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ISA Advice

Psyduck1980
Posts: 141 Forumite

I’m a bit confused about how ISAs work and I was wondering if anyone could help me out with some specific questions.
Context - I have a Stocks & Shares ISA with Invest Engine with about £200 in and I expect to deposit a further £75 by the end of the tax year. I don’t have a Cash ISA. I am a basic rate tax payer.
Questions:
1. If I have earned in excess of £1,000 in interest in 2023/24 do I need to submit a self assessment? If so is that due in January 2025?
2. Can I set up a 1 year fixed rate Cash ISA now with an initial deposit of approximately £19,400? This is £20,000 less £275 less the interest expected between now and the end of the tax year less a small buffer?
1. If I have earned in excess of £1,000 in interest in 2023/24 do I need to submit a self assessment? If so is that due in January 2025?
2. Can I set up a 1 year fixed rate Cash ISA now with an initial deposit of approximately £19,400? This is £20,000 less £275 less the interest expected between now and the end of the tax year less a small buffer?
3. Can I add a further £19,300 (£20,000 less the interest expected between 6th April and the end of the fixed term less a small buffer) on 6th April or would I need to take out a new Cash ISA, possibly with a separate provider?
4. What happens at the end of the fixed term (January 2025) if the variable rate is poor? Can I transfer the whole balance (circa £40k) to a new Cash ISA or only £20k?
Thanks in advance.
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Comments
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Psyduck1980 said:1. If I have earned in excess of £1,000 in interest in 2023/24 do I need to submit a self assessment? If so is that due in January 2025?Psyduck1980 said:2. Can I set up a 1 year fixed rate Cash ISA now with an initial deposit of approximately £19,400? This is £20,000 less £275 less the interest expected between now and the end of the tax year less a small buffer?Psyduck1980 said:3. Can I add a further £19,300 (£20,000 less the interest expected between 6th April and the end of the fixed term less a small buffer) on 6th April or would I need to take out a new Cash ISA, possibly with a separate provider?Psyduck1980 said:4. What happens at the end of the fixed term (January 2025) if the variable rate is poor? Can I transfer the whole balance (circa £40k) to a new Cash ISA or only £20k?2
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Thanks very much Eskbanker. I have added a fourth question if you can answer that one too.0
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Psyduck1980 said:I4. What happens at the end of the fixed term (January 2025) if the variable rate is poor? Can I transfer the whole balance (circa £40k) to a new Cash ISA or only £20k?Reed2
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I’m a bit confused about how ISAs work
If you spent some time reading through this forum you would almost certainly be less confused.0
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