Hartsfield Trustee Services Ltd will be the practitioner of your Small Self-Administered Scheme (SSAS) and will act on behalf of the scheme trustees who are the scheme administrators.
So what does the scheme practitioner do?
The scheme practitioner’s role is to advise the trustees on the ever-changing administration and tax rules set out by HM Revenue & Customs. As HMRC does not offer any ongoing guidance or support to your SSAS directly, it is strongly advisable to have an experienced scheme practitioner. The penalties levied by HMRC for any unauthorised payments by your scheme would be severe.
Rest assured that Hartsfield Trustee Services Ltd has the necessary experience, tracing our roots back to when the SSAS first emerged.
We are long-standing members of AMPS (the Association of Member-Directed Pension Schemes). AMPS has more than 150 member firms representing many parts of the member-directed pensions industry, including SSAS practitioners. Our inclusion means that we benefit from shared best practice, which is important in an increasingly fluid pension landscape.
Hartsfield Trustee Services Ltd will provide you with all administration and technical advice relating to your SSAS, as well as give you all of the required scheme documentation. We will also maintain scheme records in accordance with the Information Commissioner Office data protection requirements.
As your scheme practitioner, Hartsfield Trustee Services Ltd will also complete all required HMRC reports, assist trustees regarding the purchase and sale of scheme assets, and provide any calculations for members’ benefit payments.
A scheme practitioner is also invaluable in the event of a dispute between members and would be able to mediate without having to involve regulatory bodies or solicitors.
Running a SSAS is not an easy task; HMRC rules are very stringent and therefore we do not recommend that members act as practitioners.
A breakdown of the associated fees for our services can be found here.
For you information, Hartsfield Trustee Services Ltd’s company number is 07118899.
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