Transactions Data

Tax relief on contributions - SIPPs

The aim of the report is to determine whether all tax relief has been claimed and allocated to the correct members.

The report will ignore contributions after a given date, (the 'end-date' - which defaults to the 5th of the month that is 3 months prior to the current month and can be changed by the user) because tax relief will not have been received on the latest contributions.

Contributions before a date, (the 'start-date' - 5th April 2001 as a default) can be ignored.

For each member, the totals over the whole period of the following amounts are shown

1. Net member contributions (after April 2001, both employed and self-employed)

2. Actual tax relief received

3. Expected tax relief (based on the net contributions and the tax rate applying at the date of each contribution)

4. The difference between actual and expected (hopefully zero for all members)

The actual tax relief is taken from the contribution split records generated automatically by the tax claiming procedures of Omni. Tax relief relating to Contributions with a date after the 'end-date' is ignored.

Any amounts entered manually as contribution bank transactions then imported with 'Contribution Type' of 'Tax Relief' are added if the date is not later than the last day of the month following the 'end-date'. For example, the tax relief should be received on 21st June for a contribution received in the month ended on 5th May and so any later tax relief entries will relate to subsequent contributions.

Any tax relief that is not claimed at the correct time will show in the discrepancy column, until it is received.

Tax relief is calculated using the tax rates you have stored ‘Other, Tax and Base Rates’. If no rate is stored for a year the report uses 24% until 5th April 1997, then 23% to 5th April 2000, then 22% to 5th April 2008 and 20% thereafter.

Notes:

The report only considers schemes with status of 'Live' and 'Pensioners'.

Rent not received

A list of property tenants where no rent has been received in the last 'rent period' plus 14 days.

The rent period is 1 month for monthly rent; 3 months for quarterly rent etc..
The 14 days is added to allow time for rent to be received and processed.

Tenants are excluded if either:

• The property has been sold
• The tenant has left

The tenants are sorted into 2 groups:

1. Those where the Rent Collector is 'Us' or blank

2. The others

Rent paid over a year

For each tenant, the rent actually received over the year and the rent due for the year are shown, together with the difference, so that any underpayments or overpayments can be identified.