Using both an Stock and Shares ISA and a General Investment Account - New To Investing

Alsey88

Hi, I'm very new to investing and I've got a Stock & Shares ISA with Trading212 and would like to transfer it to Vanguard to invest in their funds. The current ISA utalisation is minimal. The drawback of transfering to Vanguard is that I won't be able to buy individual stocks so still want to use Trading212 for that and it looks like I need a normal investing account. Here's the question - what happens if my ISA utalisation is still fairly small on Vanguard and any profit on individual stocks is still within the 20,000 pounds per year allowance. Do I pay/need to file a self-assessment if I make any money through a normal investing account and at the same time I'm well below ISA limit?
Thanks a lot

Alexland

Don't worry about the ISA profit or loss - the £20k limit is for cash contributions of new money into ISA accounts. You can only contribute new money into one S&S ISA each tax year although you are allowed to ask a new ISA manager to transfer the old account and continue contributing with your remaining allowance.
If you open a general investment account it will not be subject to ISA limits but growth and dividends would fall under capital gains and income tax allowances and rules.

Alsey88

Thanks that's very useful. Would it mean that if I make even 50 pounds profit via a normal investment account, I'd have to file a self-assessment?

Alexland

Alsey88 said:

Thanks that's very useful. Would it mean that if I make even 50 pounds profit via a normal investment account, I'd have to file a self-assessment?

Probably wouldn't require SA but it depend on what the rest of your capital gains and/or income tax position looks like during the tax year.

Linton

Alsey88 said:

Thanks that's very useful. Would it mean that if I make even 50 pounds profit via a normal investment account, I'd have to file a self-assessment?

Capital gains tax is only due if you sell making £12300 profit in a tax year.  You only go to self assessment if  HMRC ask you to which of course they wont with your £50.  Generally with total gains below the allowance you dont need to declare anything to HMRC.