The end of the 2020/21 tax year is just around the corner. 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.
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.
ISA 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 Stocks and Shares ISAs are:
Direct debit:
- First or non-recurring direct debit (8 working days) – Monday 22 March
- Recurring direct debit – (3 working days) Monday 29 March
Bank transfer:
- Faster payment bank transfer (same day receipt) – Monday 5 April
Pension funding deadlines
For a Moneyfarm Private Pension, the deadlines are as follows:
Direct debit:
- First payment into the pension (10 working days) – Thursday 18 March
- Recurring direct debit and single payments with an existing mandate (5 working days) – Thursday 25 March
Bank transfer:
- Faster payment (same working day) – Monday 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.
Any payments received after the dates listed cannot be guaranteed to be attributed to the 2020/21 tax year. Also, bear in mind that due to the bank holiday, any payments made on Monday 5 April will likely only appear on Wednesday 7 April – they will be attributed to the 2020/21 tax year even if they don’t immediately show.
It’s 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 questions, please don’t hesitate to get in touch with the team.
