At the start of one of busiest times of year it is easy to think about all the obvious things that need to be done with clients: the annual details such as using up the remaining annual allowance and getting in the tax return on time. There is however evidence from HMRC to suggest that many advisers have not started to consider whether or not to apply for Fixed Protection for their clients.
Apply now! HMRC have written to AMPS reiterating that the deadline to apply for Fixed Protection will not be extended beyond 5 April and applications should be submitted in good time, especially for those that want to crystallise soon after the end of the tax year. There's no scope for late applications and again HMRC have reminded AMPS of this. If the application is not with HMRC before the end of the tax year then Fixed Protection can not be an option. Leaving applications until the last minute may mean that they are still processed but if the client suddenly, or not so suddenly, w...
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