What does SCON mean in ACCOUNTING
SCON stands for Scheme Contracted Out Number, which was a system instituted in the UK by the Revenue and Customs department to track pension scheme contributions. It is used to ensure that pension contributions paid into different schemes are tracked correctly.
SCON meaning in Accounting in Business
SCON mostly used in an acronym Accounting in Category Business that means Scheme Contracted Out Number
Shorthand: SCON,
Full Form: Scheme Contracted Out Number
For more information of "Scheme Contracted Out Number", see the section below.
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Essential Questions and Answers on Scheme Contracted Out Number in "BUSINESS»ACCOUNTING"
What is a SCON number?
A SCON number is a Scheme Contracted Out Number which is an identification code assigned by the Revenue and Customs department for tracking pension scheme contributions.
What does a SCON number do?
A SCON number helps to track payments made by employers into different pension schemes so that taxes can be correctly paid. It also ensures that employees receive the correct rights and benefits in their pensions.
Who uses SCON numbers?
Employers, employees and HM Revenue & Customs use the SCON system to track pension contributions and make sure that they are taxed appropriately.
How can I get a SCON number?
The easiest way to obtain a SCON number is to contact your employer, who will be able to provide it or arrange for you to get one through HM Revenue & Customs.
Final Words:
Overall, a SCON number is an important tool used by employers, employees and HM Revenue & Customs in tracking pension contributions and ensuring that the correct amount of tax has been paid on those contributions. It is important for people to have access to this information so they can properly manage their pensions.