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

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3
votes
2answers
116 views

Adding a sale condition to a new mortgage [closed]

I live in the UK and am currently looking to buy a house with my partner. The property will be about £230k towards which I will be supplying a £100k deposit and my partner zero deposit. For this ...
7
votes
4answers
1k views

Cheapest way to “wire” money in an Australian bank account to a person in England, while I'm in Laos?

A friend wired me some money when I lost my bank cards a month ago. Today I finally got my new cards and want to wire him the money back. We are both moving around the world. He was in Australia and ...
2
votes
1answer
164 views

Special bank account required for a LLC?

I've just incorporated my first LLC in the UK. I'm now looking to open a new bank account to keep my personal finances and the business finances separate. Could I sign up for say a regular Halifax ...
3
votes
1answer
124 views

Which tax year does a bonus fall under?

If I have a bonus that relates to the 12/13 Tax year but was paid after 6th April 13, which tax year should I pay tax in?
8
votes
3answers
2k views

Opening American credit cards while residing in the UK

In order to introduce the context of the question, I am a UK citizen with a good credit rating and no debts who currently resides in the UK, and do not currently own property in the US. In reference ...
1
vote
1answer
366 views

For a sole trader, what is the benefit of using a business bank account?

First of all: Are you allowed to have two personal current accounts with a debit card attached to each one? If yes, can a sole trader in the UK use the second personal account for business ...
5
votes
1answer
134 views

Loan from Canada to UK

I live in Canada. My brother in the U.K. is thinking of purchasing a house with his wife. They are both teachers and careful with their money but don't yet have money for a down-payment. I am ...
2
votes
1answer
86 views

In a rising market, is it better to opt for a fixed energy tariff or not?

In the UK domestic energy prices are on the way up - according to this page from MoneySavingExpert, energy prices may rise between 50 to 100% over the next five years. He uses this as a reason to ...
8
votes
1answer
987 views

When does a pricing error become false advertising?

If a product is advertised on a website at a certain price and you place an order which is later cancelled by the supplier because they claim the price is wrong and they do not update their website to ...
3
votes
1answer
295 views

How do pension contributions and gift aid alter your personal allowance (and hence tax code)?

I've recently got a tax coding notification through from HMRC, which shows various allowances and deductions leading to a non-standard personal allowance, and hence a non-standard tax code for the ...
0
votes
2answers
250 views

Personal Allowance in the UK - Are immigrants entitled to it?

Title says it all, can I as an immigrant have access to a personal allowance in the UK? As I understood, it's a set value of income that is not taxable. Is this for everyone or for citizens only? ...
2
votes
3answers
832 views

What is a normal amount of money to spend per week on food/entertainment/clothing?

What is a normal amount to budget for: Weekly entertainment and going out. Weekly food budget. Monthly clothing allowance. I have no idea, as I only have my mother's reckless spending (she ...
3
votes
2answers
3k views

What is the tax treatment of scrip dividends in the UK?

What is the tax treatment of a scrip dividend in the UK? Do I declare the value of shares as income or the actual value of the dividend?
2
votes
2answers
1k views

How does PayPal remove money from your credit card account?

If I transfer money between my bank account and someone else's bank account, the process is that my bank sends the money to the other bank account directly (nobody but bank A and bank B involved). But ...
3
votes
1answer
431 views

How do I avoid paying higher taxes on freelance work in the UK?

I have a day job that puts me in the 40% income tax bracket. I am doing some freelance work on the side which should bring in an additional £20,000 a year and am looking for a way to avoid paying 40% ...
4
votes
1answer
348 views

How do I find the value of British Energy Nuclear Power Notes?

I purchased British Energy shares when the company was floated on the stock exchange back in the late 90's. Now, many years on, I have ended up with Nuclear Power notes. I receive a quarterly ...
0
votes
4answers
857 views

How can my friend in the U.K. cheaply transfer money to me in Israel?

I have a friend who owe me ~600 GB pounds. I have asked him to pay me in USD. What is the cheapest way to transfer the money from UK to Israel? I have checked PayPal - 3.5% commission for ...
0
votes
2answers
64 views

What's the easiest/best way to be informed of a Director selling shares of a company on London's AIM market?

