Lisa Webster: Annual allowance charges explained (and how to pay)

Reporting and deadlines

clock • 4 min read

Lisa Webster explains annual allowance charges and factors in reporting and all-important deadlines...

31 January was deadline day. Not just for football transfers but for self-assessment tax returns. The pro-active among us may well have filed months ago (and according to HMRC there were even 2,828 who filed on Christmas Day), but many will be gathering information with a last-minute rush to beat the deadline. We are often asked how breaches of the pension annual allowance are reported, and how carry forward is dealt with. What and where on the self-assessment forms should this information be provided? It is the individual's responsibility to report any annual allowance breach to H...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

A new tax year for advice: 'Tax planning is not done'

A new tax year for advice: 'Tax planning is not done'

Advisers urge clients to maximise their tax breaks

Isabel Baxter
clock 08 April 2025 • 5 min read
Farming families must be proactive on advice ahead of APR/BPR change

Farming families must be proactive on advice ahead of APR/BPR change

‘The difficult conversations need to happen now’

Sahar Nazir
clock 03 April 2025 • 6 min read
Business' tax year planning – a reminder on carry forward

Business' tax year planning – a reminder on carry forward

'The carry forward rules can be difficult to navigate'

Caitlin Southall
clock 31 March 2025 • 4 min read