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The Big thing about ISA’s

The main thing about ISA savings or investments is that they must be made by 5 April, the end of the tax year. If you do not use it you loose it, any unused allowances do not rollover to the next year they are simply lost for good.  At Enable of Bishop’s Stortford our experienced IFA’s know that  for any saver the first place for any savings is usually an ISA, as after the tax year ends, any savings or investments stay within the tax-free ISA wrapper for the future, where they’ll continue to earn interest.

Many savers and investors follow this process and it means that it’s possible to have substantial amounts invested within ISA wrappers; £7,000 per year from 1999 to 2008, £7,200 per year until 2010, £10,200 for 2010/11 and £10,680 in 2011/12 then rising by inflation each year after that, plus the gains (interest or investment returns) made in each year.

By using a standard instant access savings account the basic-rate taxpayers have to give 20% of the interest earned straight to the Government. For higher-rate taxpayers this leaps to 40%, and for ‘additional rate’ taxpayers it is 50%.

Cash ISAs are simply savings accounts where the interest isn’t taxed, meaning it’s incredibly rare for a normal savings account to pay more interest. Enable of Bishop’s Stortford’s IFA’s can help you make the most of this important tax efficient way of saving.

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Call Enable FLP today on 01279 755 950 to book your FREE consultancy and to find out how we can make your money work better for you. Alternatively, send us a message by clicking here and one of our financial experts will call you back