Tax Year End 2024/2025 - Key Information

Modified on Mon, 10 Feb at 2:18 PM

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 21^st 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

Consider relevant stock settlement dates

Friday 14^th March

Anything after 14^th March cannot be guaranteed

Regular contributions – 1^st April 2025 collection date

We must have received fully completed DD and contributions form

Friday 14^th March

One off income drawdown payments

Portal information must be uploaded and all forms completed
The last date for payroll for 2024/25 tax year will be 28^th March 2025
The first payroll date for 2025/26 tax year will be 7^th April 2025

Friday 14^th March

New applications

Thursday 20^th March

Cheque Payments

Friday 21^st March

Providing secondary bank account information

To ensure electronic payments can be processed within the 2024/25 tax year

Friday 21^st March

Electronic Payments

From nominated bank accounts

Friday 28^th March

New SS&C Hubwise SIPP drawdown requests with taxable income

Portal information must be uploaded and all forms completed

These must be submitted a minimum of 7 working days prior to the two payroll dates which are as follows:

Submitted by 21^st March to be paid by 28^th 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