{"id":5040,"date":"2024-02-01T13:17:46","date_gmt":"2024-02-01T13:17:46","guid":{"rendered":"https:\/\/www.wealthtime.com\/advisers\/?p=5040"},"modified":"2024-03-08T16:20:11","modified_gmt":"2024-03-08T16:20:11","slug":"how-to-avoid-common-pitfalls","status":"publish","type":"post","link":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/","title":{"rendered":"How to avoid common pitfalls"},"content":{"rendered":"\n<p><em>This information is relevant for you if you use the Wealthtime Classic platform.<\/em><\/p>\n\n\n\n<p>As the busy tax year end season approaches, we\u2019re here to support you. Discover our top tips designed to help you sidestep the common pitfalls we frequently see at this time.\u00a0<\/p>\n\n\n\n<p class=\"has-text-color has-link-color wp-elements-69d1173ffefa19616ad3a1618d33379d\" style=\"color:#0000ff\"><strong>Don\u2019t forget to send a Record of Payments Due (RPD) or SIPP Supplementary Contribution Applications for new employer contributions &nbsp;<\/strong><\/p>\n\n\n\n<p><em>The problem:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>We receive a brand new employer, or employee, contribution but we haven\u2019t got any information on the employer.<\/li>\n<\/ul>\n\n\n\n<p><em>The solution:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Make sure your client completes and submits a SIPP Supplementary Contribution Application or a Record of Payments Due (RPD) before sending the initial payment.&nbsp;<\/li>\n\n\n\n<li>Once we\u2019ve set up the new employer, we don\u2019t need a form each time.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-color has-link-color wp-elements-ba2a866dbba086d3211dcfa7ee997cf6\" style=\"color:#0000ff\"><strong>Please let us know if an initial charge shouldn\u2019t be taken on an ISA subscription<\/strong><\/p>\n\n\n\n<p><em>The problem:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>An ISA subscription is made into the ISA account. There\u2019s an initial change in place from when the wrapper was opened. This means that the initial charge gets taken from the ISA subscription amount.<\/li>\n\n\n\n<li>To maximise the client\u2019s subscription, their adviser then ask us to cancel the charge payment.<\/li>\n<\/ul>\n\n\n\n<p><em>The solution:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Please let us know in advance if we\u2019re expecting a subscription where the initial charge should not be applied.<\/li>\n\n\n\n<li>It\u2019s much simpler and cleaner for us to stop a charge from being taken than it is to manually reverse a charge.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-color has-link-color wp-elements-acde1435facc542f6c5e466d520db934\" style=\"color:#0000ff\"><strong>Don\u2019t forget to complete an ISA Declaration<\/strong><\/p>\n\n\n\n<p><em>The problem:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>We receive a subscription payment for a client\u2019s ISA, but can\u2019t apply it because the client doesn\u2019t have a valid declaration in place on their account.<\/li>\n<\/ul>\n\n\n\n<p><em>The solution:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Make sure your client completes and submits an ISA Declaration for 23\/24 before sending the payment.&nbsp; 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.<\/li>\n\n\n\n<li>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.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-color has-link-color wp-elements-7e354d344e8b55ba1f705bed38e31008\" style=\"color:#0000ff\"><strong>Avoid payment allocation delays \u2013 make sure payments can be applied quickly and easily &nbsp;<\/strong><\/p>\n\n\n\n<p><em>The problem:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>We receive a client\u2019s payment but it doesn\u2019t have their individual payments roll number on it.<\/li>\n\n\n\n<li>This makes it harder for us to know where we should apply the payment. This may cause delay.<\/li>\n<\/ul>\n\n\n\n<p><em>The solution:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Please encourage your clients to use their individual payments roll numbers as a reference when sending payments.<\/li>\n\n\n\n<li>The individual payments roll number is a unique number for each product. The format is 000123456<strong>.<br><\/strong>Remember, you can use the clients individual roll number report to find this information for all of your clients.<\/li>\n\n\n\n<li>This will mean we can efficiently identify and allocate the payment.<\/li>\n<\/ul>\n\n\n\n<p><strong>Top tip \u2013 When your clients are paying into our bank account, please ask them to use \u2018Wealthtime Ltd\u2019. This means it will match on the bank\u2019s systems.<\/strong><\/p>\n\n\n\n<p class=\"has-text-color has-link-color wp-elements-8d600f13517375ada2ba1420222234a5\" style=\"color:#0000ff\"><strong>Don\u2019t forget to leave enough time for any changes to be made to direct debits, or for new direct debits to be created. &nbsp;&nbsp;<\/strong><\/p>\n\n\n\n<p><em>The problem:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>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.<\/li>\n\n\n\n<li>We\u2019re unable to process it in time, and the change would have to be made to apply from the next collection.<\/li>\n<\/ul>\n\n\n\n<p><em>The solution:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Please make sure we receive any amendments to direct debits at least 10 working days before collection.<\/li>\n\n\n\n<li>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\u2019s 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.<\/li>\n<\/ul>\n\n\n\n<p><strong>If you have any further questions, we\u2019re here to help<\/strong><strong>.<\/strong><\/p>\n\n\n\n<p>You can send us a secure message via the Wealthtime Classic platform, &nbsp;or phone us on 03330 417 010.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This information is relevant for you if you use the Wealthtime Classic platform. As the busy tax year end season approaches, we\u2019re here to support you. Discover our top tips designed to help you sidestep the common pitfalls we frequently see at this time.