5 ISA Mistakes You Must Avoid in 2024

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[@valerienewbatt9678]

Very informative, as always Toby

[@EliteLowton]

Its always great to revisit some of the basics for people just getting into ISA's so well done for spotting that potential for another informative video Toby.

[@TobyNewbatt]

Thank you! Yes as always, I keep getting the same questions all the time and it is a great reminder that there are new people ALL the time

[@Petersworld77]

Always very interesting content Toby, good common sense advice and opinions.

[@TobyNewbatt]

Glad you enjoyed it

[@nd-kay]

As always! Many thanks😊

[@TobyNewbatt]

Thank you too!

[@valerienewbatt9678]

Very good transparent video Toby

[@glenakatsr]

Please do bonds Toby, it’s rarely discussed and an important topic for individuals closer to retirement, MoneyMarkets are important too!

[@TheGavranatar]

Yes more on bonds and MMFs would he good

[@forberries2381]

Hi Toby. Have you any experience/advice regarding Wise stocks feature at all?

[@TikalEmpire]

Hi Toby, Great content as usual 👍👍, would it be possible to see a video comparing the ACC and DIST stocks to see how they would differ over a period of time (cost vs reward). I see a lot of comment from people who are uncertain of which option to choose when investing.

[@Norfolkpaul]

Very nice video 😊

[@TobyNewbatt]

Thanks 😊

[@grantstewart4109]

❤ the Fallout images 🤖 - Great clear video 👍

[@TobyNewbatt]

I’m replaying fallout 4 using melee only with a baseball bat 😂

[@DocNick68]

Good video. One of the reasons I've stuck with Vanguard over some of its cheaper competitors is that its ISA is flexible.

[@TobyNewbatt]

definitely something worth considering if the limits are going to affect you!

[@drosman2872]

I can’t find the fees and how to pay on my ISA

[@Durienaider]

Loving the fallout clips 👌

[@TobyNewbatt]

Got to keep finance interesting somehow :P

[@Simon_118]

Great video as always! Do the dividends count towards your isa allowance?

[@TobyNewbatt]

Nope 😀

[@sandramcmahon1543]

Useful info as always Toby 👍🏻. Get selling those T-shirts 😊

[@TobyNewbatt]

😎

[@sethanith3181]

I did laugh at the use of Fallout’s vault boy for the thumbs up 😂 you earned that like

[@TobyNewbatt]

Charisma +4

[@AM2K2]

What is that screen tracking on the top of your room? Different stock market prices? Thanks

[@Khaiphos]

Any news when InvestEngine will be starting their pension to SIPP transfers?

[@paulguk]

Heya Toby. Thanks for another great video. Regarding the difference between Distributing and Accumulating index funds : If someone has (perhaps mistakenly) picked the distributing fund version, and then manually reinvests those dividends back into the ISA - does that reinvestment count as part of the 20k ISA allowance?

[@adrianl5899]

The £20k relates only to your subscription that tax year - ie. the new money you pay into ISAs yourself during the tax year. Dividends paid within the ISA, reinvested or not, and capital growth, of investments does not count. Thus as long as you don't pay more than £20k into ISA/s in the tax year, you're good.

[@louise3507]

Hi Tony how do I check if Vanguard are paying dividends? What would I click on tab? I have ftse all cap index fund

[@K3NN3H1]

i would only use a S&S ISA for long term investment and never for taking in and out.

[@TobyNewbatt]

me too :) - but life changes and you just never know in case you need it. Lots of people might take it all out to buy a house for example.

[@The45thClown]

Yes and No, flexibility is helpful. My main long term investments is a pension. An ISAs advantage is being a tax wrapper, it’s not otherwise special. I currently have a number of years of ISA allowances which I’m keeping around, whilst using money for other things now and in the future. I have an emergency fund in an Offset mortgage and each year I move it in and out of a flexible ISA to keep the wrapper allowance. When I stop work and need a couple years of cash for first few years of retirement, I’ll do the same. So if I take a lump sum from a pension, I’ll be able to put most into an ISA immediately, not spend as many years cycling it in - needed now CGT allowance so low. Mortgage rates are currently high and I want to increase my pension amount. So I took another few years worth of ISAs to reduce mortgage payments, so can do without dipping into savings. End of tax year, refill up ISAs and empty again if rates still high (else will put back in investments). I have also taken money out of my ISA for better saving rates and for GIA investments not available in my ISA platform at different times. Edit to add: I can’t do this forever, it’ll get to a point I can’t add to an ISA and pension.

