End of tax year 2022/23: Funding deadlines

Key information for end of tax year contributions

The end of the 2022/23 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 6th April.

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

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 the 5th of April, however to avoid any disappointment please try to send before 5pm (or even on earlier days)
• Transfers must also be made from registered and verified bank accounts to ensure the funds are received successfully.

As we get closer to the deadline, we will change our opening hours to help our clients as much as we can in this crucial period.

Our opening hours

Since, we want to offer our clients additional flexibility and convenience, so we’ve extended some of our opening hours over the period leading up to April 5th:

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.
• This means that money sent at the weekend won’t be visible until the following Tuesday.
• Money that will be sent to us on the 5th of April, won’t appear in your Moneyfarm account until the 6th. However this will still count towards the 2022/23 tax year.
• Money that is allocated on the 6th, sent on the 5th, will initially take up the 2023/24 allowance on the platform, however we will then backdate this in the days that follow.
• As the weekend following the weekend is a bank holiday, this will also affect payment visibility.
  Payments sent to us on the 6th of April, will not appear until the 11th of April and any payments sent over the bank holiday weekend won’t be visible until the 12th of 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 –  Friday 24th March
• Recurring direct debit and single payments with an existing mandate – Wednesday 29th March

Bank transfer:

• Faster payment bank transfer  –  Wednesday 5th April

Pension funding deadlines

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

Direct debit:

• First payment into the pension – Wednesday 22nd March
• Recurring direct debit and single payments with an existing mandate – Thursday 30th March

Bank transfer:

• Faster payment – Wednesday 5th 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.