Q. How does the start date I choose for my plan correlate to the tax year and/or account balances I am entering?
A. When you first begin a new client case, in Voyant Adviser you will be asked when the plan is to start. Plans can be set to begin the day the client file is created (the software's default) or an alternative start date can be specified. Voyant performs all calculations annually, based around an adviser configured planning year. In Adviser Go, the plan will automatically start on the date that you begin to input data for the client. You can amend the start date in Adviser Go by clicking on the Plan name, clicking Manage plans and then clicking Update and Promote, to choose a start date.
Once the start date is chosen, calculations will be performed in the client case using planning years that run in 12 month intervals from the selected starting point. The tax year that is used will be the one the plan year starts from i.e. a plan started on 1/1/2019 would have tax year rules 19/20 in year one of the plan, 20/21 in year two and this will follow through till the end of the plan.
Voyant only ever uses one one set of tax calculations. For example it will use the 2021/22 tax rates for a plan with a 2021 start year. So if a plan has a start date of 01/01/2021 it will use tax rules 2021/22. It does not use 2020/21 up to 5/4/2020 and 2021/22 from 6/4/2021.
A start date of any day or month in 2021 (from 01/01/2021 up to and including 31/12/2021), with use the tax year rules 2021/22. We only ever apply one set of tax rules.
That said, as we do not yet know what the Personal Allowance is for 2021/22, the software is escalating the confirmed 2020/21 PA of £12500 by the Default Tax Table assumption in your preferences. Your Default Tax Table assumption is 2%, so the PA for 2021/22 is showing as £12750 (£12500 plus 2%).
A planning year could be set to start with the tax year or the client's birthday, any date could be chosen. The key is to select a starting point that is appropriate for the account balances and other values you are entering into the client case.
The software allows advisers to configure the planning due precisely to the question you raise. When one meets with a client, the balances the client provides are often current ones, not back dated to the beginning of the year or to the tax year.
If you are unsure of your client's start date, open the client file and click the Manage Plans button in the top-left corner of the screen (beneath the logo, next to the What If button). The Plan Management dialogue will display. The start date of the plan(s) (scenarios) within the client case will be shown in the Start Date column.