For questions that relate to the laws, practices, and products of the United Kingdom.

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3
votes
0answers
71 views

My Boss owes money but I am named on letter from debt collection agency (UK)

My employer has an outstanding debt with a company he aked me to speak with a couple of years ago. Now that company has my name listed as a "contact". He received a letter from a debt collection ...
1
vote
1answer
29 views

Is there a trick with ISAs in the UK

I was looking on ISA faq on moneysavingexpert and I noticed the following: I do not understand the trick, say I put GBP100 on a 3% account and that ISA pays 1%. Can I NOT pay tax on the GBP3 I made ...
3
votes
3answers
83 views

Recovering Small Workplace Pension Pots

Like many professionals, the new 'standard' length of stay at any one company is around 2-3 years. I myself have moved a few times at the start of my career from one company to another, beginning ...
0
votes
2answers
41 views

Tax Free Allowance

I started working on 21 March 2016 in my first job in the UK. How much tax should I have paid? It seems my company combined my salary with my April salary and deducted a lot of tax. Monthly salary ...
1
vote
1answer
52 views

Taxes in the UK

I am an EU citizen that recently moved to the UK. I lived in another EU country for the last few years and started a pension saving account there. This account is still open but I live and work in the ...
0
votes
0answers
28 views

Do I have to pay remittance tax?

A friend of mine wants to buy a house in my country in Viet Nam and he authorized a bank in UK to transfer this sum of money of more than 200,000 USD into my bank account. However, this bank asked me ...
1
vote
1answer
70 views

How much financial information should a buyer give an estate agent?

A friend of mine would like to buy a flat. It is currently a sellers' market and the agents write: Along with your offer we require your sales position ie. first time buyer or you have a property ...
2
votes
1answer
57 views

First time IT contractor, not UK resident, Umbrella or Limited Company?

Will be starting my first IT developer contract soon lasting 3 months, 260 per day, I don't intend to have another contract until at least 9 months after this first contract. Having read in depth the ...
0
votes
0answers
9 views

Am I UK non-resident based on significant ties?

I am a UK and Brazilian citizen with a British and a Brazilian passport. I have lived in Brazil since December 2013 and have not returned to the UK since. In this time, I have worked in Brazil for ...
1
vote
0answers
17 views

Will holdings in high-OCF pre-RDR non-“clean-priced” fund unit types eventually be converted to clean priced units?

As soon as it was practical, I made sure all my own fund investments were migrated to a platform with "clean priced" fund units available (and even before that I'd been making use of a ...
0
votes
0answers
35 views

Working remotely for a UK based company while living in Japan?

I am currently employed by a UK based company but am going to be working remotely in Japan, then eventually move there while still working for the same company. I have no idea what the tax situation ...
1
vote
0answers
26 views

Tax on income earned in the UK

This is the first time I have paid taxes in the US. I am doing my best not to make a mistake. Here's the situation: Worked for three weeks in the UK in January 2015. I have paid UK taxes on this ...
0
votes
0answers
16 views

US based company engaging independent contractor in the UK

If a US-based company engages a citizen and resident of the UK to be an independent contractor, is the US-based company responsible for paying any taxes in the UK, or is payment of taxes on the ...
4
votes
0answers
43 views

Filing world-income for taxation in UK as a non-citizen

First a brief background: I’m a citizen of an EU country where up to recently I’ve resided and been employed as a PhD student at a state institute. After finishing the PhD, I’ve moved to UK to work at ...
0
votes
1answer
26 views

UK summer internship - employee status

During January & February '16 I have done some work for my university for which I filled the HMRC New Starter Checklist form. Since then I have not done any work for them and I have gotten a ...
4
votes
2answers
62 views

Do I actually need a P60 to file a UK tax return?

I want to file my tax return for last tax year as quickly as possible, as I'll be owed a refund. In the employment section it asks for information from my P60, which typically won't be issued for a ...
6
votes
1answer
207 views

Bed and Breakfast, Same Day Capital Gains UK

1) What exactly is 'same day` rule, there is much talk about it all over the internet but no one seems to be able to explain what it actually is or how it works. Does it mean If I purchased shares in ...
2
votes
1answer
135 views

I paid taxes from my first day of work. Is this a problem with HMRC, or my employer?

