Questions tagged [united-kingdom]

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

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Am I French Tax Resident?

I moved to London from Paris in March 2021 while my wife and son are still in Paris. I was assuming that I am a UK resident for tax purposes till I came across "the definition of 'domicile fiscal'...
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1 answer
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Complicated CGT conundrum

My husband and I bought a house with two other people 12 years ago. We were going to go into business with them, but shortly after we fell out with one of them making the whole situation very ...
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2 votes
2 answers
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Can you defer the July self assessment tax payment until January in the UK

Someone told me they don't pay any self assessment income tax in July, they just pay the full annual bill in January. Is this possible in the UK or is the July payment compulsory?
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Employer ran credit check without consent [migrated]

I’ve just started a new job as a cleaner and recieved an email from them regarding the credit check they carried out. I was never told this was going to happen or why they would need to. Does anyone ...
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Is there a citation for an apparent change in UK Tax Return calculation process, going into 2021/2

Examining my Tax Returns for the past 4 years, it seems that HMRC have changed one of their rounding policies (from previously being less accurate but in the individual's favour, to being more ...
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How, *exactly*, do I calculate my UK PAYE personal Tax Allowance ... since it's not quite the published figure?

See here: UK Taxation: Should I be able to calculate my PAYE tax for the year exactly? It turns out that, contrary to common-sense, if someone is a fairly average person in England and thus has the &...
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5 votes
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How can I find out whether a UK bank closed my accounts unfairly? Are there risks to not finding out?

A UK bank has given me 60 days' notice that it will be closing my accounts. My activity on these accounts has been low (since I use another bank for everyday transactions), so that might be the reason ...
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3 answers
261 views

Does 20/4/10 rule really exist when financing car?

I saw the video the other day and it has "To afford a car one needs to have 20/4/10 rule". Do you need to put 20% down payment for 4 years and the payment shouldn't be more than 10% of your ...
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UK Taxation: Should I be able to calculate my PAYE tax for the year exactly?

Consider a simple employed person in the UK, with nothing particularly unusual or exciting. At the end of a given (financial) year they look at their payslips and they can see (amongst other things): ...
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6 votes
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How do I calculate Private Residence Relief for a house I've sold where there was a loss, not a gain?

This question is likely specific to UK rules. I've sold a flat which I lived in for part of the time I owned it. I'm trying to fill out the Inland Revenue's 'report my Capital Gains Tax' form. I've ...
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1 vote
1 answer
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What difference does the domicile of the funds I'm investing in have regarding taxes in the UK?

I'm looking to invest some money and the investing website I looked at had two funds which looked near identical so I messaged the company asking what the difference was and they responded by saying ...
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Stamp tax duty on UK stocks: when does it apply?

Some sources on the Internet tell that buying shares on UK stocks is assessed to a stamp tax duty of 0.5% of trade value for UK stocks and 1.0% of trade value for Irish listed stocks. I recently ...
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How much will the bank lend me?

I want to buy a property and let it out. To do so, I'll need a buy to let mortgage in the UK. Let's say the property has been officially valued at £100,000. The bank says they will lend me 75% of the ...
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5 votes
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Flexibility on opening multiple Cash ISAs in one tax year [duplicate]

I expect this question is UK-specific. I have a UK ISA with provider A. I have not yet credited any money into this ISA in this tax year yet. The interest rate is poor, so I'd like to open a new ISA ...
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UK pension auto enrollment - when would the assessment deem to remove an employee from a pension scheme?

I am currently working on a payroll IT project. Part of this involves submitting payroll data to a third party API (PayRun.io) that will perform the assessment of the employee as to whether auto-...
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UK inheritance tax for Jersey-born British passport holder living overseas?

I was born in Jersey, where there is no inheritance tax. I have a full British passport which doesn’t have the page about being a crown protectorate because it was issued in Beijing. I have never been ...
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3 votes
1 answer
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Best practice on managing multiple pensions

Is it financially better to keep pensions from various employers separate or to merge them with the latest one? If you do merge them, are penalty fees accrued from the previous pension provider? This ...
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1 vote
0 answers
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British citizen joining US startup as co-founder, tax considerations for stock agreements

I am joining a startup as a co-founder which is incorporated in the US. I am a British citizen (not a US citizen) and will work from the UK, whereas my co-founders will be working from the US. As part ...
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Why is there an 'unpaid standing order' on my bank statement when I have plenty of cleared funds?

