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Questions tagged [united-kingdom]

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

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15 views

Taxation after money received into UK bank account while not living/working there

I've lived and worked for a year in the UK, received salary and paid taxes there, but I returned to my home country. I'm about to receive money for a work I've conducted for a foreign entity who'll ...
3
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2answers
49 views

UK CGT on selling rental property

I bought a property for £235,000 in 2013. I'm hopefully selling the property soon for about £325,000. I lived in the property between 2013-2015. During this period the property grew in value to £300,...
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2answers
97 views

Will I benefit from remortgaging at the end of a fixed term?

I've been offered a mortgage for 75,000 for a term of 12 yrs. The interest rate is fixed for 2 yrs at 1.89% and after the 2 yrs, the interest goes up to 3.6% for 10 yrs. But when I remortgage at the ...
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1answer
113 views

Bank Accounts that use a common number

Why do some sorts of accounts not have their own account numbers? Instead they appear to pay into some sort of general account, relying on a roll number or reference to distinguish them. My Mortgage ...
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2answers
91 views

What is the Standard Variable Rate (SVR) exactly in the UK

Here is my understanding of rates in general: Bank Rate: The interest rate at which banks borrow from the central bank. This rate can be changed any time by the central bank. Variable Mortgage Rate: ...
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1answer
13 views

NRE to foreign account transfer

Can I transfer money from my Indian NRE account to my sister's savings account in UK bank?
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0answers
45 views

How to determine required gross salary from net take home accounting for UK taxes

I'm looking at purchasing a home and am trying to calculate affordability. I've created a Google spreadsheet which calculates my monthly mortgage commitments based on different input values (...
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4answers
358 views

Buy 2nd house vs investing?

I've an interesting dilemma that will occur in a few years. My wife and I are currently overpaying our mortgage and will be mortgage free by the age of 35. We are also already putting away some money ...
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0answers
25 views

What are pay and liability protection under IR35? [closed]

Is it possible to voluntarily request IR35 review on terminated/completed contracts in the past? What protections does IR35 / being inside-IR35 provides to Limited company contractors? Does it ...
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1answer
169 views

Taxi fares - business expense?

In order to minimise the time I'm away from the office for a medical appointment, it makes sense to take a taxi rather than using the bus (driving is not an option because there's no parking at the ...
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1answer
49 views

U.S. citizen with (U.S./U.K.) dual nationality living and working abroad: How does one use their P60 to declare to the IRS?

For a given tax year, how does one use the information provided in their P60 to calculate how income should be declare to the IRS? As I understand in the U.K. a tax year is between 6 April to 5 April....
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2answers
47 views

Are there any limits for sending money from UK to Egypt

How much money can I send abroad each year to Egypt without being taxed? (Note: the money to be sent has already been taxed by income tax.) For example, when searching online I found for NRI -> ...
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3answers
5k views

20% APR means only 10% interest? (UK)

I am trying to get better grasp of what the APR figure means, so this example is purely hypothetical. I have entered a loan of £100,000 into an APR calculator on MoneySuperMarket with a 20% APR for ...
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1answer
109 views

How is 'death in service' benefit funded? Does the employer benefit?

In the UK many employers offer a 'Death in Service' benefit of (for example) 4x annual salary (e.g. £80,000 if the person was earning £20,000) payable if the employee were to die whilst employed by ...
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11answers
15k views

What can I do with a property that won't sell following divorce?

My wife and I bought a property just over 2 years ago for €114,000. We put down a 10% deposit (€11,400) and so took out a mortgage of €102,600. We took the mortgage on a short term (15 years) to ...
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1answer
170 views

How does “marriage allowance” work in UK self assessment?

My wife and I have just been doing our 2017-2018 UK tax self-assessments online (yes I know... leaving it to the last minute... they are all done now though). As during that tax year my income was ...
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1answer
95 views

Do I report outstanding credit in another currency as income?

