Shreekar Yadthore

Hearing concerning reports that @NHSBSA / @nhs_pensions are *still* giving members misleading advice on Pension Savings Statements. ❌ WRONG: “If I don’t receive a statement by 6 October, I should assume I have not breached the threshold.” ✅ RIGHT: Never assume that. Absence of a statement does not mean you are under the annual allowance. NHSBSA has still not issued tens of thousands of RPSSs and overdue PSSs. ❌ WRONG: “There is no timeline for producing manual estimates.” ✅ RIGHT: There is. The timeline is set out in statute. ❌ WRONG: “We will not take requests for that year’s AA statements until after 6 October, so we can prioritise members who have breached.” ✅ RIGHT: If you want the statement by 6 October, request it up to 3 months before that date (by 6 July). Wait until 6 October and you are running perilously close to the 31 January tax deadline. For years my advice has been the same: high earners should request a statement every year, at least 3 months before the 6 October statutory deadline. NHSBSA promised a self-service portal for this by 2020. It is entirely reasonable to request one annually so you can plan. You need the figures for carry-forward and SIPP headroom even if there is no charge. NHSBSA also does not know whether you are tapered. Requesting one now will only produce a mid-December date — six weeks before the end of the tax year, and after many accountants (including mine) want the information long before them to produce your return. Wearing my BMA hat, I reminded NHSBSA senior leadership this week that “no timeline” language is unacceptable when statute sets a deadline, and asked them to stop using it. Use the free updated templates — they calculate the statutory deadline for you: goldstonepenfintech.com/nhsp… Please share with colleagues who might need this, and RT if you agree this needs sorting once and for all

This covers - 1995/2015, 2008-2015 (with/without McCloud) & 2015 only - hospital doctors or GPs - added years - can add actual PSS when (if!) you receive it - help plan CURRENT 25/26 year (when you can do something about it) Register / see📹 bit.ly/GPFTinterest Pls shr RT!

How can people plan with information that's years out of date? How can people know if they can do extras to help #waitinglists @wesstreeting The NHS pension is a really important & really valuable part of reward package @NHSEmployers. Its being BADLY let down by administration

Brown envelope landed and no idea what to do? My video below talks you through all you need to know about your RPSS (now been watched 12k times🙏) You qualify for FREE expert accountancy advice if you ✅Paid AA in 15/16-21/22 (cash or scheme pays) ✅Pension growth ↑ in any yr 15/16-21/22 post-roll ✅Pension growth ↑ £40k in 22/23 “Triage on a page” to see if can reclaim cost of accountants: bit.ly/TGMcCloudTriage Sign up here 👉: bit.ly/MazarsGoldstone Help video🎥: youtube.com/live/zlcFZjv_Jys… Pls shr/RT/FB/WhatsApp colleagues not on socials

Quite a few people receiving revised or manual RPSSes currently. If you had already processed your RPSS to HMRC its no issue claiming again from NHSBSA who will cover the professional cost of an accountant to submit again to HMRC. Details of what do with your RPSS below 👇

Hoping your RPSS brown envelope is going to sort itself & the cheque will be in post? Bad news-it wont! The good news is you can get expert specialist medical accountants to sort this for you, for free. Avg compensation over £14k, top 10 claimed below bit.ly/MazarsGoldstone

