The end of the 2019/20 tax year is just around the corner. As such, now is the time for investors to make the most of their yearly tax-free allowances before they are reset on 6 April.
Whether you want to top up an existing Moneyfarm ISA or contribute to your pension to make the most of your allowances, it is important to keep in mind the timelines around different ways to deposit when deciding how to fund your account.
We have also answered some of your most frequently asked questions around payment transfers.
When to transfer your funds
The deadlines for funding accounts differ depending on the payment option being used, along with some other variables. The key deadlines to be aware of for Moneyfarm Stocks and Shares ISAs are:
- First or non-recurring direct debit (8 working days) – 6pm Tuesday 24 March
- Recurring direct debit (7 working days) – 6pm Wednesday 25 March
- Faster payment bank transfer (same day receipt) – 6pm Sunday 5 April
Any payments received after the dates above cannot be guaranteed to be attributed to the 2019/20 tax year.
It is also important to note that all payments should be made to MFM Investments Limited. Payments made to any other account name will be unsuccessful. Transfers must also be made from registered bank accounts to ensure the funds are received successfully.
If you have any further questions, please don’t hesitate to contact the team.
Allowances for 2019/20
For ISA accounts, the current yearly allowance is £20,000. This is the maximum that can be paid into a Moneyfarm ISA across any given tax year.
For pension accounts, the maximum annual allowance for tax relief is £40,000, or up to 100% of your yearly earnings, whichever is lower. Any contributions made over this limit will be subject to Income Tax at the rate which applies to you.
Any unused pension allowance is carried forward from the previous three tax years, however. Read our full blog post on the subject here.
Frequently asked questions
What are the deadlines for pension contributions?
For a Moneyfarm Private Pension, the deadlines are as follows:
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- First or non-recurring direct debit (10 working days) Friday 20 March
- Recurring direct debit with an existing mandate (5 working days) Friday 27 March
- Faster payment (Same working day) Sunday 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.
What are the deadlines for BACs and CHAPS ISA payments?
For BACs and CHAPS payments into Moneyfarm ISA accounts, the deadlines are as follows:
- BACs payment (3 working days) – Tuesday 31 March
- CHAPS payments (1 working day) – Thursday 2 April
How do I add funds to my account?
If you’re funding your Moneyfarm ISA or General Investment Account you can do it via bank transfer or direct debit in the ‘Add funds’ section of your account. For a bank transfer, you’ll see Moneyfarm’s bank details and your unique portfolio reference, which ensure the money goes into your portfolio. Without the reference, the money will go into your available cash.
If you’re funding your Moneyfarm Private Pension, whether it’s a one-off lump sum or a regular contribution, you’ll need to use Direct Debit from the ‘Add funds’ section of your account. You can also transfer in a pension.
You can set up a monthly contribution by Direct Debit. Hit ‘Add funds’, select the date you’d like to make the contribution and ‘Direct Debit’ as the payment method. If you’d prefer, you can also set up a standing order from your online banking.
When will the funds appear in my Moneyfarm account?
If you’ve sent funds to us using a verified bank transfer, it usually takes one working day for the money to show up in your account. However, some banks can take 2-3 working days. Once received, funds are traded the next working day. Direct Debit payments (both one-off and monthly) can take up to five working days depending on your bank, with an additional working day for the funds to be invested.
What is a faster payment and how do I know if my bank offers this?
For most accounts, this will be an ordinary bank transfer. If you are unsure that your bank uses these, it may be best to check with them.
I’m new to Moneyfarm. How long will it take to set up my account?
The majority of our clients manage to get set up in roughly 10 minutes, but we may need to request more documentation to activate your account. If this is the case then our checks may take a day or two to complete, so please bear this in mind when setting up your account.
Can I send the money to the same details I’ve sent to before?
Yes, as long as the account details are as follows, the funds will land with us. The portfolio reference will always remain the same.
MFM Investment Ltd
Sort Code: 20-00-00
Account Number: 13436098