A New Tax Year
So it’s a fresh tax year. Most people wince at the mention of a new tax year, but it’s the perfect time here in the UK to take stock (pun intended) and see where your investments are at. I’m also taking this time to get my accounts in order and consolidate some providers. As of writing here’s where my portfolio currently stands.
Lifetime ISA
Balance - £79,042.91
Provider - EQi
Investments - Vanguard FTSE Global All Cap Index Fund
OCF - 0.23%
Platform Fee - £10 per quarter (or 0.05% of my portfolio)
I max out this £4k account limit annually with a monthly deposit of £333.33. I receive a 25% government bonus which is all invested once a month purchasing the fund with £416.66. EQi have no fees for buying funds, and I have automated everything so it just happens in the background. Read my full blog on the Lifetime ISA here.
Stocks & Shares ISA
Balance - £2,911.87
Provider - Prosper
Investments - Vanguard FTSE Global All Cap Index Fund
OCF - 0.23%
Platform Fee - £0
I currently fund this account with £320 per month. Same as my LISA I’m all in on the Vanguard Global All Cap, I really do like this fund and I’m excited to see what the ETF version is like when it launches, I’m hoping it’ll be quite a bit cheaper.
SIPP
Balance - £3,007.08
Provider - InvestEngine
Investments - Cash
OCF - NA
Platform Fee - £0
Balance - £836.67
Provider - Prosper
Investments - Fidelity World Index Fund
OCF - 0.12% (refunded by Prosper so effectively 0%)
Platform Fee - £0
I’m currently in the process of transferring my InvestEngine SIPP to my new Prosper SIPP, hence the cash value. I’m funding my new Prosper SIPP with £200 a month which after tax relief is £250. I also try to get my books in order before the end of each tax year and make any extra contributions here to bring me out of the higher rate tax band which here in Scotland is an eye watering 42% on earnings over £43k. I don’t want to get too political here but I just feel like earning just over £40k should not be seen as a higher earner. I’d like to up my SIPP contributions, once I build my home studio this year I’ll save on the £165 a month rent I currently pay for a studio space so I’m looking to redirect most of that to my SIPP.
Since Prosper have some funds where they refund the fee, I thought I’d give it a go and the one closest to my goals was the Fidelity World Index Fund. It’s not perfect as it’s developed world only so has no developing, small cap or emerging markets. I’m happy with this in my SIPP however since my LISA and ISA both cover those missing markets, and there is literally no fee on anything in this account.
Cash ISA
Provider - Monument
Interest Rate - 4.28%
This pot is currently quite large because it will be funding my studio build this year. It is mostly money for the build and some Emergency Fund savings, after the studio build it will be the exclusive Emergency Fund. I’m funding this account with £200 per month until I hit my goal of £12k. I love the idea of having my SIPP and both my S&S ISA and Cash ISA with Prosper to have a nice dashboard view of everything (except my LISA) so I may try this next year when my Monument boosted interest rate drops and when Prosper allow transfers in.
Investment Portfolio Accounts
How Are You Doing?
Are you making any changes for the new tax year? Let me know in the comments below, I’d love to hear from you!