I was wondering whether anyone had anything set up whereby it would 'push' information about Director's dealings on any particular company, in this case a company on London AIM market. Is there a ...
2
votes
3answers
320 views

Teaching school kids about money - what are the real life examples of math, budgeting, finance?

Yesterday when renting a car I was listening on the radio to a discussion about introducing classes about money for kids aged 11-14. Here is an article on that topic: Financial education to become ...
2
votes
0answers
612 views

ESPP in the UK - worth it? Disqualifying / qualifying sales?

I've recently joined a company that offers a ESPP scheme and I just wanted to get a few bits of information as well as confirm that my understanding is correct. You choose a percentage that will be ...
2
votes
2answers
419 views

How to start investing/thinking about money as a young person?

I have about 10k GBP in my bank, and I know for most of you that is not a huge amount. However, I will finish university soon and I would like to have in the back of my mind about how to start ...
1
vote
1answer
594 views

Should I move my UK ISA balance into an Australian savings account prior to emigrating?

I have around £6000 in a Santander UK easy ISA, the interest rate on this is 0.10% as listed here I'm planning to emigrate to Australian in the next year, so will be setting up a bank account soon. ...
5
votes
2answers
163 views

What type of pension should I get?

I am in my mid 30s and am employed full time in the UK. I am currently in a company pension scheme with around 7k in it, but I'm about to start a new job and must leave the scheme. I have the option ...
5
votes
1answer
3k views

Why would a company issue a scrip dividend and how will this issue affect me?

Barclays in the UK have sent out a leaflet recently (online version) saying they are moving to a Scrip Dividend programme. The FAQ does its best to answer questions but still uses a lot of jargon and ...
3
votes
1answer
263 views

Is it legal for a hostel to write down my debit card information for security purposes?

I just moved to Manchester and I'm staying at a hostel. I booked a bed online via hostelworld.com. What bothers me is that a receptionist asked me to give her my debit card in order to ensure some ...
2
votes
1answer
116 views

Cheapest way to trade ETF and mutual funds in UK for an ISA account?

I'm new to UK and currently only have a cash ISA account at a major bank. I'd like to have ETF/mutual funds instead, but the bank's administrative fees for these assets feels way too high. I found ...
3
votes
1answer
1k views

Is there a U.K. prepaid card having SWIFT, BIC, or IBAN codes, for money transfer?

I'm located in the U.K. Does anyone know if pre-paid cards here, such as Visa prepaid cards, have a SWIFT or BIC or IBAN code, because they are not really a current account? For example, for the ...
6
votes
1answer
233 views

Do I need to keep paper records for my business?

Do I need to keep paper records of invoices, receipts and anything else required for running a business? Ideally I am hoping that scanned copies are sufficient when running a business.
2
votes
1answer
472 views

How to enter members drawings on a balance sheet in a UK LLP

I am writing up the annual accounts for our LLP, and I am unsure where to put the Members drawings on the balance sheet. Should the amount drawn by members be written down as debtors in the Current ...
5
votes
4answers
7k views

How to use debit card with money on savings account?

I see that a lot of banks offer savings account and current account with online banking. Usually the savings account can have instant access and some interest rate, while the current account has no ...
2
votes
1answer
142 views

When buying / selling a house in the UK, is it normal for solicitors' fees to be due before or after completion?

When we made our most recent house move (selling one house and buying another) we had to pay the solicitor's fees in advance of completion - the fees for searches etc. had to be paid upfront before ...
4
votes
2answers
1k views

How do I arrange a private mortgage between myself and a trusted individual?

I live in the UK. Specifically, how do I draft a loan agreement that provides basic safeguards for borrower and lender (very basic safeguards, as we're talking about an intra-family loan and the level ...
0
votes
1answer
159 views

Will someone be disadvantaged working longterm as a Contractor vs Permanent Employee

What is the difference in the long run (when you compare at retirement) between a Contractor and a Permanent employee, assuming someone choses to work in one for their whole life? Will the pension be ...
4
votes
1answer
91 views

Can I open two cash ISAs in one year, or for new savings and one for transfer?

