Barnett Waddingham has launched an online analysis tool to check to state of firms' small self-administered schemes (SSASs).
It was recently revealed by HMRC that 5,000 SSASs have lost their professional trustees and could be at risk of incorrect administration.
This is important as firms' have to file their SSASs annual returns on 31 January 2013 to avoid paying tax penalties.
The rule for SSASs to have a professional trustee was removed in April 2006 and since then many firms may be unaware they are without one, which means they are responsible for looking after the SSAS requirements.
{desktop}{/desktop}{mobile}{/mobile}
The Barnett Waddingham tool allows users to answer 10 short questions to identify areas where a SSAS may need attention or be run incorrectly. A personalised report of the finding will then be emailed to the user.
Andrew Roberts, partner at Barnett Waddingham, said: "It can be easy to fall foul of regulatory requirements of running a standalone SSAS if there is no SSAS expert guiding through the process.
"HMRC take a dim view of schemes that they discover are not complying but are sympathetic where action is taken to address areas before HMRC intervene.
"With the 31 January filing deadline approaching, now is a good time to go through our simple checklist as part of your annual online submission to HMRC."
To view the tool, visit www.barnett-waddingham.co.uk/ssashealthcheck 

• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.