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What to do with 5k savings a year
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Thanks both. Would a general investment account (with just index funds) mean I need to keep a track of things for capital gains?Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0
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kimwp said:Thanks both. Would a general investment account (with just index funds) mean I need to keep a track of things for capital gains?Most definitely. You would also need to record all dividend payments, even if retained within the fund and possibly equalisation payments or excess reportable incomeIt's not especially hard if you keep accurate records from day one and your future self will thank you for it0
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kimwp said:Thanks both. Would a general investment account (with just index funds) mean I need to keep a track of things for capital gains?
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Alexland said:kimwp said:Thanks both. Would a general investment account (with just index funds) mean I need to keep a track of things for capital gains?
But yes, risk should be part of the equation too....0 -
kimwp said:Bostonerimus1 said:Most tax efficient thing to do with the extra is to make extra pension contributions...why don't you want to do that? I assume you have a good cash buffer that easily accessible and don't have any high interest debt because that should be paid off.
Only debt is 0% borrowing which is in savings accounts.
Cash buffer of 1-2 years (not actually that much given my low outgoings).And so we beat on, boats against the current, borne back ceaselessly into the past.0 -
ColdIron said:kimwp said:Thanks both. Would a general investment account (with just index funds) mean I need to keep a track of things for capital gains?Most definitely. You would also need to record all dividend payments, even if retained within the fund and possibly equalisation payments or excess reportable incomeIt's not especially hard if you keep accurate records from day one and your future self will thank you for itAnd so we beat on, boats against the current, borne back ceaselessly into the past.0
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Bostonerimus1 said:ColdIron said:kimwp said:Thanks both. Would a general investment account (with just index funds) mean I need to keep a track of things for capital gains?Most definitely. You would also need to record all dividend payments, even if retained within the fund and possibly equalisation payments or excess reportable incomeIt's not especially hard if you keep accurate records from day one and your future self will thank you for it
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Thank you everyone, lots to think about, I really appreciate your advice.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0
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