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Tax year end planning: helping you every step of the way

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The build up to tax year end remains a key period, as you meet with clients and help them maximise valuable pension and ISA tax allowances.

We're here to help you every step of the way. Our comprehensive support available through this hub allows quick and easy access to all you need at this busy time of year.

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Technical & practical support

Important considerations around the use of clients' allowances

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Material for client discussions

A wide range of material available

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Deadlines and administration

All the key information in one place

Pension contributions checklist

Our checklist is designed to highlight some of the financial planning considerations approaching the end of the tax year for Pensions.

Download now
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Tax tables 2021/22

Find all the tax rates and thresholds for the 2021/22 tax year.

Tax year end webinar

We’d like to kick start 2022 by inviting you to a webinar (18, 20, 25 and 26 January) to show you all the support we have available.

We understand it’s important for you to have comprehensive information about all your clients’ savings and investments on our platform.

Pension Summary report

Get a detailed overview of your clients’ pension accounts with us, including:

  • Contributions received and due over the course of the tax year from all sources – including personal and employer contributions
  • Outstanding tax relief due from HMRC
  • Gross contributions made in the previous three tax years
  • Both gross and net withdrawals made in the current tax year and any tax paid to HMRC
  • An estimation of how many regular withdrawal payments can be made to the client before their pension pot is exhausted (based on the current fixed withdrawal amount).

The report also saves you time by detailing lots of other information you may require, such as whether the client has Fixed Protection in place, if the money purchase annual allowance has been triggered, and the percentage of the lifetime allowance the client has used.

Introducing your Pension Summary report guide

Supporting annual allowance and tax relief calculations – ‘at a glance guide’

Create your own pension marketing emails or letters

Pension Summary report

How to use the report to help maximise client’s contributions, client’s income and reduce risk within your business. 

ISA Contribution report

Identifies clients who have not utilised their full allowance:

  • Generate data for marketing mailings to your clients to ensure ISA allowances are being effectively used
  • Reports can be run daily, weekly, monthly and quarterly
  • Includes unwrapped collectives/cash holdings which could be moved to an ISA.

ISA Contribution report user guide

ISA Contribution report

Quickly identify clients who have ISA or Junior ISA unused allowances on our platform.

Capital gains reporting service

An easy way of managing and reporting capital gains positions on behalf of your clients:

  • Unrealised and tax-year specific realised gains reports
  • Ability to deliver bulk or single client reports
  • Reports account for historic deals with daily updates.

Capital gains reports – user guide

Capital gains reports – enhanced acquisition costs functionality

Capital Gains Tax: Capital Distribution

Taxing calculations: Capital Gains Tax

Tax planning information for Investment Accounts

How to obtain pertinent tax planning information from Investment Accounts on our platform.

Enhanced Client Reporting

The report provides:

  • The total return for the accounts selected
  • Valuations at the start and end period of the report
  • The total money in and out of the account, including a detailed breakdown
  • Performance for the specified period
  • Asset allocation
  • Account information including regular contributions, dates and amounts, withdrawals, fees and up-to-date expression of wish and protection details.

Our client reporting service allows you to:

  • Obtain all the information you need for a client review in one place
  • Complete a comprehensive review with your client
  • Provide simple and clear information for your clients to understand
  • Clearly present all the platform fees and charges
  • Add commentary throughout the report.

Guide to client reporting

How to Bed and ISA for your client

4-min watch

Bank transfers available for new investments and top ups

You can select ‘Bank transfer’ as a payment method for new investments and top ups. There are some important points to note for this service:

  • The bank transfer option only applies to Pension, ISA and Investment Accounts. Other products are not included as yet, for example, Junior ISA/Junior Pension.
  • We will need separate payments for each investment into each account. Each payment must include the appropriate instruction reference that corresponds with each amount invested.
  • The bank transfer must come from a bank account in the client’s name (sole or joint). We cannot accept third-party payments (this includes spousal payments).
  • Our bank account details are different to those that clients may have used in previous years for ISA and Investment Accounts and there is a different bank account for Pensions too. The details are:

For ISA and Investment Accounts:

Bank: Barclays

Account name: Financial Administration Services Limited 

Sort code: 20-93-32

Account number: 83385787 

For Pension Accounts:

Bank: Barclays

Account name: FIL SIPP TRUSTEE (UK) Limited

Sort code: 20-93-32

Account number: 33039005

  • The instruction reference number MUST be quoted by the client on their bank transfer payment. If they are required to send us multiple payments to fulfil one instruction because their bank imposes a limit on how much they can transfer at any one time, they must include the instruction reference number for each individual payment. Clients may be used to using their account number/national insurance number as the reference on their bank transfers, so they must be made aware of the requirement to use our instruction reference which is provided on submission of the instruction (the reference allows us to automatically reconcile the payment when received).
  • UK Pay (who run the Faster Payment banking system) have recently made some changes to the way they analyse bank account names in an effort to combat fraud. In some cases, clients have experienced problems using the full bank name detailed above (too long to fit in their payment system). If a client experiences issues with the full bank account name, they should just complete as much as they can of the name.

