirm with the practice managers that they have checked the amounts are correct so action can be taken sooner rather than later.