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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4194
Experience:  FCCA FCMA CGMA ACIS
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I accidently over exceeded my ISAaklowance this year. I

Customer Question

Hi, I accidently over exceeded my ISAaklowance this year. I opened a cash ISA with the full allowance £15,240 on Feb 2016. I then thought you could also xmcintribute to a stocks and shares ISA, so I opened a stocks ISA with a different provider and put in £9000 in March 2016 I am 22 and wasn't fully aware of the rules. I have 2 questions. What do you think I should do? What will the cinsequnces from the HMRC be?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. It is definitely a Dads Army 'Don't panic!' situation. Here is the advice from This is Money.co.uk: 'You should not try to correct this mistake yourself. Instead, you should call the Isa Helpline on 0845(###) ###-####and explain the problem to them. They will advise you what action you need to take.'Don't take the cash out because you'll not get a fresh Isa allowance (£5,100 for the 2010-2011 tax year). As soon as it's paid in, that is counted as an Isa contribution whether you take it out or not.The good news is HMRC is surprisingly lax when it comes to punishing savers for disobeying the rules. But only if it's your first time.' So it is telephone time in the first instance. I do hope that you find my reply of assistance.
Customer: replied 1 year ago.
I already tried that phone number it seems to be out of use, I also tried calling other HMRC lines but it seems there is no ISA helpline anymore. In your opinion do you think HMRC will notice the mistake?
As it is my 1st error doing this what is the likely consequence?
Expert:  bigduckontax replied 1 year ago.
The ISA help line is 0300 0200 3312, so say HMRC! I do not think HMRC will be over worried, they will just try to help you unscramble the position.
Customer: replied 1 year ago.
I also tried that number, they say there isn't a ISA helpline, that was the income tax department who were very unhelpful and said if I could pay them any tax due, but I don't know currently what tax is due.
I hope I don't get any large tax penalties
Expert:  bigduckontax replied 1 year ago.
Ring that number again and tell them to sharpen up! Here is the Gov UK information on ISA helplines: https://www.gov.uk/government/organisations/hm-revenue-customs/contact/individual-savings-accounts-isa-enquiries I suggest that you ask the official at the other end for his name and if he refuses then ask to be put through to his supervisor.