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

learn more… | top users | synonyms (1)

2
votes
1answer
145 views

How will I be repaid my income tax allowance after paying full tax

I have been paying full income tax since the start of my first job in September 2011. The personal allowance for the year 2011-2012 is £7475. Will I receive a cheque from HMRC for the amount I have ...
3
votes
3answers
523 views

Bank statements - should I retain hardcopies for tax or other official purposes (or keep digital scanned copies)?

Should I retain bank statements hardcopies for tax or other official purposes? Or are scanned digital copies valid in such circumstances? I am a salaried employee with no other income and fairly ...
1
vote
1answer
64 views

Are England exchange rates & import prices based on the Bank of England interest rate?

Are England exchange rates and import prices based on the Bank of England base/interest rate? Basically, I just wanted to know how and if import prices and/or exchange rates in England have the Bank ...
3
votes
2answers
267 views

What tax can I expect on US stocks in a UK ISA?

What are the tax implications of holding US stocks in a UK self-select trading ISA? Ordinarily I'd expect the UK-US tax treaty to cover any taxation issues, so that I'd pay the UK rates of tax. But ...
1
vote
2answers
162 views

Cheap SIPP providers in the UK

What are cheap SIPP providers in the UK? I would be saving around £333 each month in a SIPP starting from zero (all my previous pension contributions are in an employer-organizaed group pension plan). ...
3
votes
1answer
808 views

Why does the fiscal year in many countries start in April?

I was just wondering why in the UK the fiscal year starts in April. Is there any historical reason for this?
0
votes
2answers
350 views

Do I have to pay a bank to release funds to my account or should they deduct what they need from the amount?

My girlfriend wants to transfer her inheritance of 1,000,000.00 from her bank in the United Kingdom to my account in the United States. Her bank says I need to send $9,600.00 to them; they said that ...
2
votes
2answers
87 views

How to handle recurring commissions from small business activity from a tax POV?

I'm operating a web-based service in the UK where I receive a commission every time a customer makes a sale through my service. What is the best way to structure a business or record income ...
4
votes
2answers
179 views

Money transfer to the U.K

Has anyone used a peer-to-peer option for sending money abroad? I pay a mortgage in the U.K. and am looking at the likes of CurrencyFair or Transferwise to exchange my Euro. Are there any hidden ...
7
votes
1answer
75 views

FTSE exposure in US Exchanges

Is there a FTSE 100 index futures contract that trades on the US exchanges? Thanks I think there is an ETF but I am looking for futures, mainly for charting purposes.
3
votes
2answers
94 views

How to deal with VAT when traveling from US to Europe?

I am going to be traveling to Europe (Paris, London, and Rome) for the first time. I have only heard of VAT and I am not sure I truly understand it. What do I need to know about it and how do I keep ...
3
votes
2answers
116 views

Potential problems with SIPPs and ETFs

My plan for kick-starting my pension is to set up a Self Invested Pension Plan and buy some ftse 100 Exchange Traded Funds (iShares, probably). This is only the starting point, the simplest thing ...
8
votes
1answer
504 views

Android Developer taxes in the UK

I'm living in the UK and doing some after hours experiments with Android OS. Some of my apps started getting money. I still haven't entered my bank details in Merchant account, so every time after ...
1
vote
1answer
146 views

US or UK based ETF Index funds for UK investor?

I would like to invest in ETF Index funds. Vanguard funds have cheapest MER, around 0.2% and it was my initial choice, but then I've learned about some tax complications which I still don't ...
3
votes
3answers
163 views

How can a U.K.-based investor easily buy stock index fund shares?

Totally basic question, but I'm clueless :(. How do I buy stocks (I'm based in UK)? I want to buy shares of index funds. Vanguard in the U.K. offers following options: Invest directly - minimum ...
0
votes
1answer
29 views

Understanding company pension plan monthly purchase of funds

A pension based on funds. What does it mean to add £500 a month to a pension based on funds? Does that mean, I will own an additional £500 worth of that fund each month based on how much of the fund ...
3
votes
1answer
330 views

Can you use vouchers as tax free bonuses for employees in the UK?