Recently a Standing Order from my account has started appearing on my bank statement as an 'Unpaid Standing Order'. The money goes out of the account, but is then returned. I have sufficient cleared ...
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How to record CT receivable under FRS 102

This question relates to UK corporation tax prepared under FRS 102. When a company records a loss in a year, it's able to carry back that loss to a prior period if it has previously made a profit, and ...
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Calculate interest rate APR (compound and normal) on a daily basis

Let's assume there is an interest rate of 0.61%. So, the interest is 0.61% AER which is then divided by 365 and paid daily. The interest rate is for the year, not per day however interest is paid ...
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-3 votes
2 answers
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What should I write above the Endorsement line on the back of a cheque, to prevent the Payee from Assigning or Endorsing it to someone else?

I need to forestall the payee from assigning or endorsing — are these the correct legal terms? — my cheque to someone else. For example, I shall forfend my real estate agent or car salesman from ...
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3 votes
2 answers
286 views

Buy with mortgage, or buy then mortgage?

I am ready to buy a house. I have sufficient savings to cover the purchase price, i.e. pay cash. However, in order to ensure I have liquidity to cover renovations, I would like to take out a modest ...
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1 vote
1 answer
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How to get the tax back for over 100k part

I am UK based and I had got a good bonus in April 2021 which tipped me over 100k, for example, let's say that's an annual incoming of 125k between April 2021 and April 2022 including the good bonus. ...
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Can I still get my 12k personal allowance back if I've lost it because of a bonus (total annual income over 100k)?

I am UK based and I had got a good bonus in April 2021 which tipped me over 100k, for example, let's say that's an annual incoming of 125k between April 2021 and April 2022 including the good bonus. ...
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2 votes
1 answer
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Receiving prize money from USA in the UK

Is there anything I have to consider when receiving prize money from the USA i.e. limits etc. This is a hypothetical question as I have not won any money or received a scam email claiming that I have. ...
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0 votes
1 answer
108 views

UK: How much tax would I pay on my income?

I am a director of a limited company in the UK and I am the only employee. If I paid myself a salary of £100k and on top of that I paid myself £100k in dividends (post corporate tax), how much tax ...
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3 votes
1 answer
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Mortgage overpayment advice

I've got a mortgage in the UK with a 5 year fixed rate of 1.69% that expires in Dec 2025 and started in May 2021. I've decided to pay it as soon as possible and I'm trying to figure out what's the ...
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2 votes
0 answers
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Reclaiming VAT on temporary scientific import from CAN to UK

I've arranged for the airfreight import via fedex of a used tablet computer to the UK from Canada. It's required to run a scientific instrument for ~2.5 months on a field campaign in Antarctica. I am ...
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2 answers
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Do I need to declare any interest on my foreign account?

I live in the US and am a US resident for tax purposes. However I am originally from the UK and I have an account there. This is an account with very little money in it. At most there has been $5000 ...
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8 votes
1 answer
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People are giving me money for no good reason - how do I tax it?

I know this is going to sound strange to a lot of people, but I have a website whose entire purpose is to allow random strangers to send money into my PayPal account. They receive absolutely nothing ...
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1 answer
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Tax when employed in UK, living in Austria or Germany

I am employed by a UK-based on profit on a remote contract. If I were to move to Germany or Austria as an EU citizen, and continue working remotely at my UK job, what would be the tax implications. ...
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1 vote
1 answer
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UK national insurance increase impact on low and higher earners

National Insurance payments are increasing in the UK this April. I am seeing arguments against this that say the increase will have a higher impact on the lower paid. This BBC article shows a new ...
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2 votes
1 answer
220 views

Lifetime ISAs appear to be well and truly tax free, so why use anything else as a retirement plan?

