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

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16 views

Backdating employment start date

Is it possible to backdate employment start date and tell HMRC. I have been working part time for my current employer since april 2018 and just now I found out from employer that he hasn't told HMRC ...
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1answer
46 views

Relocation confusion

In the UK the government has rules on relocation. https://www.gov.uk/expenses-and-benefits-relocation/what-to-report-and-pay It states that I do not have to report qualifying costs up to 8k. I have ...
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2answers
150 views

What’s the cheapest way to cash a US dollar cheque in the UK

I have received a US dollar cheque but I live and bank in the UK. I asked my bank (LloydsTSB) and while they will cash it, it’s very expensive. What is the best way to cash a US dollar cheque in the ...
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2answers
312 views

Electricity meter was installed, can I reduce my all inclusive rent without problems?

The rent I pay is all inclusive (room, electricity, gas, water, internet, council tax, etc) however a few weeks ago the electricity company installed a pre-payment meter because the landlord hadn't ...
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0answers
25 views

Fixed amount discount when invoice has multiple line items and multiple tax rates? [closed]

How do I work out the tax for an invoice, when a set amount discount needs to be applied to invoice that has multiple line items with multiple tax rates? See my example invoice below: SomeItemOne(...
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0answers
74 views

Can I have a dual-purposed limited company

I am an IT Consultant and have a limited company which I use to invoice my clients a daily rate for my consulting work. Can I use this same limited company to buy property and then offset the gains ...
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1answer
53 views

Is the BIC code the same SWIFT code [closed]

My Bank in the UK does recognise the BIC code given tome by a Spanish Bank. Can you advise me on this matter
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3answers
93 views

Buying a flat abroad through British LTD company

I'm an IT contractor in the UK, I'm considering buying a flat in Poland, rent it on Airbnb or work remotely from there. I'm thinking if it's worth buying it through LTD company in my case. Would it ...
3
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1answer
83 views

UK app that counts rent payments towards credit score [closed]

I live in the UK. A few months ago, I saw in the tube an add for a app that allowed users to count their rent payments towards their credit scores. I wasn't interested at that time, but now I want ...
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2answers
77 views

Does it make sense to take dividends for a director paying higher rate tax to invest in ISA?

Assuming: I am an LTD director I reach the higher tax band (32.5%) for dividends to cover my living expenses Does it make financial sense to declare higher dividends (taxed in my hands at 32.5%) to ...
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1answer
44 views

Leasing a car on a personal lease vs withdrawing LTD funds to buy it for cash?

Every book, radio show or podcast for people wanting to become/stay wealthy would advise against leasing a car. I agree a car itself is an expensive toy and lease even adds to this equation, but... ...
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1answer
48 views

Wisdom of Voluntary National Insurance Contributions in 20's

There are a few other questions on this site about voluntary NICs, but these generally relate to people either retired or just about to retire. I'm in mid-20's and, hence, immediate retirement is ...
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1answer
127 views

Can I profit on Brexit having a modest amount of Pound Sterling?

Knowing the Brexit is coming, is there any way I can profit on that? I'm willing to speculate a small amount of money just for fun, but if there was a less risky way of profiting on Brexit, I'm ...
3
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1answer
94 views

Student Loan Considerations for Limited Company Directors

There are quite a few different questions on (UK) student loans in this forum, and elsewhere, but searches here have not posed the question I am looking the answer for right now. Similarly, searches ...
4
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1answer
276 views

Helping friends pay for a party

We're throwing a BIG party next year. Our friends have agreed to contribute. The total cost of the party comes to £20,000. Our friends will contribute £15,000 and we will subsidise the rest. This ...
0
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1answer
70 views

Close a limited company in UK

I would like to close my limited company but I do not know exactly how much money should I leave in the account to pay taxes. Can I get all the money from the account and then move the necessary ...
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0answers
10 views

Different warranties for blocks of flats [migrated]

A builder has newly built 4-5 Apartments containing blocks of leasehold flats. It was developed over 4 years and blocks of flats were released in phases. All of the flats share the same lease start ...
1
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1answer
180 views

Is investing getting harder?

