If you’re yet to invest in an Individual Savings Account (ISA) this tax year, and you’ve got some spare money lying around that really should be earning more than it is (plus you’d like to shelter it from the clutches of the taxman), then you’re quickly running out of time to make sure you make the most of your ISA allowance.
The 2008/2009 tax year ends tomorrow (Sunday 5th April), but despite being a weekend and with the impending deadline looming, there is still a chance to make your investment. Here is some advice on last-minute ISAs from around the web:
- Midnight deadline looms large for ISA savers – The Times explains how to make the most of your allowance before the end of the tax year tomorrow night. (Via WalletPop)
- Act now – and beat the taxman – The Independent looks at all the ways you can get one over the taxman, including tips of securing your ISA.
- Last minute cash ISA offers – The FT has details on some cash ISAs.
- Deadline Sunday: Choose Your ISA in 5 Minutes By Your Personality – BitterWallet gives some ideas on choosing the right ISA.
It’s worth remembering that given timescale to beat the deadline, in most cases you’ll have to be prepared to invest online now, otherwise you’re reliant on bank/building society branches being open on a Sunday, which although it does occasionally happen at the end of the tax year, is still pretty rare.
If you don’t get chance to use up this year’s ISA allowance, don’t fret – you get a new allowance from 12.00 a.m. on Monday!
Good stuff. Just to add that in general you should open your new ISA at the start of the ISA season, not at the end. That way you get the benefit of a year of tax-free compound interest (assuming you’re in cash, or the the stock market is going up of course).
Of course it does mean you need to have the money to do so!