When you invest in a Lifetime ISA, HMRC will top up your investment by 25%. This negates the 20% tax that most people pay. As Lifetime ISAs are ISAs and are therefore never ever taxed, this makes ...
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Why is indicating one's exact address in an invoice important for tax reason?

I'm purchasing a license for a UK-based system software (EasyChair). It says that indicating my exact address on the invoice is required for tax reason. What's the reason they're tax alluding to?
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2 votes
1 answer
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UK pension (SIPP) of a non-US citizen (and non-US resident) invested in US stocks - is it liable for US estate tax?

The title pretty much sums it up: I am not residing in the US and I'm not a US citizen. I do have a UK pension (SIPP) which is invested in US stocks. The SIPP is held with Interactive Brokers which is ...
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6 votes
2 answers
2k views

Limited company expenses not allowed

A small UK limited company paid out money, but it is not allowed as expenses, either because receipts were lost, or the payment was made for things that HMRC doesn’t accept as valid expenses. That ...
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2 answers
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If my bank account was hacked via an insecure phone, would I be better off if I had warned the bank about it?

For environmental and financial reasons I have always used second hand or grey market mobile telephones. For work purposes I have general purpose computer kept as secure as possible, purchased new ...
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2 votes
1 answer
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When is the UK Gift/Inheritance tax levied?

This page sets out the rules for UK "gift tax" (a subset of inheritance tax) UK Gift tax is specifically designed to prevent people circumventing inheritance tax by giving gifts to their ...
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3 votes
1 answer
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UK investor in US ETFs

I have a question which I hope you can help with. I am interested in an US ETF to invest in. Now, my current brokers Freetrade, Hargreaves do not offer US ETFs due to being identified as PRIIPS thus ...
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0 votes
2 answers
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Do I pay tax on money I send myself in another country?

I live and work in the US. I am a resident in the US for tax purposes, but am not a permanent legal resident (H1-B visa). I am originally from the UK and have some financial responsibilities there ...
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2 votes
1 answer
61 views

Taxable Benefits in Self Assessment when taxed at source

I am presently completing my self-assessment for 2020/21 and due to my very simple financial situation I was expecting it to be easy. I was (and still am) a single person, employed by a single large ...
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UK capital gains tax for international student moving between countries

I am an international student who moved to the UK on 01/10/2018 and stayed there till 31/12/2020. I then moved to my home country of Singapore which has no capital gains tax on 31/12/2020 and will ...
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1 answer
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How is UK statutory redundancy pay affected by a switch to part time?

I know that UK redundancy pay is based on a week's pay for each full year worked, with some adjustment for age which we can ignore. There are also various caps and minimum periods to ignore. But ...
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1 vote
1 answer
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UK: is it possible to buy Vanguard Growth Index Funds (VGIX)? [closed]

Is it possible to invest in the Vanguard growth index funds if you're based in the UK? Either directly with Vanguard or via a broker. I asked Charles Stanley but they don't do it. Thanks
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0 votes
1 answer
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How does let-to-rent tax work

I’d like to let out my home in London for moving out to the country where I’d like to rent a bigger house. Will I have to pay tax on the rental income without claiming the cost of the new rent?
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0 votes
1 answer
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Will moving from the UK abroad mean I don't have to pay tax on my property income below my personal allowance?

I have a property in Scotland where I will earn under £10k on when I rent it out (currently I live in it) If I live in the UK at the time, and make say £40k I will earn a total of £50k with the ...
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1 vote
1 answer
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Doing contracting work in a foreign country, who are taxes owed?

I have a question about taxes in relation to the following: A British citizen has a work permit in a foreign country (Ukraine). They work full time here. They also do contracting work remotely for an ...
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1 answer
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Level 2: What do the different order types on LSE represent?

Here are a list of successful trades from a Level 2 order book. The column to the left of the time the trade went through is the "trade type". It is usually one of three things: AT O Blank ...
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Why are the deductions so high on my payslip

My base salary is approximately £110,000 and I also get an annual bonus of approximately £30,000 paid in January. This December my employer gave out a flat bonus amount of £750 grossed up, so I was ...
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