Monday 11th January 2021
It’s that time of the year once more. Letters notifying those who have breached the AA limit for the tax year to April 2020 have been issued by the MOD. If you’ve received one, do not ignore it. You will need to complete a self-assessment tax return (SATR) by the 31st January 2021 deadline.
First establish whether you have a tax charge to pay. The online AA tax calculator can help you do this. If there’s no tax to pay, you need take no further action. If you believe you do have tax to pay, there’s a helpful MOD guide online to help you complete the tax return.
It’s important to note that you can amend your return after submission if necessary. Our advice therefore is for you to complete your SATR and submit it by the due date. In that way you’ll avoid any late submission penalty charges.
At the Forces Pension Society, our Pension Advisory Team will do its best to reply to Members’ AA enquiries before the 31st January deadline but please note we cannot guarantee this for enquiries received after 18th January.
If you would like information about the Forces Pension Society, our Pension Advisory Service and the many benefits of membership, please visit our website.
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This story comes to you as part of the RAF FF’s themed months over January and February on all things relating to careers and finance. You can also keep yourself up to date with ongoing information and advice shared by signing up to our (free) weekly eBulletin and our quarterly Envoy magazine.