Reporting to HMRC Money Purchasing allowance

LokiJoe

Hi all
I need to report a threshold breach of Money Purchasing Allowance to HMRC soon, however I'm having trouble how to do this their call wait is quite long and the online advice seems to imply they wouldn't handle it anyway so I cannot see where online to do it, does anyone have any advice how to do it please? TIA

xylophone

https://www.gov.uk/guidance/work-out-your-allowances-if-youve-flexibly-accessed-your-pension

Pay tax if you go above your allowance

If you’ve gone above your allowance, you’ll need to declare it on a Self Assessment tax return and pay tax.

LokiJoe

Thanks xylophone, that's really good help I am self employed so do I do this via self assessment in the next year? as I was advised I had to do it within 91 days?

xylophone

If you go above the annual allowance

You’ll get a statement from your pension provider telling you if you go above the annual allowance in their scheme. If you’re in more than one pension scheme, ask each pension provider for statements.

You can also use a calculator to work out how much you’ve gone above the allowance.

If you go over your annual allowance, either you or your pension provider must pay the tax.

Fill in the ‘Pension savings tax charges’ section of a Self Assessment tax return to tell HMRC about the tax, even if your pension provider pays all or part of it. 

If you went over in the current tax year would you not report in the SA for 23/24?