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Accidentally Contributed £20001 to ISAs this year

Rheumatoid
Posts: 1,037 Forumite


I placed £2800 into a Vanguard S&S ISA earlier in this tax year
I sent a test payment of £1 into a Virgin 2 yr fix cash ISA a couple of days ago.
Without thinking I have just transferred £17200 into the Virgin ISA
What are the implications of this? Do I need to do anything / tell anyone if its only £1?
Thanks
I sent a test payment of £1 into a Virgin 2 yr fix cash ISA a couple of days ago.
Without thinking I have just transferred £17200 into the Virgin ISA
What are the implications of this? Do I need to do anything / tell anyone if its only £1?
Thanks
16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j
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Comments
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Personally I wouldn't be too worried over £1, but I guess you could contact Virgin and ask them if they can reverse out the £1 test payment.
This link would suggest you are unlikely to go to jail 👍
https://www.wealthify.com/blog/what-you-need-to-know-about-your-isa-allowance
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20 years I should think1
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If I do go to jail the energy savings at home will probably be better than the interest on the ISA so not all bad.16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j11
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You could flexibly withdraw £1 from Vanguard if you have a cash balance.
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Rheumatoid said:I placed £2800 into a Vanguard S&S ISA earlier in this tax year
I sent a test payment of £1 into a Virgin 2 yr fix cash ISA a couple of days ago.
Without thinking I have just transferred £17200 into the Virgin ISA
What are the implications of this? Do I need to do anything / tell anyone if its only £1?
Thanks
I should think that many other people have also accidentally overpaid by £1 in total into their ISA(s) over the years due to sending a £1 test payment and then forgetting to include it within the total ISA allowance (now £20,000 max) that is/was permitted.1 -
cricidmuslibale said:Rheumatoid said:I placed £2800 into a Vanguard S&S ISA earlier in this tax year
I sent a test payment of £1 into a Virgin 2 yr fix cash ISA a couple of days ago.
Without thinking I have just transferred £17200 into the Virgin ISA
What are the implications of this? Do I need to do anything / tell anyone if its only £1?
Thanks
I should think that many other people have also accidentally overpaid by £1 in total into their ISA(s) over the years due to sending a £1 test payment and then forgetting to include it within the total ISA allowance (now £20,000 max) that is/was permitted.Should they decide to throw the book at the OP, the action they will take will be to instruct Virgin to remove the £1, alongside reporting the pennies of interest as taxable interest. Unlikely to happen, though, but loss of the get out of jail free card is a distinct possibility. I'd hate to have to play that card for such a trivial matter.Given reports from those who have made far more substantial errors not being contacted at all several years after the event, I do wonder whether HMRC has even been checking on this.2 -
masonic said:cricidmuslibale said:Rheumatoid said:I placed £2800 into a Vanguard S&S ISA earlier in this tax year
I sent a test payment of £1 into a Virgin 2 yr fix cash ISA a couple of days ago.
Without thinking I have just transferred £17200 into the Virgin ISA
What are the implications of this? Do I need to do anything / tell anyone if its only £1?
Thanks
I should think that many other people have also accidentally overpaid by £1 in total into their ISA(s) over the years due to sending a £1 test payment and then forgetting to include it within the total ISA allowance (now £20,000 max) that is/was permitted.Should they decide to throw the book at the OP, the action they will take will be to instruct Virgin to remove the £1, alongside reporting the pennies of interest as taxable interest. Unlikely to happen, though, but loss of the get out of jail free card is a distinct possibility. I'd hate to have to play that card for such a trivial matter.Given reports from those who have made far more substantial errors not being contacted at all several years after the event, I do wonder whether HMRC has even been checking on this.2 -
I have asked Virgin to give me my quid back. If they are not keen I will phone HMRC and fess up.16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j0
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masonic said:You could flexibly withdraw £1 from Vanguard if you have a cash balance.
EDIT:
Looks like it is anyway
"The Vanguard ISA is a “flexible” ISA, which means that, while it remains open (and subject to certain exceptions noted in Vanguard’s Client Terms), money you withdraw may be paid back in during the same tax year without counting towards your annual ISA allowance. A payment into your ISA will first be treated as a repayment of a previous withdrawal in the same tax year, if applicable"16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j1 -
Every NI number gets one get out of jail free card with ISAs. Do nothing and in about 2 years time HMRC will contact you to smack your backside and tell you not to do it again but take no other action.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.4
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