SteveT
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Post by SteveT on Apr 1, 2016 9:25:58 GMT
On the 1st of the month, it would make more sense for savingstream to make the interest payments run BEFORE sending out "Please resolve negative balance" emails. Physician, heal thyself! |
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 1, 2016 9:38:43 GMT
You wont get the interest tax free if its taxable but you would preserve the allowance. Depends on individual situation whether doing it is beneficial or not but an option now. Ahhh.. got it now. thanks for that. Not being very isa clever, i was under the illusion that if you put your full allowance in you could then transfer to IFISA and get yor interest tax free. (no idea where i got that from, but i must admit at first i was sat here rubbing my hands together with glee)  Just to clarify. I am assuming no suitable IFISA exists otherwise yes you would just stick this year's allowance into a Cash ISA and transfer it into an IFISA on 6th April and interest would be tax free. In the absence of an IFISA, stick it in one of the ones that will be Flexible ISA (read T&Cs carefully), move the money out into P2P, assuming SS IFISA (for example) launches in September say, take the money out of P2P, replace in Flexible ISA and transfer ISA to SS IFISA. P2P liquidity & ISA T&Cs permitting of course. You therefore keep you tax free allowance for 2015-16, earn 12% say for 5 months taxed at applicable rate and then 12% taxfree once youve got the IFISA. Otherwise you earn say max 1.5% taxfree for 5 months. None of this is advice. Flexible ISA thead p2pindependentforum.com/post/101561/thread
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dp
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Post by dp on Apr 1, 2016 9:46:34 GMT
Interest is paying now if anyone wants to watch it trickle in....
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brin
I am trying to stay calm.
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Post by brin on Apr 1, 2016 10:08:09 GMT
Ahhh.. got it now. thanks for that. Not being very isa clever, i was under the illusion that if you put your full allowance in you could then transfer to IFISA and get yor interest tax free. (no idea where i got that from, but i must admit at first i was sat here rubbing my hands together with glee) Just to clarify. I am assuming no suitable IFISA exists otherwise yes you would just stick this year's allowance into a Cash ISA and transfer it into an IFISA on 6th April and interest would be tax free. In the absence of an IFISA, stick it in one of the ones that will be Flexible ISA (read T&Cs carefully), move the money out into P2P, assuming SS IFISA (for example) launches in September say, take the money out of P2P, replace in Flexible ISA and transfer ISA to SS IFISA. P2P liquidity & ISA T&Cs permitting of course. You therefore keep you tax free allowance for 2015-16, earn 12% say for 5 months taxed at applicable rate and then 12% taxfree once youve got the IFISA. Otherwise you earn say max 1.5% taxfree for 5 months. None of this is advice. Flexible ISA thead p2pindependentforum.com/post/101561/threadThanks for your time ilmoro, i am going to take some advice on this , basically because i have never dealt with an isa personally and cannot quite get my head round it yet... Me derrrr. 
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stokeloans
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Post by stokeloans on Apr 1, 2016 11:10:19 GMT
Do SS show your monthly interest earned on their site anywhere ? I can't seem to find it
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jonah
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Post by jonah on Apr 1, 2016 11:17:06 GMT
Do SS show your monthly interest earned on their site anywhere ? I can't seem to find it The details are in the transaction list.
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pom
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Post by pom on Apr 1, 2016 11:22:34 GMT
Thanks for your time ilmoro, i am going to take some advice on this , basically because i have never dealt with an isa personally and cannot quite get my head round it yet... Me derrrr. So you've never had an ISA yet are investing in p2p.... I hope that doesn't mean all your eggs are in p2p baskets?
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stokeloans
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Post by stokeloans on Apr 1, 2016 11:22:44 GMT
Do SS show your monthly interest earned on their site anywhere ? I can't seem to find it The details are in the transaction list. I can see the interest earned for each investment but not an overall figure for all investments
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 1, 2016 11:28:35 GMT
The details are in the transaction list. I can see the interest earned for each investment but not an overall figure for all investments Tax statement is configurable so that could be used for a monthly total.
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brin
I am trying to stay calm.
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Post by brin on Apr 1, 2016 11:30:00 GMT
Thanks for your time ilmoro, i am going to take some advice on this , basically because i have never dealt with an isa personally and cannot quite get my head round it yet... Me derrrr. So you've never had an ISA yet are investing in p2p.... I hope that doesn't mean all your eggs are in p2p baskets? Hello pom, i have a personal financial adviser who sorts out isa's, for me and my wife, my point was i have never actually sorted out an isa of my own back, being that there is an opportunity to invest in cash isa's through p2p , then maybe my advisor will not get our 2016/17 amount and i may take the jump into the IFISA. If i can get my head round it, i have read a few articles this morning and a load of threads and post's, what i cannot understand is.. A. do i "HAVE" to open a flexible ISA to be able to then transfer into the IFISA. B. can i just sit and wait for the IFISA to come along and then simply transfer 15k of my existing SS holding straight into the IFISA. C. Can i wait for the IFISA to come along and then simply transfer 15k ash into the IFISA. All the above is assuming i have NOT taken out an isa for 2016/17.