I've done some work via Upwork the freelance agency. Essentially there is an outstanding "balance" (credit?) that has not been sent to my bank account yet (money to be paid to myself). Do I need to ...
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2answers
109 views

Buying ex-local authority/council properties in the UK

What are the risks of investing in ex-local authority/council properties in the UK? I am referring to purchasing from a private landlord an apartment that was built by a city council for social ...
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1answer
123 views

Left UK with unpaid payday loan and unpaid mobile contacts, now want to apply for another student visa [closed]

I was an international student in the UK and had left the UK in 2014 February as an international student. At the time of leaving UK i had unpaid payday loan and couple of mobile and land line ...
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2answers
261 views

Does changing debit card protect me from a scammer?

In case I have given out my CVV on the back of my debit card to a call deal that I got (so I did not call the dealer), and in case I change my current debit card worried about a scam, can the dealer ...
5
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1answer
235 views

Can my neighbours affect my credit report and/or credit score?

My wife and I live in a single building (in London, England) which contains three flats/apartments. We rent our flat privately (private tenants, renting from a private landlord) and the other two ...
3
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3answers
2k views

Understanding my company's liabilities

I am seeking to close a UK business I own but I am worried about being hit with a huge tax bill. I have been provided a balance sheet which states the following: TOTAL ASSETS LESS CURRENT ...
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1answer
120 views

How can I make the cheque for my bank account closing balance usable by someone else?

When closing my UK bank account and moving abroad, I got a cheque from my building society that states Pay MR F M ANAPHORY *********** The Sum of (Not exceeding ten thousand pounds unless ...
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1answer
43 views

Can I use LISA bonus with a Help To Buy equity loan if the property is worth more than £450k?

I'm looking to buy a flat in London. I'd had a Lifetime ISA for 2 years which I've maxed out both times (~£10k). I'm also looking to get a Help to Buy equity loan, probably for the maximum of 40%, ...
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0answers
97 views

Brexit-resistant banking [closed]

As someone who is increasingly concerned about the possible outcomes of No Deal Brexit, I would like to ensure that I have some access to funds and banking services outside the EU that's as convenient ...
2
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0answers
59 views

Would there be tax due on an inheritance received from a U.S. citizen that lived in the U.K.?

My mother passed away in August. She was a US citizen living in UK for 40+ years. Do my brother and I have to pay tax to bring the cash into the US? No tax had to be paid in UK. Not a big ...
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1answer
245 views

Closing company, what do to with last amount of funds?

So the business is about to be shut down and there is a little bit of funds left over in the business bank account which I do not want/need. According to https://www.gov.uk/strike-off-your-company-...
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0answers
37 views

What are the US tax implications of owning a controlling stake in a UK private limited company?

I'm currently a US resident alien. What are the tax implications of owning a controlling stake in a UK private limited company? It is unclear how complex filing is and what financial implications ...
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4answers
226 views

Paying for student loans

I am looking for some advice in paying off student loans for me and my girlfriend. As a disclaimer, I am unfortunately quite financially illiterate, but looking to improve. We are both living in the ...
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1answer
54 views

International wire transfer from US to UK

I'm planning to emigrate to the UK. I'd like to transfer my meager fortune from my local bank to a UK bank once I establish an account there. Does the US government want to know that I am taking my ...
2
votes
1answer
94 views

Paying tax in the UK for Fixed Deposit (Term Deposit) interest earned in India on NRE Account?

I am an Indian citizen (Indian domiciled via father's citizenship) currently residing in the UK. I intend to take up permanent residency in the UK when applicable but also continue to use my Indian ...
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4answers
3k views

Receiving a product after getting a refund

Last week I ordered 2 kits of impact drivers due to the unbelievably low price. The product was discounted from 300EUR to 100, so I bought 2 of them. Next day I received an email from the company, ...
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2answers
89 views

Withdrawing money from a micro entity

I own a Micro Entity company which makes around £2,000 - £3,000 profit per year. I'm the only employee in the company. I wish to start taking what you could call a salary each month of £100 - £200, ...
2
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1answer
263 views

If I build a new house on my plot then demolish the old house, can I transfer the mortgage from the old to the new house?

