Welsh Tax Rates 2019/20

We are starting to see some information being published about the proposed tax rates changes to those people who are classed as living in Wales.

From April 2019, the Welsh Government will set the rate of income tax for Welsh resident taxpayers but this will continue to be collected by HMRC. This means that people living in Wales could pay a different rate of Income Tax compared to people in other parts of the UK. From April 2019, Welsh resident taxpayers employed or in receipt of a pension will have a tax code beginning with C. Those completing a Self Assessment tax return online will be asked about country of residence on their return.

The UK government will reduce each of the 3 rates of income tax – basic, higher and additional rate – paid by Welsh taxpayers by 10p. The Welsh Government will then decide the 3 Welsh rates of income tax, which will be added to the reduced UK rates. The combination of reduced UK rates plus the Welsh rates will determine the overall rate of income tax paid by Welsh taxpayers.

The personal allowance – the amount people can earn before they start paying tax – will continue to be the same as it is in England, Northern Ireland and Scotland. The point at which people start to pay the higher and additional rates of income tax will stay the same as in England and Northern Ireland.

Based on the information to date, it would appear that the changes above will be applied to PAYE, ie., it will impact on the tax code download, PAYE calculations and submissions to HMRC for RTI.  There is no suggestion at this stage that these changes will also follow through and impact on Relief At Source (RAS).

We will therefore be assessing the changes required to both SIPP~Pro and SSAS~Pro to ensure that we deliver these in our tax year end release for March 2019.  Exact details of the schema changes for RTI have yet to be released – these are usually issued during the last third of the calendar year and we will provide more information when these become available.

Reference Source:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/715475/Employer_Bulletin_June_2018.pdf

https://gov.wales/funding/fiscal-reform/welsh-taxes/income-tax/?lang=en

https://gov.wales/docs/caecd/publications/180608-income-tax-faqs-en.pdf

Delta partners with JHC Systems to integrate SIPP functionality

We have partnered with wealth management fintech firm, JHC Systems (JHC) to offer integrated SIPP functionality to its JHC Figaro (Figaro) clients. The partnership means JHC clients can administer SIPPs cost effectively within Figaro via our leading edge Platinum~Pro technology. Given the recent changes to pension drawdown rules, the partnership will enable the wealth management industry to maintain control of the assets held within client SIPPs.

Our Platinum~Pro technology will administer all SIPP functionality from illustrations, tax reclaims, drawdown, PAYE and regulatory reporting, whilst Figaro will continue to manage all assets and represent all accounts.

John Blackman, CEO of JHC said: “SIPPS are becoming increasingly popular as individuals take advantage of the less restrictive drawdown rules. To enable our clients to manage their SIPPs efficiently on an integrated platform, we’ve partnered with the providers of what we consider to be the best administration platform available. Our clients can continue to control their SIPPs seamlessly within Figaro, enjoying unrivalled flexibility and benefiting from increased efficiencies, enhanced services and most importantly, significantly reduced costs.”

Michael Power, Delta’s CEO added: “It’s never been more important for wealth managers to have control over SIPPs and our work with JHC will empower their clients on this front. Using our new Platinum~Pro technology, Figaro clients can administer SIPPs in much the same way as they would ISAs—and all within the one solution. JHC now has the complete package.”

We are currently working on several opportunities to partner with other platforms, insurers, banks, and pension providers. Platinum~Pro ensures compliance, reduced costs and integrates easily; we provide transformational technology for the lifetime savings market.

Fraser Bircher awarded Customer Service Level 2 Apprentice of the Year 2017 by CWCCT

Fraser Bircher, who works in our Client Support Team has been awarded the Customer Service Level 2 Apprentice of the Year 2017 award by Coventry & Warwickshire Chamber of Commerce Training. He was amongst nine award winners recognised for their outstanding achievements over the past year.

Fraser’s tutor Christine Cusick explained that ‘Fraser was motivated and enthusiastic about learning and would always go above and beyond in his work, carrying out further research to enhance his knowledge. Having observed Fraser he always put the customers’ needs as a high priority, he was patient and empathetic to their needs whilst maintaining a professional image at all times.’

We are delighted to see Fraser’s hard work recognised in this way. This is Delta’s 9th apprenticeship success over the past five years and is further demonstration of our commitment to supporting young people and growing our own talent.