I'm working in a warehouse in a picker position. I've been working for a year now, and my question is this: I've been paying income tax since the first day, and I worked before that for a few days ...
2
votes
1answer
200 views

Buying a property for cash

Although I'm no expert on mortgages and the property purchasing process when using one, I'm even less aware of how the process works when buying a property for cash. I will soon be in the fortunate ...
1
vote
0answers
66 views

What are financing conditions like in the UK at the moment? [closed]

I'm based in France, and develop renewable energy projects as a small "side business" which I invest in and run myself ; for an "equity" outlay of 5-10%, I can develop projects around 100k€ by ...
-3
votes
1answer
107 views

Paying Income Tax from Day One [closed]

I can't find an answer for my problem here. I started to work from March 2015 and I payd from the first week of employment income tax . Now I have 1 year in this job and even now I can't find a answer ...
3
votes
3answers
225 views

I need a car for 2 years. Buy or lease (or something else)?

My current situation: I live in UK I'll be soon moving to Europe I'll be back in UK in approx. 2 years I don't own a car at the moment When in Europe, I'll be needing a car. However, I'm not sure ...
0
votes
1answer
47 views

RRP/list price/retail price and cars?

Looking at an online car brochure (PDF version of printed material) for the Vauxhall Astra, it listed RRP: Link As far as I know, am I correct with these: List price is basic price Recommended ...
1
vote
1answer
56 views

Foreign Tax Deduction vs Credit

As I understand it, the Form 1116 Foreign Tax Credit is intended to allow you to avoid double taxation on foreign income. You are allowed a credit up to the amount of US tax that is due to the ...
4
votes
1answer
95 views

Siblings inherit a property

Two siblings inherit a property that could be joint or tenants in common. Can one of the owners take a mortgage out ( I assume against the property as has no other income or property) without the ...
1
vote
0answers
63 views

Tax withheld by USA working in UK (Form 1042-S and Form 1099)

I live/work in the UK but own some US shares held by US brokers that I've earned working for a USA company in UK. My broker sent me 1042-S and 1099 forms. Form 1099 reports $957 Federal Income Tax ...
5
votes
3answers
282 views

Is investing exlusively in a small-cap index fund a wise investment?

I'm 26 live in the UK and do not own a home. I have a regular income of which I save about 33% off after tax and I've good job security. I'm single with no children. I've 60% of my savings in a P2P ...
0
votes
2answers
89 views

While interest rates are low is it better to take a short-term fixed mortgage or long-term one

In the UK mortgage uinterest rates are historically low and I'm in a position where paying off a small mortgage in tens is financially viable. There are however two courses of action I could take: ...
8
votes
1answer
149 views

When should one use the new lifetime ISA in place of investing in pension?

Assuming that I am not interested in purchasing a flat using lifetime ISA, is it ever advantageous for me to put money into it in place of a pension? Since lifetime ISA gives 25% tax relief on ...
1
vote
1answer
125 views

Good investment for capital gain

With the new UK capital gains tax rate at 20% (since the new budget of Wednesday), and the highest band of dividend rate at 32.5% or 38.1%, I think it makes sense to find investments that do not yield ...
1
vote
1answer
126 views

Am I a first time buyer if I own a share of my parents property?

If my parents use the land registry to add me as a 10% owner of their house, would I still qualify as a first time buyer in reference to common first time buyer mortgage schemes?
1
vote
3answers
90 views

How to calculate ownership for property with a partner

Property value : £484,950 My deposit: £20,000 ( plus additional fees for stamp duty of £11,000 payment from myself) Her deposit: £4,247 Help to buy government 40% gov loan interest free for 5 ...
3
votes
1answer
201 views

Returning to UK after £4000 worth of debt, could I be jailed?

