Fixed Income Protection Guidance

There had been many changes to the HMRC’s guidance for those with fixed income protection. According to the rules that were in existence before, individuals with a protected lifetime allowance of £1.8m who were enrolled into a scheme a gainst their wishes, when commencing work with a new employer, faced losing their increased allowance under HMRC’s rules.

But according to the guidance issued now as long as new employees have done everything in their powers to stop the enrolment and the scheme has an appropriate opt-out clause, those enrolled due to system error will not be penalised.

But according to experienced tax professionals, there are a number of other important considerations to ensure those individuals who have diligently informed employers of their fixed protection do not fall foul of accidental enrolment.

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As HMRC keeps tightening the rules on taxation and other tax avoidance schemes. Therefore, it is always best is always best to get the advice of tax specialists. Contact KVS Accountants for any tax related advice. KVS act as accountants and tax specialists in Putney.Fulham, Hammersmith and Wimbledon

 

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