Keeping ISA records - advice please

Kemu

I understand the annual ISA allowance. I understand that old ISAs can keep going and you get a new allowance each year. I’m sure it is my responsibility to keep track, especially if I have ISAs with different providers - but is there someone/somewhere  that keeps track of me ( and any mistakes)? Am I obliged to record them with/ to anyone? I really can’t find this question asked or answered anywhere, so I’d be obliged for some pointers.

someone

Most providers show a widget "remaining allowance" in online banking but this only shows usage for that provider. e.g. if I pay £4k into my LISA held with Bank A then Bank B will still show "£20k allowance remaining" even though I only have £16k remaining. ISA Managers (aka banks) report details to HMRC with your NI Number of your ISA usage. Unfortunately you can't log into HMRC and see this.

This means to use your limits effectively will need to keep track of

• between all types of accounts making sure that "new subscriptions" do not exceed the annual allowance of £20k
• only having "new subscriptions" with one account of each type (Cash, S&S, Lifetime, HTB, Innovative Finance) in the current tax year

If you have a Flexable ISA (allows withdrawals and re-deposits without counting against your limit again) they will monitor the withdrawals/re-deposits but you need to remember to redeposit before the end of the Tax Year (or an ISA Transfer) if you wish to retain the past year(s) allowance in the account.

masonic

A spreadsheet should suffice for this, even if you are making flexible withdrawals and replacement subscriptions from multiple ISAs each tax year it is not going to be a massive burden. As someone says, you can audit all of your ISAs to make sure you haven't slipped up. How many different ISAs are you paying into and making withdrawals from each tax year?

zemarcopolo

So to answer your question, 
No one keeps track of your ISA annual allowance. 

It is your responsibility to make sure you do not breach the limit.
As suggested above,  if your contributions are close to 20k, it is a good idea to have a spreadsheet of all accounts. 

Alexland

zemarcopolo said:

So to answer your question, 
No one keeps track of your ISA annual allowance. 

Apart from the ISA managers reporting contributions to HMRC who might take action if this leads them to understand you have breached the annual allowance etc.

Albermarle

Kemu said:

I understand the annual ISA allowance. I understand that old ISAs can keep going and you get a new allowance each year. I’m sure it is my responsibility to keep track, especially if I have ISAs with different providers - but is there someone/somewhere  that keeps track of me ( and any mistakes)? Am I obliged to record them with/ to anyone? I really can’t find this question asked or answered anywhere, so I’d be obliged for some pointers.

HMRC will have the info of what you have contributed . However how often it is ever checked,and how likely is it that they will pick up on you making a mistake/oversubscribing, is anyone's guess.

eskbanker

Kemu said:

but is there someone/somewhere  that keeps track of me ( and any mistakes)?

It's largely a precis of what's already been posted but effectively all you need to keep track of is what you do with current year money (i.e. paying it into no more than one ISA of each type, totalling no more than £20K, plus compliance with niche product contributions limits such as HTB/LISA), and ensuring that you track any current year activities with flexible ISAs.  Beyond that, anything relating to previous years is irrelevant so it won't be possible to make mistakes with prior year money....

Kemu

Thanks all above for the helpful comments. The spreadsheet is obviously the best solution - it certainly works for me. I was just a bit surprised not to find HMRC keeping a record - one that I could take a look at.

masonic

Kemu said:

Thanks all above for the helpful comments. The spreadsheet is obviously the best solution - it certainly works for me. I was just a bit surprised not to find HMRC keeping a record - one that I could take a look at.

ISA managers send information to HMRC once a year, after the relevant tax year has ended.

Kemu

masonic said:

Kemu said:

Thanks all above for the helpful comments. The spreadsheet is obviously the best solution - it certainly works for me. I was just a bit surprised not to find HMRC keeping a record - one that I could take a look at.

ISA managers send information to HMRC once a year, after the relevant tax year has ended.

- a record that I could take a look at.

masonic

Kemu said:

masonic said:

Kemu said:

Thanks all above for the helpful comments. The spreadsheet is obviously the best solution - it certainly works for me. I was just a bit surprised not to find HMRC keeping a record - one that I could take a look at.

ISA managers send information to HMRC once a year, after the relevant tax year has ended.

- a record that I could take a look at.

No, it is not a record you can take a look at, but the information would be of no use to you anyway once the tax year has ended. If you hadn't paid in as much as you thought you did, then it is too late, the remaining allowance would be lost, and if you had paid in too much, then HMRC will inform you and take the appropriate action.