Unprepared scheme administrators could hit IFAs

A helpsheet outlining the responsibilities for scheme administrators, issued last week by HM Revenue & Customs, suggests the department is concerned some people have taken on the role of scheme administrator without understanding what it entails. In the two-page document HMRC highlights the legal responsibilities of a scheme administrator including: Completing a declaration for each scheme for which they are administrator Filing the following returns without notice: Annual Event Report, Quarterly Accounting for Tax, Notification of Cessation of Scheme Administrator and Scheme wind up...