Your questions answered Vol 2 - IM Private Clients

[Intelligent Money]

Hello All

Apologies for the delays with D/D and switch updates.

A banking systems outage combined with a bout of Flu/Winter bug running through the office team has slowed the hamsters down a little.

We should have normal service by the end of the week.

Thanks for bearing with us

Cheers

Nik

[Intelligent Money]

Hi All

The banking standard for d/d is typically +3 working days so with the 1st on a Sunday and B/H on Monday they should clear in the next 2 days.

Cheers

Nik

[Intelligent Money]

Phooey said:

Does cash within IM portfolios earn any interest?

Hi Phooey

With historic rates begin so low we haven't paid interest in the past but we also don't take any fees for funds held in cash.

With the change in banking environment we are looking at alternative cash options that may offer some form of return.

Cheers

Nik

[Intelligent Money]

Roman Rhodes said:

AdamIM said:

superlightr said:

AdamIM said:

Hi James,

The non Equity portion are Fixed Income securities- Gilts and Treasuries + Investment Grade Corporates, predominantly US. These are also hedged (FX) so the return is not exposed to currency fluctuations.

The YTD return is +2.55%(to end of Feb).

Regards

Adam

Hi Adam

Thank you. Any update/thoughts on the cash earing some interest?

Hi James, I've passed that to Nik

Cheers

Adam

I’m not entirely sure what IM is/does but that seems surprising. ii pays 2% on cash balances over £10k in a SIPP and the rates aren’t much less in an ISA or trading account. Zero interest on cash for the customer means someone else is benefiting!

Hi Roman Rhodes

When we set IM PC up we didn't consider cash as an investment holding, it was only relay there as a transitional holding position so the account that we have is a transactional rather than "savings account" and as such when we first set up paid no interest and now only pays a small amount. We take no fees for any holding in cash.
As the environment has changed and interest rates have picked up it is clear that an interest bearing cash option would be useful. There are a number of options and we in the process of finalising the integration of a cash option onto the dashboard.

Cheers

Nik

[Intelligent Money]

Stevil said:

In other news, have the emails about the GT racing tickets gone out yet? Email suggested it would have been Monday and I'm wondering if I've missed out or if they've just not materialised yet.

My apologies I am currently on a UK tour catching up with Private Clients, looking like a 2,000 mile week!!

I will get the draw done over the weekend and the mails sent out.

Cheers

Nik

[Intelligent Money]

Bubbas Grill said:

Just a comms issue? (in these days? Seriously?)

I'm a Client that has our Family future quite heavily invested through IM.

I'd never have had Businesses of any longevity if Clients questions had not been answered by return.

I'm really quite seriously spooked by this.

We will always aim to deal with issues within 24 hrs. Unfortunately there may occasionally be human error or a particularly busy period.

Apologies that in this case the message wasn't passed on to the correct team.

It has now been resolved

Cheers

Nik

[Intelligent Money]

Grandad Gaz said:

Hi To the IM team
My daughter and I are lucky enough to be joining you at Snetterton on the 18th of this month. Looking forward to it

When can we expect the tickets to arrive. Also, what is the setup. Is there special parking for VIP ticket holders. What time are we expected? So many questions!

Hi

Tickets will be with you early next and they come with a schedule.

There is VIP parking. You have access to both days. The main hospitality is on Sunday, race day, with champagne breakfast, lunch and afternoon tea.
You will also get VIP access to the Grid Walk, Pit walk and IM Exclusive garage visits.

Enjoy the weekend

Cheers

Nik

[Intelligent Money]

leef44 said:

JulianPH said:

Negotions were tough, but we got there in the end...




I'm sure he will be back here soon to say hello, when he can remember his password.

Which bit clenched the deal? Was is the in built sharpener or the smoother sharper colours?

But seriously, he has made such an impact. The service he has been providing has been much appreciated

There is no way we would trust Coops with a sharpener!

[Intelligent Money]

Zoon said:

Just a quick one.
If I wished to invest surplus Ltd company funds into something like this is there a simple way of doing it?

Hi Zoon

You can use company funds to invest in a company GIA.

Drop me a message at [e-mail] if you need any additional information about the pros and cons and things to consider.

Cheers

Nik

[Intelligent Money]

AdamIM said:

Sheepshanks said:

Ron-ski said:

Thanks Adam, she only earns about £20K, so including the tax rebate she can only pay in a maximum of what she earns I believe, although there is carry forward, but I haven't clue about that.

I believe you can only use that after you max out the current year.

My wife had exactly the same issue - earns around £25K and got a hefty one-off divi from the family firm last year. All that seemed possible was to put the equivalent of her whole salary that year into a SIPP. She doesn’t have any other pension - if your wife does then I think that has to be taken into account.

Yes, the pension contribution limit is currently 100% of your income, with a cap of £60,000

You can only carry forward from the previous three tax years. Effectively using the full annual allowance in the current tax year, 2023-24, then you can carry forward any unused annual allowances from the previous three tax years being 2020-21, 2021-22 and 2022-23.

If you need any assistance calculating, Nik is your man.

Regards

Adam

It is an oft misunderstood area. The best way to view it is in two half's :

1) What can I contribute :

Personal Contributions : 100% of Net Relevant Earnings of £60k p.a. whichever is the lower

Employer Contributions : £60k p.a. irreverent of earnings (contribution needs to commensurate with the role)

Once this years contribution has been filled you can go back three years and "carry forward" unused contributions from previous years. Starting 3 years ago and working forward. (subject to a couple of conditions)

2) What tax relief will I get?

