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Reminder: 31 July Deadline for NHS Pension Holders

The end of the month – 31st July – marks an important deadline for many NHS pension holders, especially those that have been affected by the tapered annual allowance limitations that recently came into effect.

This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice. 

There are thousands of dental and medical professionals who have been impacted by unexpected tax charges on their pensions due to the tapered annual allowance.

On top of those already affected, there are many others are only just learning of this new legislation and are concerned that they will be impacted this tax year.

The NHS Scheme Pays facility can slightly ease the burden

Nearly a third (30%) of NHS staff members — not just doctors and dentists, but other staff members as well — have elected to use the scheme pays facility to handle their tax bill.

The pool of members that have exceeded their annual allowance since it was reduced to £40,000 five years ago has surged to an average of 17,000 people.

While there are definitely a healthy number of members taking advantage of this tax-paying solution, they are by no means the majority. Some financial professionals actually insist that the pays scheme needs to be promoted more because many members might not even be aware of the new option, just as many were unaware that they could be affected in the first place.

When you should speak to a financial advisor

Time is running out for you to seek professional advice if your income is £110,000 or more per year as you could be subject to tapering and a pension tax charge.

According to the British Medical Association, “every senior clinician will be impacted by either excess pension growth, tapering, or indeed both outcomes.” It’s isn’t recommended for amateurs to take on the potential consequences of the tapered annual allowance alone. This is a complex area and requires the proficiency of financial advisors, with experience in providing the right calculations.

We can help save you money

Don’t wait for the HMRC to take you by surprise this October, be proactive and seek advice and take preventative action before the 31st July deadline.

Dental & Medical Financial Services can provide the carry forward and tapering calculations free of charge as part of our client commitment so there’s no need to seek an outside IFA that would charge upwards of £1,000 in fees. This is part of our client commitment and can potentially save you thousands in tax.

Want help to protect your wealth?
Investments | Financial Planning | Retirement | Save Tax | Protection |

Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
Call Darren to discuss your options.

Tel: 01403 780 770


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