That time has come again when your Annual Reconciliation Report (ARR) for the year-ending 31st March 2015 needs to be submitted by 30th June 2015.
Both providers and performers are required by law to confirm their net earnings for the 2014/15 financial year and failure to do so will set your superannuation contribution to zero. It’s important because your net earnings are used to calculate your entitlement to statutory payments, such as sickness, as well as to keep accurate pension records.
Providers, please be aware that if you are trading via a limited company, only income taken in the form of salary and dividends can be “pensioned”. If a salary or dividend paid by a limited company practice does not reach the maximum available to you (the net pensionable earnings ceiling) during the financial year then the shortfall will be lost. Unfortunately, it cannot be carried over to the following year.
Once the provider has submitted their ARR, it is important for the performers to review their net pensionable earnings figure and select “accept” or “reject” on the NHS dental portal.
Providers – please ensure that there is enough time to (1) complete your ARR declaration and (2) allow your performers to review and accept their net earnings figure.
In August 2015, both providers and performers should receive their SD86C giving the final position for contributions via the dental portal. This is required to make sure that your superannuation contribution is correctly entered on to your 2014/15 tax return along with all tax relief claimed.
With one week to go until the deadline date, if you need any help or guidance, please let us know! Meet Lauren and the rest of the team here.