It’s March! And that means it’s coming up to the end of the current tax year which runs until 5th April. Have you been using your ISA allowance this year? If not, now is a great time to spend a bit of time to get everything in order. ISAs are tax free and there are two types of ISAs – cash ISAs and stocks and shares ISAs, and the total ISA allowance for the 2014-15 tax year is £15,000.
If you are looking for a stocks and shares ISA, I recently came across a platform called Nutmeg which is really easy to use. Basically, you decide on how much risk you’re willing to take on and Nutmeg will set up a professional portfolio for you accordingly. Their fees are low compared to similar ways of investing, ranging from 0.3% to 1% per annum, and there are no trading, set-up or exit fees if you withdraw on their weekly schedule.