The end of the current tax year is fast approaching and there are a number of key deadlines that we would like to make you aware of in terms of managing your financial affairs and taking advantage of any allowances in the build up to 5th April 2017.


Key deadlines...

Making amendments to your income

Monday 20 March, 5pm
(Modular iSIPP, iSIPP, Private Client SIPP, Wrap SIPP and Select SIPP only)

To make changes to your income for the 1 April 2017 income payment, the instruction will need to be with us by 5pm on 20 March. An instruction received after that time will not be processed until 1 May income payment, which will be in the new tax year.

Wednesday 29 March, 5pm
(IPS SIPP, IPS (2008) SIPP, IPS Family SIPP, IPS Pension Builder SIPP and SSAS only)

The income instruction deadline for the above products. An instruction to change your income received after this time will not be processed until the new tax year.

Taking new withdrawals from your SIPP or SSAS

Monday 20 March, 5pm
If you are taking money out of your SIPP for the first time, or taking additional income from an existing arrangement (including a tax-free lump sum) and you want the income to be paid in the current tax year, a completed benefit payment form needs to be received along with all relevant supporting documentation. It is important that all forms and documents are completed fully as any delay may result in the request not being completed before the end of the tax year.

For just the tax-free lump sum element to be paid in the current tax year, the deadline for receipt of all documentation is 5pm on Wednesday 29 March for all products.

Benefit Payment Form

If you are unsure about what supporting documentation is required, please call us on 03455 212 414. For SSAS queries, call 03333 205 392

It is worth factoring in...

If any investments need to be sold to fund a payment of income, please ensure these are requested early enough to be processed and allow for third party processing times. The proceeds need to have settled in the bank account by Wednesday 29 March to ensure payment of taxable income in the current tax year.

Capped Drawdown

If you receive your taxable income through a capped drawdown arrangement you will have a maximum amount each tax year that you are permitted to receive. If you have not taken the full income amount by the end of the tax year you cannot carry this over to the next tax year. Therefore if you wish to ensure that you receive your maximum income for the year you should notify us of this as soon as possible.

New business and paying money in

Wednesday 29 March, 5pm
If you are applying for a Modular iPlan and you want to pay a one off amount into a SIPP or ISA in the current tax year, the application needs to be completed and received by us, either by digital signature or post.

Friday 10 March, 5pm
If a regular Direct Debit is to be set up within a new product(s) with the intention that you want the first collection to be made before the end of this tax year, the Modular iPlan application must be with us, either by digital signature or post.

Putting additional money into your existing SIPP or SSAS

Friday 10 March, 5pm
Any new Direct Debit requests to set up regular contributions into your SIPP must be with us if the first collection is required in the current tax year. Regular contributions into a SSAS are done by standing order, so you will need to instruct any changes directly with your bank.

Wednesday 5 April, 5pm
A contribution to your SIPP by cheque must be received in to our office and must be supported by a completed Supplementary Contribution Form. A contribution made by bank transfer must be received into your product’s bank account.

Supplementary Contribution Form
for Modular iSIPP, Wrap SIPP, Private Client SIPP, Select SIPP and iSIPP

Supplementary Contribution Form
for Partnership SIPP

Supplementary Contribution Form
for IPS SIPP, IPS Family SIPP, IPS (2008) SIPP and IPS Pension Builder

SSAS

SSAS contributions made by cheque should be accompanied by a covering letter detailing the recipient member(s). Please note that we only accept employer contributions and therefore this date is only applicable if the company year end is aligned to the tax year end.

For SSAS takeover cases, due to the length of time it takes to complete the transfer, you should make any contributions required before the tax year end to the current scheme administrators. For new SSAS cases it is unlikely that any schemes will be registered and in a position to receive contributions before the end of the tax year due to HMRC timescales.

Putting additional money into an existing ISA

Wednesday 5 April, 5pm
To add money to an ISA in this tax year, we must be in receipt of both the money and a valid Supplementary ISA Subscription and/or Transfer form. If you are uncertain as to whether we hold an existing ISA application for the current tax year, it is safest to include a new ISA Application Form to avoid the subscription being delayed.

Supplementary ISA Subscription Form

New business and taking money out of your SIPP

If money is to be transferred from other pension schemes before taking income in the current tax year, please contact us as soon as possible with the relevant scheme details ('Transfer Form'). However, you should be aware that we are reliant on the transferring scheme to release the money and provide us with the required paperwork. All requirements must be with us by Monday 20 March if income is required in the 2016/2017 tax year – although as previously stated, this does not guarantee that income will be paid in the current tax year as we are reliant on the transferring scheme’s processing timescales.

Purchasing a commercial property

The Property Department always seeks to provide excellent customer service but cannot guarantee a particular completion date as there is a reliance on various third parties. We cannot prioritise one customer over another although we always try to ensure that deadlines are met. If you use our panel solicitors who are familiar with our requirements, this will generally result in smoother administration and a faster turnaround time.

Remember that a SIPP Commercial Property purchase takes an average of 8-12 weeks from the time solicitors are instructed by us, not the date you send us the property questionnaire.

Contact

If you have any queries or concerns regarding the deadlines or requirements please call us on 03455 212 414.