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

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22 views

How should I include pension contributions in my UK Child Benefit calculations?

I'm using the gov.uk Child Benefit Tax Calculator and I don't know how I include my pension contributions in the "Pension contributions deducted from your pay" and "Pension contributions not paid from ...
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1answer
29 views

UK Expat with BVI company, can my company bank in the UK

I am about to leave the UK and travel constantly. I am a UK citizen but will become non resident when I leave. My business is run online and I need a business bank account within the EU to receive ...
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2answers
60 views

Do I have to pay tax both in NYC and England?

I work in London for an English company. I will move to NYC and keep working for the same English company for a few months doing researches to open a new business, and my boss would like to keep ...
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51 views

What are my options for personal finance software in the UK?

I want to start tracking my personal finances. I'm located in the UK and most of my bank accounts are here. What are my options for software to help me track my finances, specially something that ...
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1answer
100 views

What should I do with a low value pension that I probably won't contribute any more to?

About 7 years ago I was employed by a small company. They set up a pension fund for me which I contributed to while I was employed there. When I eventually left the company to study, I found out that ...
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44 views

Tax implications of gift from UK to US

My grandfather is advancing in years and has moved in to an senior citizen's home. He has decided to sell his former home and distribute the proceeds between his descendants. He is a resident and ...
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35 views

How to exchange a heavy box of mixed-denomination coins? [duplicate]

I'm living in the UK and I'm about to move flat. In the five years in my current flat I've accumulated around 20kg of mixed coins - from £0.05 to €2 at a glance. Are there any easy ways to exchange ...
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20 views

As a UK entity, how to contract with a U.S.-based contractor? Implications for tax/VAT?

Being an organisation incorporated in the UK, if we wish to engage the services of a contractor living and working in the USA, what are the implications for e.g. tax and VAT? Do we need to pay the ...
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1answer
62 views

ISA trading account options for US citizens living in the UK

I am looking for an ISA trading account that can be opened by US citizens that are UK residents. There seems to be a general trend towards brokers in the EU not wanting to do business with US ...
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1answer
45 views

declaring payments to a credit card for a shared expense

Long story short: I was travelling abroad with work and we ended up with a large bar tab (over £1500 - don't ask). The company credit card was declined so I paid for it on my personal card. My ...
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1answer
68 views

Is it possible to buy UK Consols (perpetuities)?

I remember learning about UK Consols in my finance class when we were discussing perpetuities. Consols apparently still exist and pay 2.5% perpetually. If I could buy a small one, I think it would ...
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2answers
123 views

Giving someone else access to a bank account in the UK, any dangers?

I need to give someone else access to a bank account to easily manage shared expenses. That is, allowing them to log in into ebanking. I'm planning on using a bank account I already have under my name ...
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2answers
144 views

Creating a Limited company while still fully employed

I am thinking of doing contracts instead of full time employement in the IT sector. I have researched that I can go Limited and employe an accountant for all the TAX, Payrol and Dividedns. I have not ...
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21 views

Adding expenses to sage payroll as tax free amount or on P11D

Hopefully this is the correct forum for this. I have some members of staff that are on Umbrella PAYE. This means they are able to have expenses removed from there original gross in order to then ...
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1answer
56 views

Undestanding the new UK Pension laws

I have this scenario and I am having problems understanding how this scenario fits into the upcoming pension laws (mentioned in the latest budget). A man who is 66 now and 67 on the 8.11.14 has ...
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1answer
20 views

What exactly are the SEIS tax benefits and how can I use them?

I'm hoping that someone that understands the UK tax system better than I do can help explain in what way I can benefit from SEIS approved investments. I'm especially interested in understanding if ...
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2answers
99 views

UK: ISA or regular savings account?

I am not a very savvy investor, am new to ISAs and was wondering: where would be the best place to put £10,000 right now (March 2014)? ISAs have tax benefits, but in general don't seem to beat ...
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0answers
141 views

How to bet against the London housing market?

A lot of people are talking about a property bubble in London and I was wondering: how could you short the property market and bet on a crash? Is there any obvious way? Basically, how could someone ...
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1answer
363 views

How to Store Funds Generated through Gambling

I am developing an sophisticated automated betting application. Initial tests show that it is likely to operate well and at a profit. I am in full-time employment and pay full tax on my earnings. This ...
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1answer
87 views

Do UK tax rules allow you to hold Bitcoin in a SIPP?

Do United Kingdom tax rules allow you to hold Bitcoin in a self-invested pension plan?
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1answer
36 views

Spending arrangements for a dependent student studying abroad

I live in the U.S., and my daughter will be starting college in England in the fall. She is financially dependent on us, has no credit history, and will not have a job while she's in college. We'll be ...
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1answer
83 views

UK self-employed freelancing in Japan. Who do I pay tax to on my earnings?

I am registered with HMRC in the UK as self-employed. In July I will be going to Japan on a working holiday visa. Whilst in Japan I intend to freelance remotely for companies in the UK and Japan. My ...
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0answers
30 views

Is the FTSE 100 mini futures contract still traded?

The FTSE 100 index futures is currently traded on LIFFE. Also, this press release claims that Mini FTSE 100 index futures would also be traded on LIFFE. Other than this press release, I cannot find ...
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1answer
87 views

Using a house for collateral

We are looking for a buy to let mortgage but only have 15/20% deposit and as first time buyers most lenders are looking for 75% LTV so one financial advisor recommended using another property (Parent) ...
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1answer
46 views

Am I entitled to get a maintenance loan?

I have an conditional offer from a university, course starting in September 2014. I have the UK nationality, but have only lived there for one year (I left when I was about one year old), and am now ...
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1answer
58 views

How to pay N.I contributions when both employed and self-employed?