[@KRN22661]

This is a very different topic but I wanted to hear your opinion about Gary Stevenson?!

[@carlevans4810]

Thanks☹️

[@Abdul_Rahman86]

Number 1 financial mistake is not watching a “Toby Newbatt!” KZbin video. Quality content!

[@TobyNewbatt]

❤️

[@MultiLogina]

100k subs on the WAY !

[@TobyNewbatt]

slowly but surely...hopefully sometime this year :)

[@Kit-Talon]

Can you tell us a bit more about the costs of taxes from interest earned/saved which goes above the thresholds? What happens when taxable events are triggered and how do we go about declaring our taxes, or is there a way that tax can automatically be taken at a given point (akin to PAYE).

[@TobyNewbatt]

Any capital gains or dividends that you receive (outside of ISAs, and outside of your allowances) are all down to you to report to HMRC via self assessment, nobody can take your tax automatically for you like PAYE as there is no way to know what would apply. Do note that you don't have to report anything to HMRC until your allowances are breached - for example if you receive £500 of dividends this year - then there is nothing to report as this is within the £500 allowance.

[@divyv20]

Hey Toby , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?

[@paul_sam84]

Can you transfer between different ISA types? ie if you wanted to de-risk and transfer money from a S&S to a Cash ISA, or is it transfer between the same type only? ie Cash>Cash or S&S>S&S. Would be useful to know in the future. Thanks, Paul.

[@TobyNewbatt]

You can transfer between different ISA types :) Gov link below for reference: www.gov.uk/individual-savings-accounts/transferring-your-isa#:~:text=You%20can%20transfer%20all%20or,year%20or%20in%20previous%20years.

[@icarus_ap]

so vangaur (dist) pay divdend and dont reinvest, but (acc) automatic reinvest divden

[@lucho1844]

Toby, if you are fortunate enough to be able to max out your allowance, would you say is probably worth to also have a parallel (normal) investing account? It would be taxed and the end, yes.. but still the growth potential is there. (Not asking for financial advise, I'm just curious about your opinion on that scenario)

[@rich1483]

Could just put the extra cash in a pension (get the tax back)

[@TobyNewbatt]

Pension could be a good place as Rich says below - or yes, otherwise you can invest in a normal general investing account and theres no limits.

[@RezVibezz]

I live in Ireland can you help me with the taxes thing here?

[@carlevans4810]

Hi, great video! I placed £10,000 in a non-flexible ISA and withdrew some a short time after. I realise that I’ve now lost that portion of my allowance in that ISA, but if I opened a different ISA, would that reinstate my full allowance?

[@TobyNewbatt]

No sorry you cant reinstate your allowance - you have used up £10,000 according to the rules :)

[@potnoogle5780]

Hi Toby, can you make a video on how to create a excel sheet.

[@slude7133]

Are you allowed to withdraw 20k from a flexible cash isa (chip) from this years allowance and then put 20k into a stocks and shares isa (InvestEngine) I thought that was allowed seeing as it was a flexible isa, if this isn’t allowed what will happen?

[@chrisrichards3280]

I have a Freetrade Stocks and shares ISA. Does this mean i can open a stock and shares ISA with Trading 212 as well?

[@TobyNewbatt]

Yes 😎

[@khurram4589]

Most high earners have a life that is about a bit more than just salaries.... Leaving all family and friends behind just to grow your money through profitable investment is knowledge.🇺🇲

[@laurawalker6431]

You like sticks instead of carrots punishment method then…! Thanks for this!