Irrespective of how much you can contribute you will only gain tax relief on contributions up to 100% of your net relevant earnings in the year of your contribution.
So as an example the max contribution you could make in 23/24 tax year us £180k
But if you earn £50k your tax relief is limited to £50k of the contribution

Hope that is Ok to follow

Cheers

Nik

[Intelligent Money]

2Btoo said:

A CGT question; if your CGT calculated on all sales you make in a fiscal year?

More specifically: if I sell some shares at a loss at one point in a year and then crystallise a completely separate investment at a profit then can the first loss (from the shares) be counted against the profit from the separate investment?

Hi 2Btoo

Any losses from the tax year of the gain can should be offset first. Any "unused" losses from previous years can then be carried forward and offset

Cheers

[Intelligent Money]

Grandad Gaz said:

JulianPH said:

JulianPH said:

Hi Gary

Not sure what has happened here, but I am on it this morning for you.

Cheers

Julian

Hi Gary, I've just spoken with Steve, Adam and Nik. Neither Adam of Nik had been involved in this and I can see the most recent email sent to you regarding it was yesterday, from Darrell at 3:01pm, which was followed up at 3:02pm with a thanks email from Steve to Darrell.

This is obviously after you posted yesterday morning, though actually not connected to the post (Darrell is not active on here).

I trust everything is now in order and, as Darrell said yesterday, we are sorry for the delay.

Cheers

Julian

Yes, thanks Julian. I did indeed receive a prompt reply.
However, it looks to me as though you still believe it to be an ISA. It isn’t and never was. Something we did mention a few weeks ago.
Could you please double check?

Sorry to be a pain but, this has been going on for sometime now.

Hi Gary

I have dealt with this for you, Any additional information needed please just come to me [e-mail] and will get it sorted for you.
Apologies for the delays to date

Have a Great Xmas

Nik

[Intelligent Money]

Gallons Per Mile said:

@Adam/Nik/Steve: What's the best way for my work colleague to get in contact? I think he'd like a meeting with Nik to go through his finances and have a look at ISAs. Thanks

Hi GPM

Thanks for thinking of us

Ouija Board or [e-mail]

Cheers

Nik

[Intelligent Money]

B9 said:

I withdrew c.£50k from my ISA earlier in the year with the expectation to spend it (on a house) but that’s now looking to be delayed until next FY.

Am I able to dump it back into IM ISA as cash, and then withdraw again in 6 weeks, essentially carrying over the allowance into next year so in the event I find myself with a spare £50k I can use the allowance?

If so, is there a fee for sending and holding funds in cash?

Hi B9

You can set up a contribution and transfer the funds in. You can hold it in cash or Money Markets until you need. No transfer in or out fees.

Nik

[Intelligent Money]

AdamIM said:

ajh349 said:

AdamIM said:

Insurancejon said:

Quick question. How do I cancel a monthly direct debit instruction on an IM is a?

On the website or on my banking app?

Hi Jon,

On lower/footer section you will see 'Contributions'/Manage/amend contribution(link)/Cancel

Regards

Adam

Hi Adam,
I have Commercial Property in my IM Pension, I normally pay the rents into the Pension annually but I may consider paying them in monthly via DD. I have looked at the Contributions/Manage, however it gives 2 options of Personal or Employer, of which these do not meet this payment. Can you please advise which option I would need to select?
Kind regards
Alan

Hi Alan,

Historical 'Rent' and other contributions have been entered with a description of a limited company-the employer so using that option would be consistent. A couple of others are showing as personal contributions.

Regards

Adam

Hi Alan,

If the property is held in the SIPP then the rental payments should not be paid as "contributions". The rent is payable directly to the SIPP as the property is owned by the SIPP and is treated as an asset so the rent is a return on a holding within the SIPP not a new contribution.

Drop me a pm at [e-mail] and I'll take look at your set up to make sure all is OK

Cheers

Nik

[Intelligent Money]

Muck Dodge said:

Question for the IM team.

How long would it take to open an ISA with you? We have a sale of a BTL hopefully completing Tuesday so are looking to see if we can take advantage of this tax years allowance. We both have pensions with you.

Hi Muck Dodge

It only takes an about 10 minutes and you can then make your payment by BACS.

Follow the apply button on the top right of the Private Clients webpage.

If need any help feel free to drop me a message at [e-mail]

Cheers

Nik

[Intelligent Money]

B9 said:

I sent BACs transfer on Thursday to go into my ISA as cash as I’d like to use up this years allowance

How long do they usually take to appear, and if there’s a delay (ie doesn’t appear until 6th) does it take into account when the initial transaction request was placed?

Hi B9

It usually appears same day or the following day, It was Bank Holiday on Friday and again on Monday so I would think Tuesday now. Drop me a message at [e-mail] if its not showing on Tuesday

Cheers

Nik

[Intelligent Money]

S6PNJ said:

Hi Nik and Adam,
A few posts up the page was a question about moving GIA invested funds to a pre existing ISA, all with the IM platform - would one of you detail the steps / process please, so we have it from the horses mouth. Oh, and I take it there is still time within this year (23/24) to move funds prior to next year's ISA starting (24/25)?

Hi

I think the process piece has been answered,

A switch typically takes 5-7 working days, dependent on the time taken to sell the assets.


Cheers

Nik