Tax Year End Support

  

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Our Video Hub has many video guides to help with using the Novia platform. Here below we have identified some of these that cover important processes to help you during tax year end. 

 

Top Up

Here’s a helpful video guide on topping up a client wrapper. It only takes three and half minutes to watch and you’ll be able to key top ups efficiently and securely online.

Add Wrapper  (New Money)

If you need to add a new wrapper for your client, this video will show you how to do this from start to end online. All your client needs to do is send us the subscription amount.

Internal GIA to ISA transfer process 

Funding an ISA from a GIA is done by placing a Top Up on the ISA wrapper. This process was recently streamlined so that the Switch was embedded into the online ISA Top Up journey, where an Individual GIA is funding a single ISA subscription. We produced this video in 2021 to announce the deployment of this enhancement and to provide a guide. Where a Joint GIA is funding subscriptions or the GIA is funding subscriptions for both current and coming tax years, see below.

Switch (Sell for Withdrawal) to fund subscriptions to two ISAs from a Joint GIA

As said above, the Switch for the funding of a single ISA subscription from an Individual GIA is embedded into the ISA Top Up journey. For subscriptions to more than one ISA from a Joint GIA, you simply need to do a separate Switch to enable this. The Switch journey was itself recently enhanced: you can use the Sell for Withdrawal functionality to remove the need to temporarily delink a wrapper from a model or request for periodic rebalancing to be switched off. There are other scenarios where delinking may still be required, as outlined below. 

Delinking from a Model when funding dual tax year subscriptions from a single GIA sell down

Where you need to sell down from a GIA to fund ISA subscriptions for both the current and new tax years, you may wish to delink the model associated with the GIA before completing the transaction, because there is the possibility that the cash could be moved back into the model if a rebalance is carried out before the new tax year subscription is applied. We’ve produced a helpful video to show you how to easily delink the model, and how to relink it again afterwards. 

CGT Tool

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ISA

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Our 5-star rated flexible Stocks and Shares ISA offers a competitive range of investment choices including UK Stocks and Shares, structured products and Investment Trusts.

Our ISA is a tax-efficient stocks and shares savings account - subject to limits set by the Government. Better yet, as our ISA is flexible, the savings can be accessed and then repaid to the ISA within the same tax year without affecting the ISA subscription. The following case study shows the benefits of a flexible ISA. 

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We also offer a Cash ISA, which can be held in conjunction with your client's Stocks & Shares ISA, as well as other product wrappers.

The current overall ISA subscription allowance for the 2022/23 tax year is £20,000, which can be split across the different ISA types.

Remember, all ISA holdings and subscriptions are subject to HMRC tax rules, which can change.

JISA

The Novia Junior Stocks & Shares ISA is the perfect way to bring multiple generations into the financial planning process.

The JISA has become an important option since the jump in the annual allowance in 2020/21 where it increased from £4,368 to £9,000. One of the benefits of setting up a Junior Stocks & Shares ISA on the Novia platform is the ability to manage a family's wealth all in one place. The JISA is a tax efficient vehicle and provides a welcome option for those that choose to put money away for a child to benefit from later.

The JISA provides access to a wide range of investment options and can accept the transfer of Child Trust Funds (CTF). The registered contact can easily monitor the child's account online via their own Investor Zone login.

Watch this space: We aim to implement fully online top ups for the JISA soon and plan to follow this shortly after by making the new business journey fully online for JISAs. This means you can efficiently set up new business on the Novia platform and help your clients maximise their tax allowances.

We’ll keep you posted.

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Index

Remaining ISA subscriptions

Cash Balances

Capital Gains Tax (CGT) Calculator

 

Client MI Reports

Don't forget that you can find helpful reports in Report Zone that are particularly useful around this time of year. 

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Remaining ISA subscriptions

Under the Reports about Clients/Wrappers menu in Report Zone, you'll see the Remaining ISA Subscriptions in Current Tax Year report. This will show details of your clients and their remaining subscriptions, and it can be easily downloaded in CSV format to be used in client mailings.

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Cash Balances

Another useful report to run, to check GIA balances when considering GIA to ISA transfers, is the Cash Balances report. Again, you'll find this in the Reports about Clients/Wrappers menu.

And when carrying out an internal GIA to ISA transfer, if you want a reminder of the process, you can watch this video that we produced when this process was enhanced in 2021.

 

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Capital Gains Tax (CGT) Calculator

Another useful tool at this time of year is our CGT Calculator, accessible via the Research Tool menu on Adviser Zone. 

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We’ve designed our bespoke tool based on adviser feedback. You can include other investments in the calculation to check your client’s overall CGT position. 

The CGT Calculator offers you the option to assess realised and unrealised gains for your clients and allows you to capture previous acquisition costs in respect of re-registrations, including using the actual book cost, providing an accurate valuation.  

You can also use the scenario planner functionality that we added in 2020, allowing you to check scenarios before making any sale requests. You can do this through several different methodologies such as targeting a specific gain, or specific proceeds. The system will calculate and present the suggested assets to sell in order to achieve the specified outcome. 

To help you use the tool to generate accurate client reports, we've created a range of video guides, see below. 

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