Omni – Scheme Return Monitoring (APSS301)

APSS301 returns have to submitted if requested by HMRC but not all schemes receive a notice. Returns are submitted individually and so it is useful to monitor those schemes for which returns have been submitted.

The Scheme Return Monitoring process assumes that you will be submitting all returns for the year ending 5^th April.

Starting the Year

When you start considering submitting returns after the end of a tax year, select ‘System, New APSS301 years’. This will ask you to confirm the tax year end and then explain what it will do. If you confirm you wish to proceed, it will create Scheme Return monitoring records for all active schemes. It will set the ‘Current Position’ field to ‘Not Started’.

It will give you the option to store invetsment information e.g. if a scheme has any property at tax year end, the Property box for that year will be ticked. To do this, Omni needs to carry out a full invetsment valuation of every scheme and so this can take a very long time.

If investment information is stored and a scheme has a loan then the next anniversary date of the latest loan will be shown for reference.

Updating Records

Records can be updated manually via ‘Scheme, APSS Scheme Returns’. This keeps a record of the progress on the latest return to be submitted plus a history of returns submitted for previous years. Click the New button to save any changes and enter a new record. Click the OK button to Save any changes and close the screen.

There are 2 ‘Notes’ fields:

· ‘This years notes’ relates solely to the year selected in the grid.

· ‘Permanent return notes’ relates to all years and does not change when the year in the grid is changed. Information entered here is separate from the Notes entered on the main Scheme screen.

Update Submit from PS Online

When you submit the APSS form via Omni’s Pension Schemes Online, the record in ‘Scheme, APSS Scheme Returns’ will be updated automatically so that ‘Current Position’ is submitted and the Date Submitted is recorded.

XL Report for all Schemes

On the Tax tab in XL Reports, the ‘APSS301 Monitoring’ option will produce a list of all schemes showing the status of the return for a selected tax year.