I make less than £6k a year from my self-employed work, and N.I is taken off my employment PAYE. Should I be paying N.I contributions for my self-employed work as well?
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2answers
262 views

Are Americans in as much personal debt as the British? Are the sources of debt much different?

I recently came across an interactive infographic for the U.K. about personal indebtedness and was shocked at many of the stats in regards to personal debt — e.g. the UK national average ...
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71 views

(United Kingdom) Multiple Stock ISAs?

I have a simple question that I couldn't find the answer to elsewhere: If you hold a stock ISA and reach the FSA protection limit (£50k/individual) in invested monies, is it then okay to (next tax ...
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1answer
73 views

VAT on refundable deposit

I have recently signed contract to let small office space, agreeing to pay the refundable deposit to cover any damage I would make. The company issued the invoice for the deposit including 20% VAT. ...
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1answer
118 views

Is it possible to use part of my pension to pay loans, or to opt out of the pension scheme altogether for a few years until my loans are paid?

I have so far worked in Singapore, Norway, and now in the UK. My knowledge about pension scheme in general is very limited. What I only know is that part of my gross salary goes to tax and part of it ...
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1answer
56 views

Tax Self Assessment for (UK) Employees

I have a job with a company but rather than paying me through the PAYE system they want me to provide them invoices for my hours and then I am paid directly. I have a couple of questions about this. ...
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1answer
96 views

Buying a car and learning to drive versus paying up study loans

My wife and I have two children. Soon we will have three. Neither of us know how to drive, and we do not have a car. With the prospect of having three small children, however, I think having a car ...
2
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1answer
317 views

Passing money through a different account to avoid cash pay-in fees

I have recently sold some company assets (not a large figure) and the buyer insisted on paying cash. My question is, my BUSINESS bank charge 0.6% on cash deposits, which is annoying - In theory, is ...
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1answer
67 views

What happens if a Financial Services Company/Stockbroker goes into administration in the UK?

In the UK the Financial Services Compensation Scheme backed by government protects savings in standard bank accounts up to £85,000 per bank. What effects might there be if a financial services ...
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1answer
84 views

Can I short a stock in UK using a shares ISA?

If not please advise on other straight forward method (hoping I don't have to open a complicated account for this). Thanks
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2answers
51 views

Is an in-kind transfer of existing shares into a Stocks and Shares ISA allowed, i.e. without selling + repurchasing?

Normally, the way to fund a Stocks and Shares ISA is to transfer money in, taking care to stay below the annual limit, and then purchase the stocks or funds from within the ISA. What happens, though, ...
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2answers
123 views

Priced out of London property market. What are my accommodation investment options?

I'm from the UK, I don't have any debt and have some savings that could get me a mortgage somewhere but not where I currently live in London. At the moment I pay low rent but I'm very keen to divert ...
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2answers
269 views

Opening UK corporate bank account remotely

I've just registered my UK limited company through "companies house" and would like to set-up corporate bank account. I've already paid for registered office service and have an UK address for my ...
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2answers
174 views

If I work abroad and earn money in that country, does UK tax apply to it?

If I earn income working abroad and it goes into a bank account not in the UK - say for example I was teaching english, would it be liable for uk tax? If the money went into a UK bank account would ...
3
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1answer
58 views

What to do with documents from a closed bank account?

Is there any danger in throwing away bank documents including personal information from a bank I no longer have an account with? To be more specific, I am moving from the UK to the US and have in my ...
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1answer
48 views

Am I eligible for a student maintenance loan?

I have an unconditional offer to go to University from September 2013. However, when I was looking at the finance side of it, I found that EU students (so people from a country in the European Union ...
3
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1answer
91 views

Can I put my personal loan into my savings account until I use it all?

We applied for a personal loan of a value that we know we have to use over a few months. Can I put it in my savings account or an ISA account until we use it all? I live in the UK. Thanks.
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2answers
99 views

How to calculate the equity owned in a jointly owned mortgaged property?

I jointly own a property with two of my sisters. When we purchased the property I put a £10,000 deposit down and was the sole contributor to this. All three of us are currently paying one third of ...
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2answers
161 views

Buy To Let Mortgage For Relative - Tax Implications - UK

My sister is just coming out the other end of a messy and protracted divorce. She has 3 children and despite many legal actions there's pretty much no hope of getting any support from the ex-husband. ...
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1answer
832 views

Return of value to shareholders in an ISA

Note I am situated in the UK. I hold a number of Vodafone of shares in a stocks and shares ISA. My broker has issued the following message to me: Vodafone has confirmed plans to sell its stake in ...
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1answer
114 views

I am not a UK citizen. What happens to National Insurance I paid, when I go back to India? Can I claim any of it back?

I am an Indian citizen currently working in UK. I pay 11% of my salary to UK National Insurance in addition to the income tax. Can I claim any of it back when I go back to India?
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1answer
47 views

With respect to life insurance, why is reversionary bonus called “reversionary”?

I've googled reversionary bonus and can see that it's a an addition to insured benefits (often made annually). But why is it called "reversionary"? Is something reverting? Who to?
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76 views

UK self assessment : Declare kiddicare vouchers?

I'm trying to fill in my self assessment form for UK Tax. Now my P60 declares the figures of.. "Pay in this period" of "50k" "Tax in this period" of "12k" (Note figures have been changed) ...
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1answer
133 views

It it legal to enforce collection of an (incorrectly) estimated tax bill

I have a friend who used to be self employed, but is now in full time employment. this was about 4 years ago, and he never bothered to de-register for VAT. Now HMRC (via a collections agency) are ...
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2answers
144 views

Freelancing to UK company from India

I am freelancing to UK clients from India and get paid in pounds. Please could someone suggest a suitable setup for this. I know I have to pay taxes in India , which I am fine with. Can I raise ...