How to avoid common pitfalls
This information is relevant for you if you use the Wealthtime Select platform.
As the busy tax year end season approaches, we’re here to support you. Discover our top tips designed to help you sidestep the common pitfalls we frequently see at this time.
- We receive a brand new employer, or employee, contribution but we haven’t got any information on the employer.
- Make sure your client completes and submits a SIPP Supplementary Contribution Application or a Record of Payments Due (RPD) before sending the initial payment.
- Once we’ve set up the new employer, we don’t need a form each time.
- An ISA subscription is made into the ISA account. There’s an initial change in place from when the wrapper was opened. This means that the initial charge gets taken from the ISA subscription amount.
- To maximise the client’s subscription, their adviser then ask us to cancel the charge payment.
- Please let us know in advance if we’re expecting a subscription where the initial charge should not be applied.
- It’s much simpler and cleaner for us to stop a charge from being taken than it is to manually reverse a charge.
- We receive a subscription payment for a client’s ISA, but can’t apply it because the client doesn’t have a valid declaration in place on their account.
- Make sure your client completes and submits an ISA Declaration for 23/24 before sending the payment. The form can be completed by adobesign or docusign electronic with credentials attached or if it is wet signed then you can upload and attach to a secure message.
- Or, if your client has online access to the platform then instead of sending the form, they can send the ISA declaration secure message to us.
- We receive a client’s payment but it doesn’t have their individual payments roll number on it.
- This makes it harder for us to know where we should apply the payment. This may cause delay.
- Please encourage your clients to use their individual payments roll numbers as a reference when sending payments.
- The individual payments roll number is a unique number for each product. The format is 000123456.
Remember, you can use the clients individual roll number report to find this information for all of your clients.
- This will mean we can efficiently identify and allocate the payment.
Top tip – When your clients are paying into our bank account, please ask them to use ‘Wealthtime Ltd’. This means it will match on the bank’s systems.
- We receive notice of an amendment to a direct debit, or an instruction to set up a new direct debit, less than 10 working days before collection is due to take place.
- We’re unable to process it in time, and the change would have to be made to apply from the next collection.
- Please make sure we receive any amendments to direct debits at least 10 working days before collection.
- This is particularly important for direct debits which are due to be collected on 7 April 2024, as this is the first collection date of the new tax year. It’s likely that some employers will increase employer contributions, following annual pay increases, and intend for this to take effect from the start of the new tax year. If the deadline for changes of 10 days before collection is missed, then the next available SIPP direct debit collection date is 21 April 2024.
If you have any further questions, we’re here to help.
You can send us a secure message via the Wealthtime Select platform, or phone us on 01725 512 925.