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

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3
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1answer
79 views

Does a donation have to be used only on the thing it was donated for?

I am currently in the process of developing an open-source computer application and it is taking up a lot of my free time, so I would like to get some sort of income from it, even if it is a small ...
3
votes
1answer
85 views

Should a joint credit card be cancelled upon the death of the person named on the card?

This is specifically about credit cards issued within the UK. A little over 2 years ago, my father died, at the time of his death, my parents had joint credit cards (or, credit cards linked to a ...
0
votes
1answer
51 views

UK tax question for low earner in previous tax year

I lived in Spain for 3 years and moved back to the UK August 2015. I started work Sept 15th 2015 and then finished on Feb 10th 2016. my taxable pay in that period was £9264.08 so I was not deducted ...
4
votes
2answers
130 views

Why UK bank charges are not taken account when looking on interest for taxation?

In UK when filling-in self-assessment, HMRC is asking for amount of interest received during the tax year. But bank charges are not taken into account. See example here: my bank charges me £5 ever ...
6
votes
2answers
491 views

How do UK Gilts interest rates and repayments work?

I'm looking at UK Gilts and trying to understand how the interest rates and repayments really work. As I understand, if I buy £100 of a "5% Treasury Gilt 2020" it means I will get 5% interest each ...
0
votes
1answer
63 views

help-to-buy ISA and additional cash ISA

I am researching the help-to-buy ISA scheme. The average variable rate is set on 2% for most banks, however some banks offer extra but they put a further condition on it that you cannot hold an ...
4
votes
2answers
101 views

Working two jobs (one remotely to NZ). What should I do about taxes?

I currently live in the UK. I work full time (37.5 hours a week) at an agency. I get paid a fixed salary for this. I've been approached by someone in New Zealand to hire me by working remotely, I ...
4
votes
1answer
93 views

Does my (British) bank have to notify me a specific amount of time before reducing interest rates?

I have some savings for Uni in a 3% interest bank account - the best I can get on that amount of money. However, today (12th of May) I received a letter, from the bank, saying that the interest rate ...
1
vote
1answer
21 views

Repatriate NRE account money into UK GBP account tax laibility

I am resident in UK and have a NRE account where I keep depositing my earnings (for which I have already paid tax in UK) From NRE account, I can repatriate money. I.E. get it converted to pounds ...
0
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0answers
15 views

FTSE350 and TTM EPS & P/E

Four years ago the question of wide variations in reported P/E ratios was raised. It does, of course, still persist, and I much prefer P/Es based on EPS assessed on a rolling 12 months "TTM". The ...
0
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0answers
32 views

In terms of vehicle and tax in the UK what are the differences between an operating lease and a financial Lease

I am a programmer looking at finding the total tax burden or operating a car in the UK. It seems like there are three main methods of getting a car in The UK. Purchase, Financial Lease, or Operating ...
4
votes
2answers
175 views

Bank transfer not allowed for “cash account”

I've recently reloacated to UK and opened a bank account to deposit my paychecks. As I didn't have a credit history, the bank allowed me to open a (what they call) "cash account". Now, given that I ...
1
vote
2answers
62 views

Do I have to file a self assessment tax return even if I won't be taxed? (UK)

I am self-employed but make less than the personal allowance of £11,000. The government website says my income band is taxed at 0%. Do I still have to register as a sole trader and file a tax return? ...
2
votes
3answers
89 views

Credit score in UK for foreigners

I've been living in the UK for 5 years and I've been working in here for 3 years. Although my credit score is in good condition now as I set some regular debit card payments; according to experian, I ...
-2
votes
1answer
250 views

Can I have two winning identical lottery tickets? [closed]

I always buy two identical lottery tickets, I have a feeling that I will hit the jackpot sooner or later. Can having two identical tickets cause me any problems e.g. fraud?
0
votes
1answer
39 views

Which first time Stocks and Shares ISA for UK, frequent trader UK markets? [closed]

I want to open a stocks and shares ISA. At present I have a sharedealing account with X-O (www.x-o.co.uk) and I’ve been making 1 or 2 deals per month. I’m approaching this as a long game and sticking ...
1
vote
1answer
85 views

Historically how do share prices perform after mass selling after an employee reward scheme?

Tesco in the UK are about to award a 5% turn around bonus in shares to their staff with the option of keeping them or selling them straight away. It's likely most of the employees will sell them ...
7
votes
1answer
227 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 ...
3
votes
2answers
112 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 ...
4
votes
3answers
113 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
56 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
63 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
33 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
86 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
67 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
12 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
22 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
47 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
1answer
47 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
18 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
46 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
41 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
81 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
233 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
142 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
207 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
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0answers
69 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 ...
-2
votes
1answer
112 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
241 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
49 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
60 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
98 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
70 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
292 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
91 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
154 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
136 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
92 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
210 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 ...