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New MiFID II legislation for Pesnion Schemes

Cookie
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Re: New MiFID II legislation for Pesnion Schemes

#221534

Postby Cookie » May 14th, 2019, 11:21 am

Laughton wrote:Doh! Self Assessment. Yes, I cope with that. I even manage to complete Corporation Tax CT600s so may think again about annual returns foir the SSAS when my already paid for first year with SSAS Practitioner runs out.

I seem to remember though that when I registered with HMRC as a Pension Scheme Administrator I had to certify that I was either completely au fait with pension scheme regulations/law or appoint someone who was to take care of the technical aspect. Not sure where that would leave me if I managed returns myself and then made a technical mistake.

https://www.legalentityidentifier.co.uk/lei-renewal/

It's £59 to renew for 1 year or discounts for multiple years.


Thanks, least that one is in £ and cheapest £ one seen

I was going to use this one as reputable company, but in $, it is slightly cheaper but depends if you have a decent foreign exchange rate card https://lei.bloomberg.com/docs/faq

I dont think HMRC are overly bothered once your registered. I managed to self certify somehow, cant remember how though, think it was just registering as administrator as well as something else, sorry.

The penalties are extremely high, but as long as you meet the deadlines, read up on the rules and dont want to do anything more complicated than share dealing or P2P, then its easy not to do anything wrong. There is nothing to say you cant go back to SSAS Practitioner if you cant cope, but I would be surprised. They just pay and train up an admin bod to do it. You might find your accountant or bookkeeper would do it for cheaper.

Do you do your accounts completely yourself? I pay £600/yr to my accountant for fairly simple contracting accounts. I follow the admin and basic accounting, but there are some accounting procedures they use that lose me, like depreciation and which tax year my invoices at the end of the month fall in. Probably could work it out, but always been in a rush at end of company tax year to get the time to plan.


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