Paid into two stocks and shares isa in same tax year, whats best thing to do?

paulr70

Hi All,

So about 3 years ago i started an sjp isa that I was paying into each month with direct debit, i was convinced it was just a cash isa and this february i opened a stocks and shares isa with vanguard which i also paid into direct debit each month.
I wanted to see if I could bring over my existing isa to vanguard and then realised vanguard dont do cash isa, but then when i went back through my 3 year old isa documents found one that said it was a stocks and shares isa.
So i had been paying into both isa`s for a few months. I`ve cancelled the direct debit for sjp isa now, but should i notify the hmrc about those 3 months.

thanks in advance.

eskbanker

No need to notify HMRC, the providers will do that automatically, which will prompt any action that HMRC choose to take - there's nothing you can do to change anything now that you haven't already done, i.e. ensure that you only pay into one in 2021/22, so just wait and see if HMRC contacts you about it later this year, or maybe even later....

Having said that, you probably need to educate yourself more on the key difference between saving and investing!