[@TobyNewbatt]

:P

[@jakemendinueta8639]

I am new to understanding ISA. For a lifetime ISA, if i manage to invest 20k, do i need to add more for next tax year? Which ISA do you suggest if I have 10k that i don't want to withdraw? Just to invest instead of it sleeping on my current account. Thanks 😊

[@adrianl5899]

The annual (every tax year) ISA allowance is £20k, of which a maximum of £4k can go into a Lifetime ISA (which therefore would leave a maximum of £16k allowance to put into other types of ISA). If you used the maximum £4k Lifetime ISA allowance last tax year, you can again put in £4k this tax year if you wish, and this receives a £1k boost from government. If you've never use a Lifetime ISA, read up on their rules of access because they are not the same as cash ISAs or S&S ISA access. If yoi have £10k to invest, you could put £10k into a S&S ISA and low cost providers include Trading212, InvestEngine and Vanguard. Alternatively, you could put £4k into LISA and £6k into a S&S ISA. Dodl is an example of a LISA provider offering investing. It's not possible for anyone to provide personalised advice as it's a regulated acitvity, but hopefully that general information helps.

[@samuelnewitt6978]

The "nice problem to have" limit is a goal

[@TobyNewbatt]

Indeed, a very nice problem to have :)

[@petebannister3]

Where do you put your 'everyday' money? Have you got an emergency fund for example and do you have a savings account that pays for a holiday, car repairs etc?

[@TobyNewbatt]

for me personally I use Trading 212 to get interest on cash and my emergency fund and I always have excess cash available in my bank account.

[@petebannister3]

@@TobyNewbatt I love investing, I love the apps but still have to refrain from putting every last penny into it! So do you not have a cash Isa? Thanks for the reply 👍

[@TobyNewbatt]

@@petebannister3 no cash isa. As per the video a cash ISA would waste the allowances for me. I’ve no need to use one I prefer all my ISA allowance for investing only

[@shaunwhiteley3544]

If the dividend stays in the isa and gets reinvested straight back into stocks, does it count against your yearly goverment non taxed allowance? Cheers

[@TobyNewbatt]

Nope - dividends don't count and have never counted when paid inside an ISA :)

[@shaunwhiteley3544]

@@TobyNewbatt Thanks

[@autobahnwaybab7608]

This is a ridiculous question, and im only watching your videos right now. Im planning to open S&S ISA through barclays (is it good or bad)?. And also is there any way i can put my pension money to S&S???😢 please help me. Im new to all this. Thank you

[@TobyNewbatt]

Take your time no rush :) I did a video going over the best S&S ISA platforms a couple of weeks ago. Watch that first it might help you. One of the most important things to look at are fees on the platform and then also decide what you need to invest in..e.g. shares or ETFs? Pension money cannot be invested inside a S&S ISA, that is either kept inside a work based pension or a self invested personal pension which you can manage yourself. But you can transfer your pensions from your employer to your own SIPP and invest it yourself..just be careful and check all of the rules.

[@florencefelstead5763]

Same, wish Vanguard sent a cash update email every now and again! Also noticed the Detailed view tab doesn’t work anymore, so no idea how many shares are owned 😂

[@SirDPB86]

I've noticed this, seems to have been like it for a while too!

[@allanmacpherson8794]

It does work if you click the toggle button once and then "double click" it again quickly (Vanguard gave me this info). It does work if you do this.

[@allanmacpherson8794]

It does still work if you click once on the button to switch it "on" then a fast double click on the button again and it will show the Detailed View.

[@florencefelstead5763]

Thanks for the tip, thats working for me now 👍

[@Mark-rw7cx]

I had a uk cash ISA that I withdrew from over the year, however I was able to put back the money and still have a 20,000 limit. Also, another thing to mention is that if you have a smaller amount in an ISA and ‘transfer’ the ISA to another provider, you still have your 20,000 limit for the year on top of the balance you transferred. I’m sure there is a cap to this amount, but not sure what it is. Might be good for somebody looking to find a higher interest rate than the one they have at the moment, for example

[@Mark-rw7cx]

Sorry, should have watched until the end before trying to help 🫣

[@larsenb4803]

I'm not sure you've got your facts right. It sounds like you've given good examples of what you can't do. May have mis read though.

[@Mark-rw7cx]

@@larsenb4803 No, they’re good examples of what you can do, but he mentioned both later on in the video, so I jumped the gun a bit

[@Chasworth]

When are Accumulated dividends reinvested, and will that show on the total balance?😀

[@TobyNewbatt]

Thats for the fund to decide. it's not going to be a set date, nor is it shown. The best way to see this would be to compare a fund like VUSA to VUAG on a chart and you will see the value of VUAG is higher as the dividends are reinvested.

