Claim your McCloud tax refunds – we will manage the whole process and you can claim back our fees
Get us to process your RPSS
You’ll know if you’re affected by the McCloud Tax Remedy as you will receive a Remediable Pension Savings Statement from NHS BSA. These are being issued. You’ll then have until three months after you get your statement to get everything in order, and that’s where we can help. Most people will receive a refund of previous Annual Allowance charges, but you may have to pay more.
“Very impressed with the excellent service – clear guidance on what I needed to do.” Hospital Operations Director
Here’s what to expect.
You grant us the authority to act on your behalf.
Once we’ve checked your identity you’ll need to sign up to our terms and conditions.
We then gather the things we need to know regarding your pension.
This involves obtaining information from you, the scheme and HM Revenue & Customs (HMRC), which we’ll summarise for your approval.
Working with HMRC, we will confirm your tax position.
Using the information we’ve collected, we will calculate your results in partnership with HMRC. You will also receive a document setting out your next steps.
You’ll be invited to an optional guidance session to go through your options.
Our specialist consultants will discuss your results and let you know what action to take.
You’ll be able to claim the cost of our services, once your submission has been made.
There is a compensation scheme to ensure you recoup the cost of going through this process so you shouldn’t be out of pocket.
You’re in good hands.
Isio’s dedicated NHS team will help you swiftly resolve your Remedy tax position.
As pensions tax specialists, we have the knowledge to make the process as smooth and painless as possible.
We are experienced in providing annual and lifetime allowance guidance to members of Public Service Pension Schemes.
Our large team of consultants will always be on hand to help you if you have any questions.
Proven service with great feedback
We have already processed over 100 cases
Our client feedback is excellent
Minimal input required from you
Designed for you not to be out of pocket
Remember, you have three months after you get your statement to complete your submission*
If you have any questions, you can find out more about the McCloud Remedy below. Alternatively, feel free to reach out to our friendly team at nhspensionsremedy@isio.com. If you have missed your deadline don’t worry, you should still get in touch.
*or 31 January 2025 if later.
More about…
The McCloud Remedy and tax.
An important step in the McCloud Remedy is that some of your 2015 scheme benefits have been ‘rolled back’ into final salary benefits.
This means that your tax position will need to be ‘rolled back’ too to make sure your tax position reflects this change to your benefits.
You are required to revisit up to 7 years of annual allowance tax charge calculations for each year of tax year ‘rolled back’.
To do this, you will have to get information from several sources, possibly going back over 10 years and even as early as 2010/2011.
All information and revised tax positions for these tax years and the 2022/2023 tax year, need to be calculated and reported to HMRC by 31 January 2025 or three months after you receive your Remediable Pension Savings Statement.
To do this calculation, you need to use the HMRC digital service. The service is different to the usual way of reporting tax charges through self-assessment. This may be the first and only time you use it.
The tax ‘rollback’ is complex and the work you need to do in such a short time frame may feel overwhelming.
That’s where Isio can help. By signing up to our service, we manage the entire process for you. We will retrieve the relevant pieces of information on your behalf, complete the HMRC digital service and provide you with the results.
Our knowledgeable team of specialists will discuss your results and next steps with you, taking the inconvenience and stress out of the process.
You should still get in touch even if you think you have missed your deadline. HMRC are not currently asking us to report the date of the statement and we are processing all cases as and when they come in.
Sign up with us today and we will start the process for you.
Or email our friendly team at nhspensionsremedy@isio.com.
If you’d like more information about the McCloud Remedy, please visit https://www.nhsbsa.nhs.uk/nhs-pensions.
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