I left the UK about 6 months ago to work and hope to go back home to visit family this weekend. However I have accumulated about £4000 of debt through different companies (£700 is the most amount of ...
0
votes
0answers
35 views

UK funds charges and how often interest is credited

I have two questions regarding funds in the UK. When I read a return p.a. of a fund in the UK from a website such as trustnet.com, do I have to calculate the return minus ongoing charges (OC) to ...
1
vote
1answer
55 views

How can I estimate future pension pot limit?

To ensure I don't overflow my pension in future, I require some way of best-guessing what the pension pot limit will be when I retire (it's currently £1.25M, soon to be £1M due to new policy). ...
3
votes
0answers
56 views

Moving between countries at the middle of Tax year to reduce progressive tax impact?

Soon I will be relocating from US (H1B visa) to UK. I am not a citizen of these two countries. Since both of these two countries have progressive tax system I have come to conclusion that it would be ...
7
votes
2answers
569 views

UK: Gross Pay same as Taxable Pay? Am I paying too much tax?

I am looking at my payslip, and I have noticed that my Gross and Taxable incomes are the same value. I am a little ignorant on how taxes work, but shouldn't the Taxable income be the Gross income less ...
1
vote
1answer
43 views

Transferring Money from UK to India

I am an Indian citizen and working here in UK from last eight months (June'2015). I get salary after tax deductions as per UK law. I want to send some money to Indian in my saving account but I ...
1
vote
0answers
50 views

UK citizen trading in USA?

I am a UK citizen and have worked in the US in the past on work visa. I am back in the UK now but want to start investing in the US stock market. I have a valid SSN and a US back account. Are there ...
1
vote
0answers
22 views

Which Novo Nordisk ticker is most tax efficient in a UK SIPP?

I'd like to own some Novo Nordisk and my investment vehicle is a UK SIPP (pension) account. There don't appear to be any Novo Nordisk listings directly on the UK, but there are many tickers listed ...
3
votes
2answers
128 views

What is the land only value of my property

I'm looking to find the value of the land only, for my house in the UK. Is there a way to find this out? I have the cost to rebuild, and the current property value, is it as simple as subtracting the ...
7
votes
0answers
115 views

How is road warrior's income taxed?

One UK tech company is offering me to work for them (ie. be on their UK payroll). I am citizen of Estonia. Since, in this job I will travel every 3 or so months between different countries (as in ...
2
votes
2answers
72 views

Putting borrowed money into an SIPP

I am employed and have about three years' salary in a stocks-and-shares ISA (an investment from which dividend income and capital gains are tax-free). I generally save £600 a month. The bank ...
0
votes
1answer
57 views

Performance Figures

I'm interested in evaluating pension funds and was looking at some past performance figures. In particular these funds (see page 35). When I look at these figures, how does this relate to what I ...
1
vote
1answer
51 views

A guarantee on the conveyancing solicitors

I am in the process of buying a property in the UK, and using a solicitors for the conveyancing. Due to this, I am placing a great amount of trust in the solicitors and effectively assuming that they ...
1
vote
1answer
139 views

Repaying a mortgage early

I have a 2-year fixed-rate mortgage (2% interest rate) in the UK, with a 2% early repayment penalty (I have used my yearly early-repayment allowance already). Is there any benefit to taking a 2% ...
2
votes
1answer
74 views

How to account for letting agent carrying rent over to next month's statement?

My letting agent collects my tenant's rent on the 11th of the month. They then take their fee (8%) at that time of the whole amount. Then they only pay out from the 11th of the month until the end of ...
5
votes
1answer
97 views

UK tax returns with expenditure higher than income

I live in the UK and work a day job, but I also have a small freelance income, for which I file a tax return. The work I do demands that I have access to fairly powerful computer hardware, so buying ...
1
vote
2answers
146 views

Highstreet bank fund, custom ETF or Nutmeg?

I want to start investing a regular monthly amount to a fund, and by choosing a highstreet bank fund I'm wondering if I'm not making a mistake. Basically, the fund they are trying to sell has, in ...
-1
votes
1answer
88 views

Emigrating from USA to United Kingdom

How much money can I take with me when emigrating from USA to United Kingdom without having to pay tax?