Tax Year End 2018 Deadlines, Deadlines, Deadlines.
Just when you thought the tax year end deadline had gone with the 31st Jan deadline for self assessment just 5 weeks, we are now into tax year end deadlines again.
The tax year end for tax year 2017-18 is 5th April 2018 i.e. less than a month away now but is that the real deadline you have to look out for?
Already, we are seeing pension and investment companies starting to publish deadlines for receipt of and processing applications.
Mid March: Flexible Pension Drawdown - many flexible drawdown pension providers are setting mid-March as the deadline for receipt of new application forms (and pension transfers in) to facilitate a flexible drawdown (not the tax free cash element) but the payment of remaining taxable flexible pension 'income' element. Some providers have set earlier deadlines for new pension or flexible retirement applications, some as early as 10th/11th March i.e. their deadline is next week.
End March: ISAs and Pension Contributions
New ISA and Pensions: For most simple applications and lump sum payments, making sure you have applications in with us by the end of March should be acceptable but for more complex applications such as pension transfers and drawdown, you need to get moving now.
Existing ISA and Pensions: Most additional/top up ISA and Pension premium application forms should be with providers by the 4th April. Some providers will accept scanned copies but require original documentation within a few days.
None will accept post-dated cheques.
Don’t leave it to chance: Call us, your pension, ISA or investment companies to find out what their deadline days are for any action you wish to take before the end of the tax year.