Preface: My brother has now worked for several large banks that have given him vouchers for bonuses (or I believe they called them prizes) for reaching targets. Yet I can find nothing about this ...
3
votes
1answer
636 views

If I default on my mortgage do I get my deposit back as a % of the sale of the property?

Say I put down 50% deposit on a house (in the UK), and the other 50% is provided through a mortgage, what happens if I default? Does the bank walk away with the property and the potential of selling ...
7
votes
2answers
104 views

What to consider when starting a savings account for my children?

I want to start saving some money regularly for when my children turn 18. What options are available to me and what are some things I need to consider when choosing the right approach?
2
votes
1answer
161 views

How can I find a bank willing to provide a mortgage on a house affected by Japanese knotweed? (UK)

How can I find a U.K. bank that would consider providing a residential mortgage on a property affected by Japanese knotweed? The problem is fairly minor and is under control. If you've been able to ...
3
votes
1answer
570 views

What is Remittance vs. Arising basis in Tax?

What is remittance and arising basis with regard to tax? From here: http://taxaid.org.uk/situations/migrant-workernew-to-the-uk/income-from-abroad-arising-basis-vs-remittance-basis Arising basis ...
6
votes
3answers
2k views

What happens if I make an unintentional over payment into a UK Cash ISA?

I have a UK cash ISA, but have lost track of whether I have transferred all the money that I am allowed to for this tax year. What happens if I try to top up a cash ISA, when I have already used my ...
6
votes
2answers
378 views

Net income graphed as a function of pre-tax gross income?

Background: both as a self-employed, and with a single-person company, the relationship between amount of money made, and post-tax net income seems non-trivial. Self-employed professionals have ...
4
votes
3answers
225 views

As an American working in the UK, do I have to pay taxes on foreign income?

I'm an American living and working in the UK on a Tier 2 visa. I am considering making an Android app. Lets say I make money from an Android app in the US and the resulting money goes into my US ...
4
votes
1answer
330 views

Will the UK tax my American 401k if I roll it over?

I now live in the UK. I am here on a Tier 2 intracompany transfer visa. I have a 401k from my last job which I haven't yet rolled over. I'm pretty sure the UK won't tax me on that if I roll it over ...
3
votes
1answer
182 views

What options exist for UK non-residents to preserve capital while abroad?

I'm a British national, currently working in Ireland and shortly moving to US on an internal transfer. I have some money in the UK which I intend to use for a property deposit when I return in ~3 ...
2
votes
1answer
942 views

What is the UK equivalent of the VIX volatility index?

The VIX is a measurement of volatility in US markets. What about UK markets?
5
votes
3answers
1k views

Quotes for work by a tradesman in the UK: rules for VAT?

If I receive a quote for work from a tradesman, and this quote is supplied as a document (PDF) which does not mention VAT as being either includes or excluded, can the tradesman later say that it ...
4
votes
2answers
341 views

Work on the side for my wife's company

I have a job in the UK where I am in the 40% tax band. I have the opportunity do some freelance work (web site building) in my spare time. My wife does not work. Could I set my wife up as a sole ...
5
votes
1answer
94 views

Declaring income from rent

Currently I am renting out my flat to my Sister in law. My mortgage is ~£580 a month and here rent is £600. I am not doing this to make money just to cover the mortgage cost. Do I need to declare the ...
4
votes
3answers
194 views

Are there any catches with interest from banks? Is this interest “too good to be true”?

Here's the long put short: I'll have £100,000 in my possession soon (inherited). I'm 17 so I have a NatWest Adapt account (teenager bank account) with an interest of 1.09%. Now, if I was to put the ...
5
votes
2answers
114 views

Long Term Savings for daughter - UK

I have about £5000.00 that I want to lock away for my daughter when she is older. The problem is that with interest rates so low this money will evaporate in an average savings account or worse in ...
5
votes
2answers
177 views

Buying first house with help from parents

First of all, it might help you to know I reside in the UK. It might make a difference. We (my gf and myself) are buying our first house and my parents are willing to help us out. What has been ...
3
votes
2answers
483 views

What's the correct formula to calculate my monthly wage (deducting UK Income Tax and National Insurance)?

