ISA and Moneybox

LightKnow

Thanks 😊 for advice. All sorted 

i be more careful 

LightKnow

Mmm so I have come across Moneyfarm 
has anyone used or heard of them ?

They have Something called GIA which I find interesting but weird 


Am seriously confused. Can someone explain what This type of account actually is or does . I read there blog , there extra questions . But this what I made of it 

it’s not a ISA so people are eligible to open that account and put money in regardless of tax year .but it works like a isa ?  Even if people have used there 20k allowance? If I understood there page . You pay tax on anything you earn over the threshold but it takes into account  income you earn from property, self employment etc ? So is it classed as a Revenue ? 

Am not near the 20k allowance nor do i have any other source of income apart from work . 

So if i did open this account. Am guessing the money I put in would be taxed once i earn past the tax amount but won’t effect my wages from job ? 

sjp999

GIA = General Investment Account aka Trading Account at II and Fund & Share account at HL

It's where you might keep your investments prior to moving 20k annually into a SS ISA. You are right, it is taxable should the income exceed personal allowances.

Won't affect your pay packet. 

LightKnow

Sjp thanks for qualification 

LightKnow

Just quick clarification.

my bank only has 0.1 % interest 

I see plum has 0.45 %

I can just switch my savings straight to plum if I wanted ? I don’t need wait till next tax year do i 

Sorry if I asked already… my brain is literally overwhelmed with setting goals for next year