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Omni – Pension Schemes Online
– APSS313
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The returns can be accessed via ‘Reports, Pension Schemes
Online’, as long as you have the user-rights to prepare the returns.
The main return for SIPPs is the ‘Registered Pension Scheme Return
for Non-Occupational Pension Schemes (APSS313)’.
One return is needed for each master trust (not 1 per SIPP member). The
Return is only needed if the scheme receives a notice from HMRC. However, it
appears that notices have been issued to all SIPPs. The return has to be
submitted, if requested, even if it is a ‘nil’ return.
If a report is needed for the tax year ended 5th April 2007,
it must be submitted by 31st January 2008. The deadline is earlier
if the scheme has wound up.
Settings
Within Pension Schemes Online, the ‘Settings’ menu allows
you to set the general parameters needed for return.
The ‘General’ option allows you to set the tax year to be
used, whether assets are valued at market value or cost and HMRC logon details
for the Scheme Administrator. Full details are in PS
Online Settings.
Preparing the Return
To be able to submit the return from Omni, all of the
data needs to be entered first.
It is recommended that the return and the accompanying notes are read in
detail. Amongst other schemes this will help you identify the data needed for
each member and which members need to be included.
The return needs to be prepared and finalised separately for each member
that has to be included in the return. There is an XL report which helps you
identify the members to be included. It is only after all of the relevant
members’ pages have been finalised that the overall SIPP return can be
submitted to HMRC.
To prepare the return, enter the Online Reporting program and select
‘Pension Scheme Return, New/Amend Return’. This displays a list of
any previous drafts or any finalised returns. From here, you can click the New
button to prepare a new return or select a draft so that you can view it or
finalise it.
If you produce a new return, it will be prepared so that it can be
checked or printed. If you then click ‘Close’ it will be saved so
that you can come back to it but you cannot use this as part of the final
return to be submitted to HMRC without it being finalised.
Omni will collate the data needed for the return from the information
that has been stored in the database. If the database is not complete or the
particular circumstances do not fit the standard approach, the information
required on the APSS313 can be entered manually for an individual SIPP.
Multiple Arrangements
If a member has more than 1
arrangement, separate additional pages can be completed or one aggregated page
for that member. If the data for different arrangements has been stored separately,
Omni will report the arrangements separately rather than aggregating them.
Printing and Checking
Once the return is prepared you can view the return or print it for
checking.
Amending the Return before Finalisation
You cannot amend the return itself. If the return is not correct then
you should amend the main database to reflect the correct data and re-run.
Finalising the Return for a Scheme
Once the return for a member has been checked and is ready to be
included in the overall submission, you can select the return in the New/Amend
grid. If you click ‘View’ the previously prepared return is
displayed. If uou click on the ‘Finalise Pages’ button the return
will be finalised for that member and will be collated into the overall return
for the SIPP when the overall return is prepared.
If you are sure that the only assets to report will be
property, it would be sufficient to ensure that all property data is
up-to-date, including property values and rent transactions are entered, posted
and imported. You can then finalise the return by clicking on ‘Finalise
Pages’ rather than ‘Close’ when the return is first prepared.
Submitting the Return
Once the pages for all
members that need to be included in the return have been finalised, you can
submit the global form to HMRC. To do this you deselect the scheme in the main
Omni program and then select ‘Reports, Pension Schemes Online’ .
Select ‘Pension Scheme Return’ and New/Amend’. Click the
‘New/Live’ button and Omni will collate all of the pages that have
previously been finalised for each of the members into one long return e.g. if
there are 100 members to include in the return, questions 1 to 4 will be
completed once and then questions 5 to 10 will be completed 100 times. If you
are satisfied with all of the information, you read the declarations and click
to confirm that you agree with the declarations. You then click ‘Prepare
for Submission’ and the final screen appears. On that screen you click
submit (none of the details can be edited). Omni then asks if you wish to
proceed. If you confirm, then Omni will communicate with HMRC’s database
and obtain a receipt.
The return is stored and the
receipt is stored at the top of the return, including an IR mark, which
identifies the submission. This receipt simply confirms that the return was
received by HMRC in a valid structure – it does not confirm that the data
has been agreed by HMRC.
Amending the Return After Submission
Once you have submitted the return, if you find that the data was
incorrect and you need to amend the return, you can prepare and submit another
return in the same way.
Service
Availability
If the
HMRC service is not available, perhaps due to upgrades, then HMRC will accept the
return but not send a receipt. The receipt will be shown as a message when the
administrator next logs on to the website. The receipt (IRmark) will be
supplied but then you will need to update Omni’s record of the return and
copy and paste the IRmark. This is cumbersome and so we recommend that you
avoid submitting returns when the HMRC service is not available.
Identifying Members Requiring
Supplementary Pages
The XL Reports function of Omni allows you to produce a list of all
properties held in the SIPP, showing whether or not the property was bought
from a connected party and which type of connected party.
You will need to decide
whether an asset that was bought by a SSAS from a connected party and then
transferred in-specie to the SIPP, counts as being acquired indirectly from a
connected party (i.e. decide whether to look through transfers in-specie from
SSASs).
All properties for all schemes will need to have been stored in Omni for
the listings to work. Obviously, if the data has not been stored for an event,
then Omni will not include it on the list.
Property Syndicates
If there are properties shared between 2 or more SIPP members, each
member’s share will need to be reported separately. Omni allows you to
store the percentage interest of each SIPP in the syndicate so that these
percentages can be applied to the value of the property and the rent payments
received.
For formal property syndicates you will need to consider the formal
documentation and decide whether the asset is an interest in property or units
in some form of collective investment scheme.
Values of Assets
Various sections (e.g. 7.1) ask for the cost or market value of an asset
owned on 5th April 2007. The amount can be the value used at the
most recent valuation e.g. the SIPP anniversary. This date can be different for
each SIPP. It can be any date in the tax year (not the year from 5th
October as used in the SIPP RAS return). Although the value relates to a
previous date, it is necessary to consider the assets held on 5th April
and not the assets held at an earlier date. Omni will therefore be searching
for assets held at 5th April 2007 and will be using the value stored
for that asset at that date or the latest previous date.
Assets Acquired From Connected
Parties
The connected party questions would apply if you have accepted any
‘in-specie’ contributions or bought quoted shares from a member or
employer. Omni does not currently store such data but you can type the data
into a specific screen within the Omni Pension Schemes Online program. Omni
will then incorporate that data with the other parts of theAPSS313 return.