[@Chasworth]

@@TobyNewbatt thanks for the reply👍🏻 So if i have an isa with 4 accumilating etfs, and those increases in value are not shown on your total balance, how would you know the total value your portfolio if you wanted to sell up? Sorry if its a silly question, im new to this😀

[@TobyNewbatt]

@@Chasworth so it’s not like it will be shown all of a sudden or on a set date that’s my point. And the stock market is determined by buying and selling at any point I hope that makes sense so the only way you can ‘see it’ is by comparing a fund that pays a dividend and one that does not. If you use my example above you can see it in action. Go to google finance and do a comparison

[@lifeisagame2023]

Had a chat with vanguard about some of the quarms you mentioned before. App is coming apparently just finishing it up

[@jabberwockytdi8901]

Strange that so few ISA providers are converting their ISA's to flexible version, but I guess that shows how few savers that would be an advantage for, it's not happening because there is no real pressure from the average customer....

[@TobyNewbatt]

I suspect it's an admin headache - also the demand is clearly not there as you'd have to be the kind of person getting close to the limits for it to affect you.

[@dcphillips1991]

I've a feeling Toby has been watching Fallout recently 😂

[@TobyNewbatt]

😉

[@solomonmehmet9079]

Say I’ve maxed out my S&S ISA for this year and I put £2000 into the invest last of trading 212 can I then easily transfer that £2000 in invest portion to my ISA after 6th April

[@adrianl5899]

If the ISA has been maxed (£20k new money put in this tax year), you've used up your entire allowance already, so no. If you mean if you can you move it to the ISA next tax year when your ISA allowance resets, then yes you can sell and move the funds over.

[@Oldyellowbrick]

I accidentally went over my allowance by £600 last year so I’ll just wait for HMRC to destroy me. Called them twice and they don’t have a clue. So I guess I’ll just wait for my fate.

[@lrac111]

You can also earn £5000 worth of interest without paying any tax if you earn below your personal tax allowance, ie if you're living off isa interest or have a sipp and your only taking 12.5k, being tax efficient is upmost

[@TobyNewbatt]

Yes indeed, this is something worth knowing!

[@osx86x]

i had to pause there, easily go over the ISA limit seems to be a far fetch in current conditions

[@TobyNewbatt]

There are a huge amount of people with a lot of money, or people who come into money - and many people are struggling - both of these things are true at the same time :)

[@eldiabl0953]

@@TobyNewbatt I'll be very happy, if i had 20k to invest yearly LOL

[@Riaan3108]

I’d argue WAY more can’t afford to max out the annual limit vs can afford to max the annual limit. Guesstimated ratio 10:1, or more.

[@rudra7615]

You have to take into account a couple. If both are paid 1600 (national minimum wage a month) that’s 3200 a month. Let’s say their costs all add up to £1800, that leaves them 1200/- they can easily achieve £20k in less than 2 years. If they are strict and get that 1800/- expense down to say 1300, that means savings of 1700 a month (£850 a month each) and,more than £20,000 saved a year

[@jabberwockytdi8901]

@@rudra7615 But you get 20k per annum each , so a couple would need to put aside getting on for 40k annum to be at risk of going over if taking out and putting back in . The basic point is correct 90% or more of UK population are not going to be the least worried about running out of ISA allowance in most years.

[@Kmay1950]

If I take out 20k of a flexible isa today, would I be able to add the 20k back in the flexible isa this tax year and also add 20k new money to use up this years isa allowance into another isa?

[@TobyNewbatt]

Not sure what you are asking here. In the first part of your question - is that £20k from oney that was put in inside this tax year? 1) A flexible ISA is about taking money out and putting it back in IN THE SAME TAX YEAR - as to not affect your limits

[@Kmay1950]

Hi. The 20k is from previous tax years. I've taken out 20k this current tax year 2024-25. After I did this, I received news I was going to receive an unexpected inheritance. So I wondered if I could put the 20k back in the flexible vanguard isa, which states I have a 40k allowance this year, and use the current years 20k isa allowance and put that into a trading212 isa. Basically, does replacing the amount you took out a flexible isa use up the current tax years isa allowance.