This is slightly different to my earlier ISA question, and relates to the current market conditions where best-buy ISAs often have 1 year bonuses, and may not accept transfers in. Consider the ...
6
votes
1answer
104 views

Are you allowed to start paying into an ISA, transfer, and then pay into the new one?

As I understand it, you are only allowed to pay into a single Cash ISA in a given tax year. What I'm wondering is how that fits with transfers part way through the year? For example, if I open a new ...
1
vote
2answers
420 views

Is there a fool-proof way to keep up with inflation? [duplicate]

I know I can keep cash in an interest-based bank account, but that type of investment will not keep up with inflation, it seems. Would I be right to assume that government/corporate bonds can keep up ...
0
votes
1answer
365 views

Tax Code of D0 and 944L

I was employed with company A from May 2011 till December 2012. I started a new job in January 2013 and the last pay that I got from Company A was on January 15 2013. The payslip stated that my Tax ...
8
votes
2answers
702 views

Can two people jointly purchase a single share?

I am looking to buy shares in a private, non-listed company whose shares are quite costly. (We're in the UK.) To keep things simple, let's say I'm looking to buy 1 share at a cost of £50,000. (These ...
1
vote
0answers
58 views

What's the cost of rebalancing when you buy through a fund supermarket?

I was reading about how to rebalance a funds portfolio and the main drawback seemed to be that you could incurred in more costs than you would if you just do it sporadically. I understand this ...
3
votes
1answer
670 views

When does Irish Stamp Duty apply for UK investors buying Ireland domiciled shares?

Let us assume I am a UK resident with a UK-based trading account, considering to buy Ireland domiciled ETF shares, such as VWRL. I am confused whether I will have to pay Irish Stamp Duty of 1% or ...
3
votes
1answer
104 views

If I get cash compensation for my stocks (following a merger for example) does that qualify for capital gains tax?

This is the scenario. Say I buy some shares of a company X at a certain value. Some time after this, when I am still holding the stock, the company gets acquired by some company Y and as part of ...
0
votes
1answer
96 views

PAYE Coding Notice in my name, but referencing a workplace I am not employed to

I have been sent a PAYE coding notice tax reference for April 2013-14 which mentions a place of work I have never been employed. How often does this mistake occur? I am on the waiting list for calling ...
1
vote
1answer
129 views

Peer to Peer Lending in the UK

Quite a few Peer to Peer Lending sites have cropped up in the UK in the past couple of years examples being: The Funding Circle, Rate Setter, Crowd Cube etc. The yield of return from investing ones ...
1
vote
2answers
2k views

Best way to transfer a mortgage, and keep the house?

This might be easier if I quickly outline the situation. Currently, I rent out my house (I have consent to let from the Bank), I wish to purchase a new house (with my girlfriend) but because I have a ...
4
votes
1answer
55 views

What is the market rate of non-cash ISA fund administration fee in UK?

A friend of mine suggested a plan that takes a 1% administration fee (from the assets deposited) regardless of the type of investment you make (stock, bond etc.). This sounded quite high from my ...
4
votes
1answer
102 views

How can one guarantee income in the event of incapacitation and also in the case of death in UK?

I wanted a policy that protects my family in case I get injured or get ill (incapacitated) and also in case I die. They suggested a combination of Income Protection Insurance and Life Insurance. ...
4
votes
1answer
197 views

Separating money in bank account without opening another account

I recently decided I'd like to siphon off a percentage of my income for charitable purposes. In order to do this I could open another bank account and transfer a fixed sum monthly to that account. ...
3
votes
1answer
77 views

HMV gift vouchers bought on a credit card. Can I claim them back from my cc company?

I gave someone some HMV vouchers for Christmas and now HMV isn't accepting vouchers. Could I claim the value of these back from my credit card company under the terms of the consumer credit act?
0
votes
1answer
193 views

How is tax attributed on a joint savings account?

My girlfriend and I may both use up our ISA allowances this year. We are currently saving for a deposit on a house, so we are considering opening a joint bank account. Next year, I will probably be ...
0
votes
1answer
473 views

VAT and duties payable when importing personal goods from Switzerland and the Channel Islands to the EU?

Switzerland is a pretty murky one: it's part of the Schengen zone (so there are no physical borders) but it's not part of the European Union Customs Union so you have to pay duties when exiting and ...