I've often heard that to make irregular rates of return in the markets, one has to accomplish two things: 1) Bet against the consensus. 2) Be right. This makes sense - roughly speaking. Given that ...
2
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1answer
79 views

Do I need both the account number and also the sort code to make a deposit into friend account or can I just use the account number?

Is it possible to make a payment into someone's account using only their account number and name or do I need to give a sort code as well??
5
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5answers
712 views

Is my weekly budget realistic?

My financial situation is out of control. I don't save any money and I'm trying to create a budget so that I can plan for the next year or so as there are a few things I need to get done such as ...
2
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1answer
138 views

Working remotely in U.K for a Japanese company - want to get mortgage

I have been living in Japan with my husband for the past 3 years. We are both British. I work for an IT consulting firm with only a handful of staff where I am the only foreigner. I'll be turning 30 ...
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0answers
28 views

Tax and National Insurance Savings if non-resident (UK)

I'm working for an employer in London. There is an option for me to work partially from home which means also abroad (EU). I'm considering arriving in the UK on Monday in the morning and leaving on ...
4
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1answer
45 views

Can I convert fund ACC units to INC units without triggering a CGT event?

I have acquired (via a legacy) some fund accumulation ("ACC") units outside of a SIPP or ISA wrapper. I'd like to convert them to income yielding ("INC") units in the same fund. There are now ...
2
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2answers
141 views

How closely tied are UK Stocks & Shares ISAs to the value of the Pound?

I have some savings in a Stocks & Shares ISA. Let's suppose that something is going to happen in the next six months which will cause the value of the Pound to plummet. Will I see the value of ...
3
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1answer
182 views

Vanguard UK lets you invest in the S&P 500 index fund. What about my taxes?

Vanguard UK lets you invest in the S&P 500 index fund via an ISA (Independent Savings Fund). I understand that an ISA in the UK shields you from any tax on your profits from investments (up to a ...
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1answer
33 views

iShares UK Equity Index Fund rate of change indicator

I read this post before I started investing in index funds. This answer provides really good insights and analysis which I am thinking of following to increase my earnings. I am currently investing ...
6
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1answer
116 views

UK Stamp Duty, Buying with a partner who owns a flat

I own a house on the south coast. My partner owns a flat in London with her sister. Her sister lives in the flat and the other room is rented out. My partner has lived with me for 18 months and is ...
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1answer
94 views

Opening a bank account in the UK for a non-resident friend

I live in the UK. I have a non resident friend who wants to invest his money and set up a business here. He asked me to do an enquiry about opening a private bank account. This will be his first step ...
2
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4answers
217 views

Can a rent increase with RPI value be enforced retroactively?

In October 2016 we have rented a lovely house through an agency and , while negotiating , the landlord proposed that after one year the rent should increase with the RPI value. We accepted but with a ...
5
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2answers
1k views

If I sell my house without buying another property, do I need to pay stamp duty when I'm ready to buy again?

If I sell my current flat (bought in 2014) to move abroad; if/when I return to the UK, would I need to pay stamp duty on a new house purchase? Assuming no properties here are worth more than £300k ...
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1answer
68 views

Borrow money to move abroad

I live in the UK, and I am planning to leave the country next year for another European country. I have lived in this country for more than 5 years, and I have an excellent credit score. I have also ...
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1answer
107 views

Financial Debt status

I took loan of GBP 4000 in 1996 & then left UK in 1997 without paying. I also used credit card & bank cheques for GBP 6000 but left UK without paying. Are these debts erased from my identity ...
3
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2answers
148 views

Canceling the auto-renewal on car insurance?

I just phoned my insurer's customer service and advised them I wanted to cancel auto-renewal. I was told I can't. My car is broken and I will be selling it shortly (or close to end of policy date, so ...
11
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1answer
278 views

Is reward money taxable?

