Key information for end-of-tax-year contributions

The end of the 2023/24 tax year is approaching quickly. As such, now is the time for investors to take stock of their financial situation and make the most of their yearly tax-free allowances before they are reset on 6 April.

Given the rapidly approaching deadline, there are some important details to take note of.

ISA & JISA funding deadlines

Funding deadlines differ depending on the payment option being used, along with some other variables. The key deadlines to be aware of for Moneyfarm ISAs are:

Direct Debit: 

• First or non-recurring Direct Debit – Tuesday 26 March
• Recurring Direct Debit and single payments with an existing mandate – Tuesday 26 March

Bank transfer:

• Faster payment bank transfer – Wednesday 5 April – please ensure you send before 6pm to avoid any disappointment 

Pension funding deadlines

For a Moneyfarm Private Pension, the deadlines are as follows:

Direct Debit:

• First payment into the pension – Friday 15 March
• Recurring Direct Debit and single payments with an existing mandate – Friday 22 March

Bank transfer:

• Faster payment – Friday 5 April

For bank transfers into pension accounts, please notify the team that it is for the pension as we need to move it to our pension administrator.

If you are setting up a new employer contribution into the pension we will need to also have all documentation signed off, along with any payment, before the end of the tax year. You can find the employer contribution form here and can find your Moneyfarm pension ID through any pension documentation in the ‘Documents’ section of your Moneyfarm account. Please return this form to employer form to pensionpayments@moneyfarm.com so that we can generate the relevant documentation.

Any payments received after the dates listed cannot be guaranteed to be attributed to the 2023/24 tax year. Also, bear in mind that:

• Payments made on the 5th will not appear until the 9th. Please note that these will be retroactively backdated.

It’s also important to note that all payments should be made to MFM Investments Limited. Payments made to any other account name may be unsuccessful. Transfers must also be made from registered bank accounts to ensure the funds are received successfully. If you have any questions, please don’t hesitate to get in touch with the team.

Payment timeframes and visibility

• • Bank transfers are received by us on the same working day, next working day if sent at the weekend, and are then allocated to your account on the following working day.

• Money that will be sent to us on 5 April, won’t appear in your Moneyfarm account until the 9th. However, this will still count towards the 2023/24 tax year.

• Money that is allocated on the 9th, sent on the 5th, will initially take up the 2024/25 allowance on the platform, however we will then backdate this in the days that follow.

• Please ensure you send any bank transfers before 6pm to avoid any disappointment.
• Money sent after 6pm may not be received by us until the next day, so you may need to provide a proof of payment in order for us to backdate the contribution.
• Payments sent to us on the 6th or the 7th of April, will not appear until 9 April. 

Important details 

• Money inside your account in available cash in your account will not be deemed to be inside your ISA or pension. So if you want this to be counted towards your allowances, please move it inside the portfolio before the 5th. For pensions, you will need to contact us on 0800 433 4574.
• In line with the above, it is important that last-minute payments have the correct payment reference. The reference dictates where in the account money is allocated. The reference is provided in the bank transfer journey and is also emailed to you (if that portfolio is chosen as the destination).
• The deadline for bank transfers is 5 April, however, to avoid any disappointment, please try to send before 6pm (or even on earlier days).
• Transfers must also be made from registered and verified bank accounts to ensure the funds are received successfully.

Whether you’re topping up an existing Moneyfarm ISA or contributing to your pension, it’s important to bear in mind the different deadlines for funding – different methods of depositing have different timescales.

If you have any questions, please don’t hesitate to get in touch with the team.