For a given salary, how do I work out what would be paid into my bank each month? The Income Tax part is explained for the main part in this question, but I can't make sense of the National Insurance ...
6
votes
1answer
82 views

Tax due on foreign exchange element of share option program?

This is quite complicated and to be honest I'm not really expecting anyone to know the answer, but I thought it would be worth asking. Five years ago my (UK) employer's (French) parent company ...
7
votes
4answers
439 views

Should I buy a house or am I making silly assumptions that I can afford it?

Having convinced myself that there is no point of paying someone's else mortgage I started looking at ways for buying my own place. I'm 26, non-UK resident. My salary is £50,000 and I don't have to ...
7
votes
2answers
235 views

Is it possible to work out my P60 from my pay?

I paid myself from my own company last year but did not issue myself a P60 with we closed the company back in December 2010. It's now time to do my tax return and I am unsure what the exact figures of ...
2
votes
3answers
283 views

I am a contractor with revenue below UK's VAT threshold. Should I register for VAT?

I am an IT contractor based in London. I understand that there is a threshold for VAT of £73,000. In my current business, I have not exceeded that threshold as of yet but expect to within the ...
4
votes
1answer
109 views

Pensions - Where to start? (UK)

What are the key decisions that I need to make and what key information should I know before starting a Pension in the UK? I am 24 and living in the UK. I want, well more like should, start a pension ...
5
votes
3answers
237 views

Is there a rule of thumb for how much to save into your pension for retirement?

Pension sites often quote "Use our pension calculator to estimate the amount of pension income you could get when you retire. This will help you decide how much you need to save to get the retirement ...
22
votes
1answer
585 views

Estate with negative net worth

If someone dies with a negative net worth, what happens to the bills and debts that they leave behind? If I am the next of kin, or if I am the estate administrator, am I responsible for the debts? ...
6
votes
1answer
81 views

Can creditors force sale of shares to pay debt?

Can creditors force us to sell our shares in order to pay or reduce debts owed or perhaps put a court order in place in order that we use any income from them to reduce any debt? (We are in the ...
2
votes
1answer
234 views

I'm Canadian. Do I need to pay tax twice on my U.K.-based savings or claim as income?

I am a Canadian citizen and have money in an account for a friend in the United Kingdom. I have been taxed on this portion. My question is: will I be taxed when money is wired to my bank account in ...
4
votes
1answer
2k views

Which banks / companies offer virtual or instant credit card services in the UK?

I'm looking to make a small number of hotel and guest-house reservations, and thought that generated credit card numbers with defined limits would be a good idea. Which companies provide such ...
3
votes
1answer
67 views

Should I be choosing funds myself for my Stakeholder pension? How?

I am filling out the forms to join my company pension scheme (I'm 30 y/o), and I am unsure about which funds to choose. I can choose the Friends Provident Balanced Index Fund of Funds or 1 or more of ...
4
votes
3answers
162 views

Sending regular small amounts of money from Canada to UK

I live in Canada, a relative of mine lives in the U.K. I would like to know the best option for sending small amounts of money approximately once a month. I'm thinking most likely $100 to $300, but ...
2
votes
1answer
503 views

Can depreciation be offset against rent of a UK income property?

In the U.S., an income property investor is allowed to depreciate a residential income property over a period of 29.5 years. Does a similar concept exist in the UK? Can a UK citizen deduct the ...
5
votes
1answer
117 views

Stocks and Shares ISA: What are the options for “near cash equivalents”?

What are the options in terms of 'near cash equivalents' that you can hold in a stocks and shares ISA?
7
votes
1answer
206 views

How does one's personal credit history affect one's own company's credit rating?

Quick background: I have no intention whatsoever on actually getting any loan. However, to accept online credit card payments (eg. via Paypal Payments Pro), merchant account providers determine ...
4
votes
1answer
52 views

What is an Open Offer in the context of stocks and shares?

One of the companies I own shares in has just announced an Open Offer, giving me the opportunity to buy additional shares. What exactly is an Open Offer, how does it relate to a Rights Issue and how ...