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ISA Guidance

ISA Advice From Edinburgh’s Expert IFAs

MVI_9342.MOV.00_01_15_00.Still005At Torphin Financial Planning, Independent Financial Advisers in South Edinburgh, we believe that If you want your savings to work harder for you, then you should have an Individual Savings Account (ISA) – it’s that simple. Here’s why.

The Government would like everyone to be self-sufficient in their lives and not be dependent on the state to look after them in retirement. To encourage people to save, they provide some tax breaks and incentives. They have to limit these, as every tax saving for an individual is also a tax loss for the Government. ISAs should therefore be your first choice for investing as you’re currently allowed to save up to £20,000. The allowance tends to increase annually.

The Benefits of Choosing an ISA

There are two main types of ISA – cash ISAs and investment ISA’s (also known as stocks & shares ISAs). You can use your current annual allowance to save in either one or the other, or a combination of both, up to the maximum amount.

  • Cash ISA – Ideal if you simply want to save your money and the interest you earn is tax free. You can choose from instant access, regular savers and fixed-rate ISA’s. This is why, at Torphin Financial Planning, we like to get to know our clients so we can advise on which one will suit you best.
  • Investment ISA – Your savings are spread over a portfolio of different investments. Getting to know you means getting to know your attitude towards risk so we can advise accordingly. Investment ISAs differ slightly from cash ISAs, the main benefit being tax free growth. Interest and dividends are also tax free.

There are also Junior ISAs for those under 16 years of age, and a new Property Deposit ISA where, for every £4 invested, the Government will add £1 or 20%. This tax break is dependent on the cash being used as a down payment on the purchase of your first house.

An Independent Financial Adviser, such as Torphin Financial Planning has access to over 6,000 managed funds which you could invest in depending on your attitude to risk and how long you wish to invest for.

Contact Torphin Financial Planning to Find out More About ISAs

If you’re looking to save regularly, or have some funds sitting around earning no interest then you need either a cash ISA or an investment ISA. We would be happy to discuss the various ISA options open to you so for further details contact Torphin Financial Planning at our South Edinburgh office and let’s get your savings working harder.

Please note

Taxation depends on individual circumstances as well as tax law and HMRC practice, which can change.