In preparation for the approaching tax-year end here are some key dates and information for your consideration:
Pension contributions deadline for the 2019/20 tax year
Pension contributions which qualify for the 2019/20 tax year need to be received by Embark into the Metro bank account by 5pm on 2 April 2020.
The supporting pension contribution expectation must also be keyed on platform by 5pm on 2 April 2020.
Should we receive either the funds or the supporting pension contribution expectation after this deadline, the contribution will not qualify for this current tax year.
In order to pay pension benefits in this current tax year, Platform requests must be keyed and funds cleared in the SIPP Bank Account (including any Investment Sale proceeds) by 11am on 27 March 2020.
ISA/GIA payments to be paid in the 2019/20 tax year
In order to pay ISA/GIA payments in this current tax year, Platform request must be keyed and funds cleared (including any Investment Sale proceeds) by 11am on 3 April 2020.
PAYMENT METHODS
Direct Credit Information
Payments made into an account via direct debit are the most effective way to automatically allocate the funds to your clients’ accounts and execute any investment instructions. However, if you do need to make a payment by direct credit, you must ensure the client’s account is open on the platform, the payment is made to the correct bank account and that the full reference is completed including the sub account reference, for example:
EM2001221-001.
Account: 21862465
Sort Code: 23-05-80
Client reference: e.g. EM2001221-001
If we are unable to match funds to the client’s account, the funds will be returned.
Direct Debit Mandates
Direct Debit Mandates (DDM) which require to be set up prior to tax year end must be keyed, bank account authorised and the DDM received into Embark via email/post by 20 March 2020.
Bank Transfers
Please note that bank transfers can take up to five working days depending on your bank. We recommend contacting your bank in advance of making the payment.
Cheque payments
Cheque contributions should arrive at our offices by Tuesday 24 March 2020. Funds can take up to seven working days to clear, using this payment method. For more details on the cheque clearing process please contact your bank directly.
If you require clarification for a particular client, please contact us on the following:
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