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pom
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Post by pom on Apr 1, 2016 11:44:41 GMT
So you've never had an ISA yet are investing in p2p.... I hope that doesn't mean all your eggs are in p2p baskets? Hello pom, i have a personal financial adviser who sorts out isa's, for me and my wife, my point was i have never actually sorted out an isa of my own back, being that there is an opportunity to invest in cash isa's through p2p , then maybe my advisor will not get our 2016/17 amount and i may take the jump into the IFISA. Ah ok, that makes sense. I had the same dilemma, but as we still don't really know who will have IFISAs or how soon, I'm going to let mine move another years worth of my S&S pot into the S&S ISA next week. If I didn't already have the full years allowance currently being taxed I might be more prepared to wait. I expect I'll be changing my instructions before Apr 2017 tho!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 1, 2016 11:47:43 GMT
So you've never had an ISA yet are investing in p2p.... I hope that doesn't mean all your eggs are in p2p baskets? Hello pom, i have a personal financial adviser who sorts out isa's, for me and my wife, my point was i have never actually sorted out an isa of my own back, being that there is an opportunity to invest in cash isa's through p2p , then maybe my advisor will not get our 2016/17 amount and i may take the jump into the IFISA. If i can get my head round it, i have read a few articles this morning and a load of threads and post's, what i cannot understand is.. A. do i "HAVE" to open a flexible ISA to be able to then transfer into the IFISA. B. can i just sit and wait for the IFISA to come along and then simply transfer 15k of my existing SS holding straight into the IFISA. C. Can i wait for the IFISA to come along and then simply transfer 15k ash into the IFISA. All the above is assuming i have NOT taken out an isa for 2016/17. A No, you can have any ISA providing it allows you to transfer (depends on T&C of account, ie fixed interest my not allow transfer without interest penalty) Transfer must be to another ISA and done by the bank etc not by you moving the money yourself. A Flexible ISA allows you to transfer the money out of the ISA to an non-ISA location or spend it and then put the money back during the financial year without losing the tax free allowance. B No, you would have to sell your loans, transfer the cash to the ISA account and then rebuy the loans. You cant as far as we know move existing holdings into an ISA wrapper (bed & breakfasting its called) C Yes, providing you havent subscribe any new funds to an ISA in 2016-17 as you say. Another thread for you to consider, posts by James & me might help or confuse. p2pindependentforum.com/post/83114/thread
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pom
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Post by pom on Apr 1, 2016 11:57:36 GMT
If i can get my head round it, i have read a few articles this morning and a load of threads and post's, what i cannot understand is.. A. do i "HAVE" to open a flexible ISA to be able to then transfer into the IFISA. B. can i just sit and wait for the IFISA to come along and then simply transfer 15k of my existing SS holding straight into the IFISA. C. Can i wait for the IFISA to come along and then simply transfer 15k ash into the IFISA. All the above is assuming i have NOT taken out an isa for 2016/17. Oops didn't see your edit A - transfers to another ISA can be done from any ISA (assuming no ts&cs stopping it - some have fixed terms, some don't accept transfers). Flexible is for withdrawals - previously if you withdrew cash from an ISA because you needed it, that was it, allowance lost (hence a lot of people waited til the end of the year to know how much they could spare). With the Flex, apparently if you withdraw cash after paying it in, you can replace it again before the end of the tax year. So you could pay it in at the start - withdraw to invest in p2p at much higher (albeit taxed) rates - then transfer the original amount back in at the end of the tax year (and do something else with the interest earned elsewhere) B - You'd most likely have to sell the loans and buy new ones (but I don't think SS are planning one so you'd have to do that anyway to get an IFISA somewhere else) C - yep Edit gaaaah beaten by@ilmoro
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brin
I am trying to stay calm.
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Post by brin on Apr 1, 2016 12:00:19 GMT
Hello pom, i have a personal financial adviser who sorts out isa's, for me and my wife, my point was i have never actually sorted out an isa of my own back, being that there is an opportunity to invest in cash isa's through p2p , then maybe my advisor will not get our 2016/17 amount and i may take the jump into the IFISA. If i can get my head round it, i have read a few articles this morning and a load of threads and post's, what i cannot understand is.. A. do i "HAVE" to open a flexible ISA to be able to then transfer into the IFISA. B. can i just sit and wait for the IFISA to come along and then simply transfer 15k of my existing SS holding straight into the IFISA. C. Can i wait for the IFISA to come along and then simply transfer 15k ash into the IFISA. All the above is assuming i have NOT taken out an isa for 2016/17. A No, you can have any ISA providing it allows you to transfer (depends on T&C of account, ie fixed interest my not allow transfer without interest penalty) Transfer must be to another ISA and done by the bank etc not by you moving the money yourself. A Flexible ISA allows you to transfer the money out of the ISA to an non-ISA location or spend it and then put the money back during the financial year without losing the tax free allowance. B No, you would have to sell your loans, transfer the cash to the ISA account and then rebuy the loans. You cant as far as we know move existing holdings into an ISA wrapper (bed & breakfasting its called) C Yes, providing you havent subscribe any new funds to an ISA in 2016-17 as you say. There's loads of threads on this which Ill add to this post ilmoro... you are god send.. i wish i had just opened a new thread and asked the questions, i have been reading for over an hour and was still no wiser, now i am, the B & C answers are the ones i was looking for, i can now make an informed decision on which way to go. thanks again... None of the answers above have been taken by me as advice.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 1, 2016 12:02:26 GMT
If i can get my head round it, i have read a few articles this morning and a load of threads and post's, what i cannot understand is.. A. do i "HAVE" to open a flexible ISA to be able to then transfer into the IFISA. B. can i just sit and wait for the IFISA to come along and then simply transfer 15k of my existing SS holding straight into the IFISA. C. Can i wait for the IFISA to come along and then simply transfer 15k ash into the IFISA. All the above is assuming i have NOT taken out an isa for 2016/17. B - You'd most likely have to sell the loans and buy new ones (but I don't think SS are planning one so you'd have to do that anyway to get an IFISA somewhere else) Edit gaaaah beaten by@ilmoro SS are planning an IFISA, see their post in I think the SS ISA thread, including letter to FCA asking launch to be delayed so all platform can go at once p2pindependentforum.com/post/97221/thread
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