Police in the UK have offered a reward for information leading to the arrest of a suspect in a double murder: Police hunting a man suspected of murdering his ex-partner and her mother believe he is ...
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0answers
137 views

Letting agency asking me for CVV in paper

I'm moving to the UK next month and I'm going through the tramits to close a contract for a place to live in Birmingham. What I found weird is that in the tenancy application form they ask me to ...
2
votes
1answer
41 views

Inheritance Tax on money received abroad

I am a dual UK and Bangladeshi citizen who recently inherited money from my father in Bangladesh. I want to bring the money over to purchase a flat in the UK. Would i be liable to inheritance tax?
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1answer
77 views

Payment of tuition in reference to gift tax

I am looking to make a career change from a software engineer to become a commercial pilot. Becoming a pilot requires a lot of specialized training and therefore is very expensive. A few years ago my ...
4
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2answers
240 views

I am a minor in the US. Will I owe taxes from money earned from a UK based website?

My friend and I are co-running a website. He is over 18 and lives in the UK and I'm under 18 and live in the US. He gets all the money from the site into his Paypal, and is going to pay me half. The ...
3
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1answer
71 views

Paying tax on private tuition (in addition to working) - UK specific

During my time at university, I've tutored several students to give me a small amount of income. I have in the past notified HMRC about this, however the amounts of money involved have been ...
2
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0answers
43 views

How can I see if/what income/current account payment data is gathered by credit referencing agencies?

According to two Telegraph articles: Almost all of Britain's banks now record most current account customers' monthly incoming payments. This is distributed monthly to credit reference agencies [..] ...
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0answers
31 views

As an individual investor can I buy FSPTX in the UK?

Not much to add here. I was just looking at different index funds and FSPTX caught my attention with its extraordinary performance. I was just wondering if it is possible to buy it in the UK as an ...
7
votes
1answer
278 views

How can a retailer automatically get details of my new payment cards

I recently found out I got tangled into some sort of scam which I wrote about it this question. The other mysterious bit of it is that the scammers were able to hold on to my new card details even ...
9
votes
3answers
847 views

How to recover years of monthly payments to a scam website? (UK)

Not sure if this is the best place to ask the question. It's kind of related to finances. I somehow got tangled into a scam (in my opinion) called completesavings.co.uk I found out that somehow 3 ...
2
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1answer
95 views

Wealth Transfer Tax in UK

I am citizen of Turkey. If I transfer my savings to UK, do I need to pay taxes to UK over this wealth transfer? I am not a resident of UK and will not live there. Just want to transfer it to a safer ...
57
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10answers
13k views

Why don't bond makers just get loans?

I was just looking at investment opportunities, and I found a number of places offering bonds paying up to 12% interest over two years. My first thought was, I can get a loan from my bank for 5% ...
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0answers
37 views

Australian with investments home now living in the UK

I'm an Australian living in the UK. I've been here for about 3 years. Recently, I have moved most of my Australian savings into a Vanguard Index fund in Australia last year. I am planning on staying ...
4
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1answer
138 views

(UK) Is pension provider obliged to confirm opt out

(Question is in context of UK only) Background Government is currently phasing in an auto-enrollement for private penions. Employers must automatically enroll employeess onto private pension scheme. ...
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1answer
50 views

Should the difference between taxable pay and gross pay be roughly equal to pension contributions

I am in the UK. My employeer changed payroll provider and ever since there has been many issues. With my old provider the difference between taxible pay and gross pay was almost exactly the pension ...
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2answers
107 views

Does it make sense to invest Limited Company's cash that does nothing otherwise? (UK)

I am a contractor working in the UK and I own a limited company here. I briefly spoke with an accountancy about investing my company's cash although I haven't followed the topic with them. The answer ...
2
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0answers
43 views

Will I need to pay tax on my foreign income on my return to the UK if I have spent a total of15 months out of the country? (August 2017-October2018)

I am looking to return to the UK from the UAE October this year. I will have been away from the UK for 15months in total and whilst I have been away I have been counted as a non uk resident as I am ...