Dear client
Tax year end is just 8 weeks away and so to help with your preparations we wanted to share some key information.
As a digital-first investment platform, our recommendation is to submit applications as early as possible via the Portal. As you are aware, in December, SS&C Hubwise introduced additional AML and Bank Account verification on new investor accounts. This will add additional time to the process where a case is referred and information is required prior to any investment being processed. Please bear this in mind when looking at cut off times covered below.
Cut off times
We require expectations and funds to have been submitted by 28th March. We will continue to process funds received after this date, provided they are
- cleared by 18:00 on 4th April
- received from the nominated bank details
- have a corresponding expectation in place
Any funds sent after 18:00 on 4th April will not be cleared by the bank until the following day and will therefore not be available for the 2024/2025 tax year.
Criteria for electronic payments:
In line with our normal procedures, money received from an account that is not the nominated bank account, will need to go through an additional validation step. To avoid this, we would ask that you ensure investors only use their nominated bank account. Where this is not possible, please see the deadline noted below for providing secondary bank account information.
The expectation submitted must be fully and correctly submitted via the Portal (i.e. exactly match the funds sent/received).
Criteria for cheque payments:
Our preference as always, is for investors to pay electronically wherever possible. If a cheque is the only option, please ensure that these are received by us by Friday 21st March.
Please note that we are unable to confirm receipt of funds same day. Our bank statements update overnight, so any payments will not be visible until the next working day.
Deadlines
Bed and ISA Bed and JISA Bed and SIPP
| Friday 14th March Anything after 14th March cannot be guaranteed |
Regular contributions – 1st April 2025 collection date
| Friday 14th March |
One off income drawdown payments
| Friday 14th March |
New applications
| Thursday 20th March |
Cheque Payments
| Friday 21st March |
Providing secondary bank account information
| Friday 21st March |
Electronic Payments
| Friday 28th March |
New SS&C Hubwise SIPP drawdown requests with taxable income
| These must be submitted a minimum of 7 working days prior to the two payroll dates which are as follows: Submitted by 21st March to be paid by 28th March
|
For any cut off dates and times for our third party product providers, please contact them directly as their timescales may differ.
Tax Year End Freshdesk Queries
To ensure we can identify your Tax Year End requests on Freshdesk as quickly as possible, we have re-activated the Tax Year End (TYE) indicator. Could you please use this where appropriate. This can be selected when raising a new ticket as shown in the below screen shot:
For more information on our online application processes, please visit the “How to Guides” on the Knowledge Base - Portal How to Guides : Knowledgebase Hubwise
Kind regards
Joanne Jones
Managing Director
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