Tax Helpsheets
Back to HelpsheetsIndividual Savings Accounts (ISA)
An Individual Savings Account (ISA) allows anyone aged 18 or over to save up to a certain limit (£20,000 in 2021/22) each year and not pay tax on the income you receive from the investment. Junior ISA's are available for those under 18 to invest up to a lower limit (£9,000 in 2021/22).
They are now a permanent feature of the savings landscape.
Tax Advantages of ISAs
- All income from the ISA is received tax free.
- There is no capital gains on the investment.
- Money is not locked in by the tax rules although some accounts will have notice periods. However, if you withdraw funds you will only be able to re-invest later in the same tax year up to the balance remaining on your investment limit.
- They are not reportable to HMRC.
Transferring an ISA
You can transfer your ISA to another ISA manager if it is the same type of ISA. For example, you can't move funds from a cash ISA with one manager to a stocks and shares ISA with another.
You cannot do this yourself by closing one and paying the money to another ISA manager. The transfer must be directly between the existing ISA manager and the new one and in some cases there may be a charge for transferring.
How We Can Help You
Please contact us if you would like further information on ISA's.
Tax Checklist
Our tax busting checklist is designed to cover all of the common (and a few obscure) legal ways of saving tax. Of course this is a checklist and before implementing any specific ideas you must discuss them with us as everyone’s individual circumstances are different.
The checklist is designed to cover most of the routine items that the small and medium size business owner should be looking out for. There are often more ideas that a pro-active accountant can come up with so please talk to us about your own personal circumstances.
The checklist should take no more than 20 minutes to complete. You can then arrange to meet with us in person to go through any areas where tax saving opportunities have possibly been identified.
Download our Tax-Busting Checklist 2018-19
Personal Tax Organiser
Use our FREE personal tax organiser to organise all your personal tax papers to make completion of your end of year personal tax return easy.
Download our Personal Tax Organiser 2018-19
Download our Personal Tax Organiser 2017-18
Download our Personal Tax Organiser 2016-17
Download our Personal Tax Organiser 2015-16