As we near the end of this tax year it is your last chance to take advantage of your tax-free allowances and benefits.
There are many ways to ensure that you are proactively reducing the tax you pay and the tax relief you receive.
It is always important to speak with your adviser, if you wish to invest or withdraw money, to receive the best advice to make the most of your allowances.
As usual the UK tax year ends on the 5th April; however, with this date landing on a Monday, the last working day to process and post most applications will be 2nd April, with many providers declaring a cut off many days prior to this. Be aware that the last BACs payment cut off is usually a week prior to the end of the tax year. CHAPS may be a few days before the end.
This cut off does not only affect payments in. Providers also have a cut off date for Pension Commencement Lump Sums (PCLS) and income payments due to the tax systems used to report directly to HMRC. We have been advised by one of our main platform providers that they have imposed a cut off for PCLS plus Income payments of 17th March and 31st March for PCLS payments only. This is only if the funds are in cash. If it a sell down is required, the dates would be 1 week prior to the respective cut-off date.
If you are likely to make a contribution or require a pension withdrawal before the end of the tax year, and it is not already set up, please contact your adviser now to ensure that this can be facilitated in time.