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, or update an existing case, 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.
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 1/6/2021 would have tax year rules for 2021 in year one of the plan, 2022 in year two and this will follow through till the end of the plan.
Voyant only ever applies one one set of tax rules per plan year. For example it will use the 2021 tax rates for a plan with a start date of any day or month in 2021. So if a plan has a start date of 01/06/2021 it will just use tax rules 2021. It does not use 2021 up to 31/12/2021 and 2022 rules from 1/1/2022.
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 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.