⚠️Lots of threads/posts on tapering, threshold, adjusted etc. Now we have March payslips can I tell you how I would approach it 1️⃣ Get your March 25 payslip. Note your YEAR TO DATE TAXABLE Pay. *IGNORE* gross pay and for now IGNORE pensionable pay. Dont use gross income and deduct pension contributions - the "taxable pay" already has them deducted so dont deduct it again. 2️⃣Do *NOT* add back in salary sacrifice for things likes cars and childcare. You are required to add in "relevant salary sacrifice arrangements made after 8 July 2015" - the key word here is relevant defined as "the individual gives up the right to receive general earnings or specific employment income in return for the making of relevant pension provision," - so DONT add cars etc back in. 3️⃣So you now have your NHS taxable income for the year. Now you need to add any other taxable income - think other PAYE, private practice, property, BIK, dividends, interest etc. Basically anything else that is subject to income tax. Less employment related Income Tax Reliefs claimed via tax return i.e. GMC, BMA, MDU etc 4️⃣Do NOT take off gift aid for normal charitable donations which is another common mistake Ive seen experts make. Note you can do this for the ridiculous £100k cliff calculation, but not threshold/adjusted 5️⃣So your NHS taxable income plus all other taxable income, less any other NON NHS pension contributions i.e. a SIPP, is THRESHOLD INCOME. If this is below £200k you are not tapered and have the full £60k allowance and any carry forward (use the HMRC carry forward calculator to work out if you have carry forward - you will have needed both your RPSS to the 22/23 tax year and 23/24 PSS to work this out, latter obviously also delayed in England & Wales - you can estimate 23/24 using the tool below). 6️⃣If threshold income above £200k you need to work out ADJUSTED INCOME. You wont find out your PIAs for 24/25 until October 2025 but can estimate them using the link to the free tool and video below. If you are in 2008 its a bit more involved, and I wouldnt advise the NHS Employers modeller for this as for 2008 it ignores reckonable pay so is wildly innacurate. Adjusted income is THRESHOLD plus deemed PIA pension growth accross both schemes plus any other pension growth or SIPP contributions etc. The free tool below will help you calculate this. 7️⃣The free tool below will help you estimate your threshold and adjusted income, so see if you can expect a liability for 24/25 (due Jan 26, scheme pays Jul 26) WHY IS THIS SO IMPORTANT in 24/25 Because of the 23/24 pay award paid in 24/25 and DDRB 24/25 many people will have VERY LARGE PIAs - Im year 14 (just) and my PIA is over £150k. That means if you go over THRESHOLD income, when you add in the PIA, tapering can be BRUTAL and reduce your allowance from £60k down to £10k - that might increase your AA tax charge by £22,500 (45% x £50k reduction). So if your THRESHOLD income is CLOSE to £200k you can still DURING THE TAX YEAR ONLY i.e. the next 9 days or so make a SIPP payment to reduce it below threshold income to avoid tapering. Say your THRESHOLD income (step 5 above) is £210k you could make a £11k GROSS SIPP payment which would reduce your threshold income to £199k which could reduce your AA liability by £22.5k making the SIPP free. See the worked examples in the video below Free tool and video to work all this out is below Free Tool: bit.ly/Goldstone2325PIA Self help video: youtube.com/watch?v=CNYcurbD…

Do you know YOUR numbers for the closing 24/25 tax year. Only a couple of days to take action if needed with the #taper Free tool below and video 👇

1/ V. Important 🧵 if you are CONSULANT in England. This week I used my FREE modeller to identify & correct an error in #AnnualAllowance for 24/25 which I suspect may be a common error. It will save me over £2,600 from my AA liability, buckle up & see if you are affected Ps RT

4/ You are going to need to my new free tool which models 23/24 and 24/25 AA since NHS pensions havent sent out "brown envelopes" for pension savings, and you need this for self assessment. Instructional video: youtube.com/live/CNYcurbDwP8… Free Tool: bit.ly/Goldstone2325PIA

IMPORTANT: Despite unprecedented failures @nhs_pensions admin in #AnnualAllowance this year, you're STILL required to self-assess by HMRC by 31st Jan 25 FREE help/tools 👇 Instructional video: youtube.com/live/CNYcurbDwP8… FREE Tool: bit.ly/Goldstone2325PIA Pls RT/shr/whatsapp/FB

See the full thread, updated free modeller and new video covering this in the thread below.... nitter.cf/goldstone_tony/status/…

1/ NEW & IMPORTANT: Join me this evening at 7pm Thursday for the pre release of this new free tool! Please share / RT (and D/L your TRS!) 👇 Key links: Free pre-release tool: bit.ly/Goldstone2325PIA Request on demand: bit.ly/PSS2324Request 7pm link: youtube.com/live/CNYcurbDwP8…