[@Kmay1950]

From vanguard secure message... The Vanguard Stocks and Shares ISA is a flexible ISA. This means you can take money out if you need it, then deposit that money back in the same ISA within the same tax year (by 5 April) without the replacement money counting towards your annual ISA allowance. This applies regardless of when the initial deposits were made, meaning that if you are yet to use your current year allowance, but are withdrawing from previous tax year monies, when you replace the withdrawn money this has no impact on your £20,000 allowance for the current tax year. It sounds like it should be ok to replace the 20k I took out of Vanguard and put this years isa allowance of 20k in trading 212.

[@rudra7615]

Two questions 1) if Flexible ISAs allow you to take out, put back and doesn’t count it towards your final £20k limit then why doesn’t everyone just go for flexible IsA vs regular as a general rule? 2) and this is something I never see answered. If you top up £20k ISA, when the new tax year comes, is it like the £20k can remain there, you can add another £20k the new year and end up with a total of £40k as balance? Yet the interest will only be for the £20k you put in that year?

[@TobyNewbatt]

1) there's not many flexible ISA providers - it's a pain in the ass to administer I imagine is why 2)I'm not sure what you are saying here - basically the only limit to an ISA is what you can PUT IN. There is no maximum to what it can grow to over the years with growth. There are many ISA millionaires in the UK

[@rudra7615]

@@TobyNewbatt Sorry, should’ve been clearer. I take it there is no limit on the account. My query was on the 20k cap, is it on the account i.e if I have 15000k saved in 2024, can I only put in an extra 5,000 in 2025 as the total amount would be £20k when I check the account balance? From your response, it doesn’t matter. You just have to limit how much you put in a year to £20k but the same ISA account can have £40k, £60k from years of investing. Those won’t be taxed either as gov only taxes on what you put in the corresponding year (as long as it doesn’t go over £20k)

[@TobyNewbatt]

@@rudra7615 there is no limit to what the account can grow to. For example if you buy a stock in your isa and it grows 20x and you put in £20k then you will have £400k in that account. There is no tax to pay at any point 👍

[@Sam-ue4rv]

QUICK QUESTION.. Accumulated dividends are they tax free?

[@TobyNewbatt]

Anything inside an ISA is tax free thats the whole point :) An accumulated dividend is not a dividend anyway, thats not how it works :)

[@Sam-ue4rv]

@TobyNewbatt say its not in an ISA and accumulated ETF? Or In a Pie like Trading 212

[@Al_Does_Stuff]

​@@Sam-ue4rva pie in an ISA is still in the ISA. If it's not in an ISA there are limits B4 HMRC reporting although in theory I think your meant to report pretty much everything

[@TobyNewbatt]

@@Sam-ue4rv It's not a dividend if it doesn't hit your account - you are never paid a dividend technically with ACC funds. It's a capital gain once and only once you sell it.

[@barrycole5930]

Surely all ISA’s should be flexible?! It cannot be fair that i only get less than my limit if i make any withdrawals which i repay in a tax year. I have a cash ISA that i use for my emergency fund and for home improvements etc, thankfully this is a flexible one as i withdraw a few £k here and there for a new bathroom etc, and i have S&S for longer term investing. But an ISA that is not flexible is surely not a fair product, why would anyone use these? Is there a benefit i dont know about or are they the same?

[@TobyNewbatt]

I suspect its an admin headache to make an ISA flexible, and the demand isnt there if providers are not offering a lot of them :) In general though, taking money in and out of ISAs is not what they are meant for, at least on a regular basis. The tax free benefits far outweigh any alternative and are some of the best in the world. nobody else gets close :)

[@KJ318.]

7:08 I thought you could only put money into one ISA account, so I could split the 20k allowance between a cash ISA and a Stocks and Shares ISA? Trying to understand the rules correctly…

[@TobyNewbatt]

The £20k is allowance is shared between all ISA accounts - per tax year :) I hope that makes sense. You can split the £20k between the accounts however you like in any given tax year.

[@KJ318.]

