Tax-year end: IPM deadlines you need to know about
As hard as you try to spread work out evenly during the year there will always be clients who leave things to the last minute. There will be others whose business has a 31st March year-end and, therefore, have a very limited window before the end of the tax-year.
Add in clients worried about Brexit and stock market volatility and it’s bound to be a busy time for you.
We, therefore, thought that a brief summary of the important deadlines for making applications to us would be useful.
We are open until 5 pm on 5th April.
However, we would like all original paperwork to be with us along with cheques or cleared funds by 4th April. This gives us time to resolve any queries which might arise, ensuring your clients don’t miss the 5th April deadline.
A word about cheques…
The tax-year end is a time where cheques are still handy.
So long as a cheque is received here at IPM by 5th April, and it subsequently clears with all other paperwork requirements met, we can deem it to be received in the 2018/19 tax-year.
Please be aware that some company accountants may take a different view, preferring to see monies out of the company account before the 5th April deadline.
…and telegraphic transfers
Unlike cheques, contributions made by telegraphic transfer must clear in the trustee bank account by 5th April. They must also be supported by:
- A transaction receipt showing the origin of the monies and where they were sent to
- The appropriate IPM documentation so we can deem the contribution as received
Please remember, for new SIPPs a trustee bank account can take up to 48 hours to set-up.
Requirements for new SIPPs
The minimum documentation we need to establish a new SIPP is:
- A completed IPM application form; click here for the application form
- A completed IPM verification of identity form (or an adviser’s JMLSG equivalent); click here for our individual verification of identity form
- Two certified documents as per our application form or certified copy of a SmartSearch for anti-money laundering purposes
- For employer contributions, a completed IPM corporate confirmation of identity form; click here for the form
- A cheque made payable to: ‘IPM PPT Ltd – <client name>’ or cleared funds in the trustee bank account. As noted above, please remember that a trustee bank account can take up to 48 hours to be established
Contributions to an existing SIPP
The minimum documentation we need for contributions to an existing SIPP are:
- A completed IPM additional contribution form; click here for the form
- For employer contributions, where it is the first time such a contribution has been made, a completed IPM corporate confirmation of identity form; click here for the form
- A cheque made payable to: ‘IPM PPT Ltd – <client name>’ or cleared funds in the trustee
Our document library
You can find all the documents you need by visiting the document section of our website.
This can be found by clicking here.
Unsure? Pick up the phone or drop us an email
If you are unclear about our requirements or have a question, please don’t hesitate to get in touch. We can often answer your question very quickly, allowing you to get on with servicing your clients at this busy time.
We can be contacted on 01438 747 151 or by emailing email@example.com