Last banking weekday in 2020/21 tax year is Thu 1st April

Consumerist

Just in case anyone needs reminding.

Fri 02/04/21 and Mon 05/04/21 are Easter Bank Holidays.

underground99

Useful reminder. Worth being aware thought that some (quite a lot) of investment providers will allow funding of an account via debit card even on non-weekdays.

So if you want to load a SIPP pension or ISA on Easter Saturday, you probably can do - many of them will be happy to take your card details at a weekend just like they would take them in a grocery store. But if you're trying to use some non-instant payment method like 'faster payments' from your bank, clearance may only be guaranteed next business day so even if you pay on Thursday it may not get to them until Tuesday, and miss the tax year.

Consumerist

Less than a week to go. So a final bump.

Nebulous2

We're expecting to get enough money on Monday to fully fund an ISA for myself and my wife. Probably going with Fidelity. Any likely problems in opening an ISA  then and funding it before the end of the year? 

Consumerist

Nebulous2 said:

We're expecting to get enough money on Monday to fully fund an ISA for myself and my wife. Probably going with Fidelity. Any likely problems in opening an ISA  then and funding it before the end of the year? 

I would suggest opening the ISAs as soon as possible. Check the ISA's Terms to see whether you can transfer and/or add funds after the application. Some ISA managers allow transfers only at application time - not afterwards - so you may need to wait until the funds are ready to transfer at application time.

EthicsGradient

My SIPP provider, AJBell, claims that the direct debit they take on the first working day of the month will count as a contribution this tax year. It's true that the DD always shows up on my bank statement as the first working day of the month, but it is never listed on that date on AJBell's own cash statement for the SIPP - 1, 2 or even 3 working days after instead (even without bank holidays, this has sometimes meant it's not listed until the 6th of the month). So I expect them to list the contribution as the 6th at the earliest on the SIPP cash statement.

In contrast, when I use my debit card to fund it with a one-off amount, the SIPP statement shows it on the day I did it, but the bank statement shows the debit on the following working day. So I'm going to do that on the 31st of March, so that I have a (bank) statement showing both types of payment on the 1st April. And I'll keep their email in which they only talk about the date of the direct debit mattering, so if HMRC ever query it I can blame AJBell.

kuratowski

You don't have to take AJ Bell's word for it.
https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#cash-subscriptions

EthicsGradient

...assuming HMRC have the same rules for SIPP contributions as for ISAs. But that is helpful.

kuratowski

Aha, sorry!  The thread has covered both ISAs and SIPPs.
The below link gives the rules for pension contributions.
https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm041000#IDA0QUFG

jimjames

Consumerist said:

Nebulous2 said:

We're expecting to get enough money on Monday to fully fund an ISA for myself and my wife. Probably going with Fidelity. Any likely problems in opening an ISA  then and funding it before the end of the year? 

I would suggest opening the ISAs as soon as possible. Check the ISA's Terms to see whether you can transfer and/or add funds after the application. Some ISA managers allow transfers only at application time - not afterwards - so you may need to wait until the funds are ready to transfer at application time.

While I agree that opening sooner rather than later is a good move I've never come across any investment ISA provider that limits when you can pay into the account. Were you referring to cash ISAs where fixed rate ones have limited deposit periods?

Nebulous2

Consumerist said:

Nebulous2 said:

We're expecting to get enough money on Monday to fully fund an ISA for myself and my wife. Probably going with Fidelity. Any likely problems in opening an ISA  then and funding it before the end of the year? 

I would suggest opening the ISAs as soon as possible. Check the ISA's Terms to see whether you can transfer and/or add funds after the application. Some ISA managers allow transfers only at application time - not afterwards - so you may need to wait until the funds are ready to transfer at application time.

Okay I've got my money in. My wife's ISA has been held up for ID checks. We might be best to go to HL, as she already has a SIPP there, so they wont need to ID her if Fidelity aren't going to make it by the end of the financial year. 

I've opened my ISA with £20k. Fidelity have opened a cash management account for me and are inviting me to put some money in there to cover charges. Can I do that on top of my £20k? Effectively the platform charges wouldn't then come from my ISA?