We have purchased a bungalow with land for £800,000, we have a £500,000 mortgage. We have planning to build a much larger house next to our bungalow (so the bungalow will be part of the driveway once ...
3
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1answer
51 views

UK Tax calculation on payment for contract serverence

I was recently made redundant from a role at a UK company. They were very reasonable about the situation and offered to pay off my 3-month notice period rather than make me work it. As a result, I ...
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1answer
66 views

Why isn't the `flat rate scheme` favourable for Limited Companies anymore?

I have been registered as flat rate scheme since 2012. At which point I kept 12.5% (working in IT) of my vat invoices. However in 2017 they changed the laws on the % I believe. My accountant said I ...
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1answer
100 views

Would high interest rates offset the issue of keeping money in a weak currency?

I am a UK resident and recently I managed to unlock an account in South Africa with FNB that my family had set up for me. The account is worth R90k (~£5k). I have no intention of moving back to South ...
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1answer
56 views

How should I charge a personal Bank Account for a Business transaction? (UK)

I am currently performing some ongoing work for a Sole Trader, where a monthly Direct Debit has been set up for the monthly fees. The Direct Debit was set up with their Business Account. Upon each ...
2
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1answer
46 views

Understanding the FTSE Actuaries Share Indices on the Financial Times Paper UK

I am trying to understand how to read the Financial Times FTSE Actuaries Share Indices UK. In two of the columns it says Cover and Exadj. Cover is between Dividend Yield % and P/E ratio. Exadj is ...
2
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1answer
68 views

Do I need to pay UK VAT for an online service paid for with a UK credit card when I'm resident elsewhere?

I want to pay for a VPN service with my UK credit card but I've recently moved to Japan. On the form I can select Japan or the UK but Japan won't charge a sales tax so it's obviously a better deal ...
3
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1answer
127 views

US Citizen married to EU citizen, working for UK company and remotely for US company - Taxes?

A bit confusing to word the question, but I am a US citizen with a 5-year visa allowing me to work and live in the UK full-time (family member visa - wife is EU citizen). I work remotely as an ...
7
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1answer
183 views

Consequences of student debt in the UK after moving to the US

My British wife went to university in the UK from 2001 to 2005. She got a student loan with SLC and was never charged anything because her income was too low. She left the UK in 2011, never earning a ...
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1answer
127 views

What Recourse Do I Have Against Fraudulent Ecommerce? [UK]

Very simple question, I'm surprised it hasn't been asked before. I bought a product form a website a month ago. They confirmed my order, took the payment and gave me an order number... and that's it....
7
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4answers
365 views

Disposing of unused and current check book

My bank has sent me a check book. Apparently it is a standard feature of my account, included at no extra charge. Odds are I am never going to write a check in my life. Due to dysgraphia, I have ...
165
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10answers
36k views

I'm supposedly eligible for an inheritance from a distant relative. Offer appears to be legitimate

About 12 months ago, I received a letter ostensibly from a company carrying out genealogical research for law firms. It said that they were dealing with the estate of someone who had left money to my ...
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3answers
581 views

Estate Agents Told Us House Requires a 50% deposit

We called an estate agent today to arrange a house viewing, shortly after they called back saying the purchase would require a massive 50% deposit so we cancelled the booking as this is out of our ...
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2answers
93 views

UK Pension transfer to the US

I'm a naturalized US citizen. When I lived in the UK, as a British citizen, I amassed a small pension pot (about 50,000GBP). Is there any way to get that money transferred to the US (into another ...
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3answers
447 views

What happens when I move my ISAs?

I’m looking at opening an ISA (stock & shares), and I started wondering what happens with the perks (tax free) when I move ISA accounts around. For simplicity let's assume that ISA allowance is ...
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1answer
99 views

Transfer of UK Savings to USA

Since their birth (10 years) I have been saving money into a tax free account for my grandchildren in a UK bank. I now wish to transfer the lump sum to them in USA. They have UK and US citizenship as ...
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7answers
5k views

Is it possible to offset a mortgage with only the appreciation of that property's value?

As in, is there a possible scenario where the appreciation of the value of a property could be greater than the mortgage payments on that property?