Vanguard GIA information for my Self assessment

dllive

Hi
This year I created a GIA with Vanguard. I opted for income-only funds.
What data do I need to keep/input on my Self Assessment? Date of investment, amount invested and income made?
Does Vanguard produce a tax statement?
Thanks

Dazed_and_C0nfused

If you're referring to dividends then you just enter the total of all (taxable) dividends.  Not any dates of how much you invested.

Swipe

dllive said:

Hi
This year I created a GIA with Vanguard. I opted for income-only funds.
What data do I need to keep/input on my Self Assessment? Date of investment, amount invested and income made?
Does Vanguard produce a tax statement?
Thanks

Yes, you should have one by the end of May. It will show you interest, taxable dividends and the total dividends received and how much of that total was equalisation which is not taxable.

dllive

Ive been keeping a log in a spreadsheet everytime I pay into the GIA. I log the fund name, unit price, units bought, amount invested and the date. Perhaps thats going a bit overboard?

I only ever plan to keep around £10k in my GIA so that Im under the dividend and capital gains limit.

ColdIron

No you should continue to keep records. You may need the acquisition costs for capital gains. Even if you think you will never be liable for tax you may need them if challenged by HMRC

In addition, legislation can change and while you might have plenty of headroom now you may not in the future when you dispose of assets

dllive

OK thanks, Ill continue to keep records.

wmb194

dllive said:

Ive been keeping a log in a spreadsheet everytime I pay into the GIA. I log the fund name, unit price, units bought, amount invested and the date. Perhaps thats going a bit overboard?

I only ever plan to keep around £10k in my GIA so that Im under the dividend and capital gains limit.

No that's precisely what you should be doing plus I'd recommend you also keep track of dividends, interest and any other distributions.

Dazed_and_C0nfused

dllive said:

Ive been keeping a log in a spreadsheet everytime I pay into the GIA. I log the fund name, unit price, units bought, amount invested and the date. Perhaps thats going a bit overboard?

I only ever plan to keep around £10k in my GIA so that Im under the dividend and capital gains limit.

That's good practice.

But for dividends you only need to supply the amount of taxable dividend.

Will be useful for CGT purposes, particularly when the annual exemption finally drops to £3,000!

dunstonh

I only ever plan to keep around £10k in my GIA so that Im under the dividend and capital gains limit.

With the revised dividend allowances, you could actually exceed the allowance with just 10k with some investments.

Swipe

dllive said:

Ive been keeping a log in a spreadsheet everytime I pay into the GIA. I log the fund name, unit price, units bought, amount invested and the date. Perhaps thats going a bit overboard?

I only ever plan to keep around £10k in my GIA so that Im under the dividend and capital gains limit.

You can download all this in a spreadsheet from vanguard report generator in the Documents section. I just do it once for my GIA at the end of each tax year.

dllive

dunstonh said:

I only ever plan to keep around £10k in my GIA so that Im under the dividend and capital gains limit.

With the revised dividend allowances, you could actually exceed the allowance with just 10k with some investments.

Just to hijack my own thread... can I ask about how best to try and keep within the dividend and CGT allowances?

I hold a few income producing funds, but Ill pick one to keep it simple: VWRL.

VWRL has a yield of 1.98%. So really, I could have £50k which would have an income of £990 which is just within my dividend threshold. (this is assuming the fund never grows/shrinks and always stays static at £50k)

Regards growth, if the fund grows 7%pa over 2 years, that would grow the fund to £57,245 which would be £4,245 over the £3k CGT allowance.

Is my thinking broadly right? If so, how do you - or is there a way - to keep within the allowances?

You say "you could actually exceed the allowance with just 10k with some investments." They would have to be some big paying yielding funds to exceed the £1k Dividend allowance on £10k?