I have recently received queries from non-dental accountants grappling with the NHS Pensions Scheme ‘annual allowance’ issues. Dentists exceeding the annual allowance limits have until 31 January 2014 to decide whether to pay an HMRC penalty charge through the self assessment system or to defer this until retirement.
Failure to notify the HMRC may be seen as late payment of tax with the associated interest penalties and fine. To offer advice quickly and effectively requires appropriate specialist dental accountancy knowledge. Below, I explain why.