\u00a0 Don\u2019t forget to send a Record of Payments Due (RPD) or [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":5036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-5040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-select"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to avoid common pitfalls - Advisers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to avoid common pitfalls - Advisers\" \/>\n<meta property=\"og:description\" content=\"This information is relevant for you if you use the Wealthtime Classic platform. As the busy tax year end season approaches, we\u2019re here to support you. Discover our top tips designed to help you sidestep the common pitfalls we frequently see at this time.\u00a0 Don\u2019t forget to send a Record of Payments Due (RPD) or [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/\" \/>\n<meta property=\"og:site_name\" content=\"Advisers\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-01T13:17:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-08T16:20:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wealthtime.com\/wp-content\/uploads\/sites\/7\/2024\/02\/WTS-how-to.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1008\" \/>\n\t<meta property=\"og:image:height\" content=\"487\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"How to avoid common pitfalls\",\"datePublished\":\"2024-02-01T13:17:46+00:00\",\"dateModified\":\"2024-03-08T16:20:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/\"},\"wordCount\":711,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wealthtime.com\\\/wp-content\\\/uploads\\\/sites\\\/7\\\/2024\\\/02\\\/WTS-how-to.jpg\",\"articleSection\":[\"Classic\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/\",\"url\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/\",\"name\":\"How to avoid common pitfalls - Advisers\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wealthtime.com\\\/wp-content\\\/uploads\\\/sites\\\/7\\\/2024\\\/02\\\/WTS-how-to.jpg\",\"datePublished\":\"2024-02-01T13:17:46+00:00\",\"dateModified\":\"2024-03-08T16:20:11+00:00\",\"author\":{\"@id\":\"\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.wealthtime.com\\\/wp-content\\\/uploads\\\/sites\\\/7\\\/2024\\\/02\\\/WTS-how-to.jpg\",\"contentUrl\":\"https:\\\/\\\/www.wealthtime.com\\\/wp-content\\\/uploads\\\/sites\\\/7\\\/2024\\\/02\\\/WTS-how-to.jpg\",\"width\":1008,\"height\":487},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/blog\\\/2024\\\/02\\\/01\\\/how-to-avoid-common-pitfalls\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How to avoid common pitfalls\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/#website\",\"url\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/\",\"name\":\"Advisers\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.wealthtime.com\\\/advisers\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How to avoid common pitfalls - Advisers","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/","og_locale":"en_US","og_type":"article","og_title":"How to avoid common pitfalls - Advisers","og_description":"This information is relevant for you if you use the Wealthtime Classic platform. As the busy tax year end season approaches, we\u2019re here to support you. Discover our top tips designed to help you sidestep the common pitfalls we frequently see at this time.\u00a0 Don\u2019t forget to send a Record of Payments Due (RPD) or [&hellip;]","og_url":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/","og_site_name":"Advisers","article_published_time":"2024-02-01T13:17:46+00:00","article_modified_time":"2024-03-08T16:20:11+00:00","og_image":[{"width":1008,"height":487,"url":"https:\/\/www.wealthtime.com\/wp-content\/uploads\/sites\/7\/2024\/02\/WTS-how-to.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/#article","isPartOf":{"@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/"},"author":{"name":"","@id":""},"headline":"How to avoid common pitfalls","datePublished":"2024-02-01T13:17:46+00:00","dateModified":"2024-03-08T16:20:11+00:00","mainEntityOfPage":{"@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/"},"wordCount":711,"commentCount":0,"image":{"@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/#primaryimage"},"thumbnailUrl":"https:\/\/www.wealthtime.com\/wp-content\/uploads\/sites\/7\/2024\/02\/WTS-how-to.jpg","articleSection":["Classic"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/","url":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/","name":"How to avoid common pitfalls - Advisers","isPartOf":{"@id":"https:\/\/www.wealthtime.com\/advisers\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/#primaryimage"},"image":{"@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/#primaryimage"},"thumbnailUrl":"https:\/\/www.wealthtime.com\/wp-content\/uploads\/sites\/7\/2024\/02\/WTS-how-to.jpg","datePublished":"2024-02-01T13:17:46+00:00","dateModified":"2024-03-08T16:20:11+00:00","author":{"@id":""},"breadcrumb":{"@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/#primaryimage","url":"https:\/\/www.wealthtime.com\/wp-content\/uploads\/sites\/7\/2024\/02\/WTS-how-to.jpg","contentUrl":"https:\/\/www.wealthtime.com\/wp-content\/uploads\/sites\/7\/2024\/02\/WTS-how-to.jpg","width":1008,"height":487},{"@type":"BreadcrumbList","@id":"https:\/\/www.wealthtime.com\/advisers\/blog\/2024\/02\/01\/how-to-avoid-common-pitfalls\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.wealthtime.com\/advisers\/"},{"@type":"ListItem","position":2,"name":"How to avoid common pitfalls"}]},{"@type":"WebSite","@id":"https:\/\/www.wealthtime.com\/advisers\/#website","url":"https:\/\/www.wealthtime.com\/advisers\/","name":"Advisers","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.wealthtime.com\/advisers\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":""}]}},"_links":{"self":[{"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/posts\/5040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/comments?post=5040"}],"version-history":[{"count":2,"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/posts\/5040\/revisions"}],"predecessor-version":[{"id":5066,"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/posts\/5040\/revisions\/5066"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/media\/5036"}],"wp:attachment":[{"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/media?parent=5040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/categories?post=5040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wealthtime.com\/advisers\/wp-json\/wp\/v2\/tags?post=5040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}