To ensure your clients' applications are processed on time for the current tax year, please note the following deadlines.

Pension 

Type of application

Deadline

Set up regular income for the first time from a drawdown account to be paid in the 2021/22 tax year.

Fully completed application received by 3 March 2022 and enough settled cash within the Pension Account to make the payment.    

Income drawdown – for new or an additional move to drawdown with a request for tax-free cash in this tax year.

Fully completed application received by 14 March 2022 and enough settled cash within the Pension Account to make the payment.    

Uncrystallised Fund Pension Lump Sum (UFPLS) to be received in the 2021/22 tax year.

Fully completed application received by 14 March 2022.    

Small Pots Payment to be received in the 2021/22 tax year.

Fully completed application received by 14 March 2022 and enough settled cash within the Pension Account to make the payment.   

Ad-hoc income payment to be received in the 2021/22 tax year.

Fully completed application received by 14 March 2022 and enough money in the pension cash account to make the payment.

Crystallising benefits 

On receipt of a cash transfer 

Transfer  proceeds to be received by 14 March 2022.
In order for the transfer to be completed we must have all relevant details from the ceding scheme. Please ensure there is sufficient settled cash for the payment.  

on receipt of a re-registration transfer 

Transfer  proceeds to be received by 14 March 2022.
In order for the transfer to be completed we must have all relevant details from the ceding scheme. Please ensure there is sufficient settled cash for the payment.

Pension new business applications and top-up requests.

For cheque payment and bank transfer online payment:
Fully completed applications and payments must be received by 11:59pm on 5 April 2022.


The quickest* and easiest method of payment is to use online banking. Your clients will need the following information to make a payment:


Account name: FIL SIPP TRUSTEE UK 
Sort code: 20-93-32 
Account number: 33039005 
Reference: the instruction reference quoted when the instruction is submitted online


Please note that any electronic payments for the following tax year 2022/23 should not be sent until 6th April 2022.

ISA 

Type of application

Deadline

ISA applications                                                       

For cheque payment and bank transfer online payment:
Fully completed applications and payments must be received by 11:59pm on 5 April 2022.


The quickest* and easiest method of payment is to use online banking. Your clients will need the following information to make a payment: 


Account name: Financial Administration Services Limited
Sort code: 20-93-32
Account number 83385787
Reference: the instruction reference quoted when the instruction is submitted online


Please note that any electronic payments for the following tax year 2022/23 should not be sent until 6th April 2022.

*Some banks do not participate in faster payments and the cut-off times may vary for same day transfers. Please note the amount that can be transferred by faster payments can vary between banks. Payments made after 10pm may not reach us on the same day.

Upload & Send - the most effective way to send us documents

Please use our Upload & Send service wherever possible. If you do have to send any paperwork to us through the post, make sure you allow enough time for any cheques and payment slips to reach us.

Our postal address:

Fidelity 
PO Box 391 
Tadworth 
KT20 9FU 

Annual tax vouchers

Copies of clients’ annual tax vouchers for 2021/22 will be available online from end of April 2022 so you can see what income payments they have received. You also have access to the Annual Distribution Summary report via our Reporting Services.

Here is a guide designed to help your clients understand the tax voucher and the information it contains. It shows the various types of income your clients' investments have produced and any tax we may have deducted.

Download here

The annual allowance charge – Scheme Pays

Scheme Pays can be a complicated area. In this postcard, Paul Squirrell, our pension expert, provides further details on calculating a client’s annual allowance charge, including two case studies.

Download here

Pension Allowance Charge form

A client should use this form to pay the annual allowance charge if they have exceeded their annual allowance, tapered annual allowance or money purchase annual allowance.

Download here

Pensions ‘in-depth’: tax relief and annual allowances

Paul Squirrell, our pension expert, takes an in-depth look at the law and mechanisms underpinning tax relief on pension contributions and matters relating to annual allowances

Technical matters

A range of technical insights on retirement, tax planning and regulatory updates.

Help and support

Answers to the most commonly asked questions by users of our platform.

Client management

All aspects of your clients’ accounts managed through our secure online product administration system.

Adviser fees

A transparent and flexible approach to charging.

Please note that with pension products, your clients will not be able to withdraw their money until the normal minimum pension age, unless the client has a lower protected pension age. Tax treatment depends on individual circumstances and all tax rules may change in the future. The value of investments and the income from them can go down as well as up so your client may get back less than they invest.