@@TobyNewbattthank you so much for clarifying, appreciate it 👍

[@versaceviper9798]

Any key developments on the BritISA yet? I still don’t understand why they didn’t just increase the £20k ISA limit to £25k 😂

[@TobyNewbatt]

I honestly don't think this will see the light of day...but it's nowhere close yet. Still in the consultation phase but with a new government soon i can see this being kicked into the long grass.

[@spartacusptolemaida]

My thoughts exactly! Why make it so complicated than already is? Just increase the limit and be done with it.

[@tx5190]

They make it complicated to create unnecessary work and keep civil servants employed...

[@BillY-tw8xc]

I think it's a great idea to get people investing in British companies. I rather that option than no option, although I'd be happier if that just let you do 25k in what you want.

[@spartacusptolemaida]

@@BillY-tw8xc you still have that options. You don’t need a UK only ISA. There are dozens of UK focused funds.

[@LawrenceTimme]

What actually happens if you go over the limit? Who's going to know? Do you get fined, taxed, thrown in jail?

[@TobyNewbatt]

HMRC gets reports from all the providers how much has been put into ISA accounts through your NI number. It's still your responsibility to manage it...but you are welcome to try and put in £40k per tax year..it will catch up with you and the likely path will be fines/ voiding your tax free allowances. If you fail to pay fines then...probably jail :)

[@LawrenceTimme]

@@TobyNewbatt good to know. I wonder how much you could put in before they noticed 😂😂

[@jamesclark6257]

The free fractional share you get with 212 counts towards your isa allowance. I didn't realise this and nearly excluded the limit

[@paulguk]

This can't be true, can it? The fractional share is just an investment stock, not part of an ISA

[@beanbaka]

Will find out soon it caught me out 😂

[@Matt-ul5xe]

Been watching fallout I see 😜

[@TobyNewbatt]

nah I just like blue and yellow :P

[@Macilmoyle]

If you have kids there’s also the option of a junior SIPP

[@TobyNewbatt]

Yes thats right -its a SIPP not an ISA :)

[@markmcgee73]

Don't get drunk maxing out stocks and share isa when you were supposed to open cash isa aswell😂

[@markmcgee73]

Point 1

[@gregothy9190]

I appreciate the advice, but right jow im still dreaminf of even making 20k in a year, let alone saving that amount

[@absolutemadlad6340]

Mistake number 6 you have your money in a bank. I don't.

[@stevojohn]

The 30k example, you could put 20k in ISA and 10k in premium bonds as they are tax free.

[@TobyNewbatt]

Yes that's also a good option too - but premium bonds don't have a guaranteed rate, its a lottery - but like you said tax free so always an option for lots of cash :)

[@willspeakman2461]

Here is some financial advise. Split that 20 grand into 4 stocks. 3 of the largest Bitcoin miners and Microstrategy. You will make £1,000,000 tax free within 6 years. At that point UK should have a Bitcoin Etf. You could start to roll your ISA investments into that. Any other money should go into your own private multisig Bitcoin savings account. (The government will confiscate your Bitcoin held in funds if Fiat starts to collapse. They will also confiscate your stocks but don't worry they will pay you the cash value.)

[@Jackjhumphries7]

I have my vanguard isa that has been going for 5 years I am putting £5k into it this tax year and moving general account from Freetrade to trading 212 and putting a pie of individual stocks into an isa with them totalling 15k to split it up.The 212 isa will be more volatile but hopefully will have better returns while majority of my isa will be passive in vanguard

[@jamesclark6257]

If you take the free fractional share they offer at 212, it will count as part of your isa allowance. I was nearly caught out by this but spotted it just before I exceeded the isa allowance.

[@larsenb4803]

History suggests you'll be one of a very small number if you make better returns investing in individual stocks

[@Jackjhumphries7]

If you move from an income version of the S&P 500 to the accumulation version would I have to sell down my ISA within the account and rebuy the accumulation version would this change my share buying average price and would I have to buy at the current price

[@TobyNewbatt]

You'd have to sell and then buy the accumulation version if you want this. You also can't compare the share prices of two different ETFs as they dont work like that :) - For example the price of VUSA and VUAG does not reflect the overall value of the fund. Hope that makes sense!

[@Alex-xt2gn]

Pip boy!!!