ISA and Moneybox

masonic

Biil said:

I like to clarify something, So I kinda been using moneybox more offten. But I was wondering is it more beneficial if I put money in each week or one  lump sum each month? Or does not really matter ?

Statistically the best time to invest money is when it becomes available to you.

LightKnow

So am thinking opening another isa But am making sure i am understanding everything 


So My current Isa fund was opened Jan of this year . If Tax year run from April to April and If you can only open one Isa per tax year

So am I technically eligible for another Isa fund . Since new tax year started this year April 


If I do open one will it notify me if am eligible or something?

don’t wanna get in trouble with tax or the law 

or have i got it totally wrong?

eskbanker

LightKnow said:

So am thinking opening another isa But am making sure i am understanding everything 


So My current Isa fund was opened Jan of this year . If Tax year run from April to April and If you can only open one Isa per tax year

So am I technically eligible for another Isa fund . Since new tax year started this year April 


If I do open one will it notify me if am eligible or something?

don’t wanna get in trouble with tax or the law 

or have i got it totally wrong?

You can open as many ISAs as you like but you can only pay new money into one of each type in any tax year, as highlighted earlier in the thread, so your options aren't determined by when you opened your existing ISA but when you last paid into it....

jimjames

LightKnow said:

If I do open one will it notify me if am eligible or something?

don’t wanna get in trouble with tax or the law 

or have i got it totally wrong?

And to add to previous post, no it won't notify you if you aren't eligible. You have to make the declaration that you've not paid into another ISA this tax year

LightKnow

eskbanker said:

LightKnow said:

So am thinking opening another isa But am making sure i am understanding everything 


So My current Isa fund was opened Jan of this year . If Tax year run from April to April and If you can only open one Isa per tax year

So am I technically eligible for another Isa fund . Since new tax year started this year April 


If I do open one will it notify me if am eligible or something?

don’t wanna get in trouble with tax or the law 

or have i got it totally wrong?

You can open as many ISAs as you like but you can only pay new money into one of each type in any tax year, as highlighted earlier in the thread, so your options aren't determined by when you opened your existing ISA but when you last paid into it....

Aaaa suger 😧I was speaking to advisor online chat and i thought i was ok too 😳

i already completed application for another isa fund

If I withdraw my application. This should be fine ?

I don’t want lose alll effort I put into my current isa fund 

do i notify hmrc?  Or will I be ok as long as my application closes or if no money goes into it

Please any assistance will very greatful . Am stressing out 😰 

eskbanker

LightKnow said:

eskbanker said:

LightKnow said:

So am thinking opening another isa But am making sure i am understanding everything 


So My current Isa fund was opened Jan of this year . If Tax year run from April to April and If you can only open one Isa per tax year

So am I technically eligible for another Isa fund . Since new tax year started this year April 


If I do open one will it notify me if am eligible or something?

don’t wanna get in trouble with tax or the law 

or have i got it totally wrong?

You can open as many ISAs as you like but you can only pay new money into one of each type in any tax year, as highlighted earlier in the thread, so your options aren't determined by when you opened your existing ISA but when you last paid into it....

Aaaa suger 😧I was speaking to advisor online chat and i thought i was ok too 😳

i already completed application for another isa fund

If I withdraw my application. This should be fine ?

I don’t want lose alll effort I put into my current isa fund 

do i notify hmrc?  Or will I be ok as long as my application closes or if no money goes into it

Please any assistance will very greatful . Am stressing out 😰 

Assuming both ISAs are the same type, e.g. both cash or both S&S, then yes, you can't pay any new money into the new one if you've already funded the existing one during this tax year - you don't actually need to notify HMRC or withdraw the application, just don't pay into it (the provider may close it anyway).

Don't stress but just spend a bit more time reading up on ISA rules, most of which are already covered earlier in this thread, before making any more moves....

Emmia

Have you put any money into the second ISA? If you haven't - don't, just close the account. 

If you have, you'll need to call HMRC.

Why are you seeking another ISA fund of the same type you already hold? Why not just keep paying into the one you have...

LightKnow

@Emmia  @eskbanker

So I have already paid into my current Isa stock n shares . 

Which from my misunderstanding and getting told something similar to how I explained how I thought Isa worked.

I seen on top cash back . If you open account and pay x amount you get x amount back . At the time I thought I was doing right ( guess not ) 

So my account has opened with shepherds friendly sustainable isa stock n shares. But currently no money has gone in but since I set up direct debit. I guess the money will go in at some point 

the Cash back is also showing as pending on my account ( tbh am not fussed about it, if it gonna cause problems for me … then I rather not continue )

I not sure what action to take . I read few stuff around people having two isa or paying into same type ( there mix reviews on it ) 


A lot you have more experience and understanding. Advice on best course of action please. 

eskbanker

Assuming the Ts & Cs governing your ISA are those published at https://shepherdsfriendly.blob.core.windows.net/wp-media/2021/09/ISA_Important-Information-Guide_2021.08.pdf, clause 12 suggests that you have a 30-day cooling off period within which to cancel, so best to do that, which will be the cleanest way of reversing the whole thing.

Emmia

LightKnow said:

@Emmia  @eskbanker

So I have already paid into my current Isa stock n shares . 

Which from my misunderstanding and getting told something similar to how I explained how I thought Isa worked.

I seen on top cash back . If you open account and pay x amount you get x amount back . At the time I thought I was doing right ( guess not ) 

So my account has opened with shepherds friendly sustainable isa stock n shares. But currently no money has gone in but since I set up direct debit. I guess the money will go in at some point 

the Cash back is also showing as pending on my account ( tbh am not fussed about it, if it gonna cause problems for me … then I rather not continue )

I not sure what action to take . I read few stuff around people having two isa or paying into same type ( there mix reviews on it ) 


A lot you have more experience and understanding. Advice on best course of action please. 

I'd contact the new provider and get it cancelled/closed. 

If money goes into it you need to call HMRC