Questions tagged [united-kingdom]

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

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13 views

How to assess a price for splitting a Freehold

I've just bought the freehold of a property. More specifically... The property is a 3-storey House, with a 2-storey maisonette on the first 2 floors, and a separate flat on the top floor. The ...
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24 views

Tax on dividends from a limited company when a higher rate tax payer

Hi I am a higher rate tax payer and want to do some work on the side. I've already secured the work but I am now wondering if I should use a personal company or not. What I do not understand is the ...
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1answer
73 views

Is a cheque made out directly to the bank suseptible to fraud?

I plan to use my savings to clear the remainder of my mortgage. The bank have several methods for making the payment, one of which is to send a cheque made out to the bank with my name and account ...
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42 views

Tax implications when paying off debt with a non-monetary asset

Let's assume I take a loan and the lender requires the interest to be paid in a non-monetary asset, which we shall call XYZ. In the eyes of HMRC, XYZ is considered to be equivalent to company shares, ...
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1answer
49 views

Are workplace pensions less efficient than salary sacrifice because of national insurance?

I'm contributing to a Workplace Pension. For each £100 I earn (within limits) I contribute £5, and my employer contributes £3. I pay 12% NI on my £5, so it costs me £5.60. My employer pays 13.8% NI ...
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27 views

Should trades be averaged under the “same day” capital gains tax rule?

Say you have the following list of trades: Buy 100 XYZ at £50 a share on March 1st Buy 100 XYZ at £51 a share on March 1st Sell 200 XYZ at £60 a share on March 20th This would result in a net profit ...
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2answers
94 views

Soft credit search without my permission

I recently bought a wallpaper sample for £1.99 online from a well known decorator company. I did not apply for credit for this purchase and paid the full amount at the time of purchase. I have since ...
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4answers
2k views

Why would I/when should I stick with decreasing term life insurance?

I have been approved for some decreasing term life insurance, with a 25 year term and a decreasing payout by 8% each year. I can leave the contract at any time and take out new life insurance. What I ...
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0answers
21 views

UK tax for partial residents

During the 2019/2020 tax year, I worked as a full-time employee in the UK for only 3 months and left the country 1 month after that, in August. I then moved back home in Romania and continued to work ...
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2answers
23 views

Find net cumulative return from my Investment Report for a 3 month period

I have an Investment Report for a 3 month period that shows me: Number of Shares, Book Cost, Market Price, Market Value, Est Income, Est Yiels, Total Value % How do I work out the cumulative return ...
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2answers
266 views

UK First time buyer- offer accepted on house: Should I reduce offer due to coronavirus?

I live & work in the UK. A few weeks ago, I had a verbal offer accepted on a house (I am a first time buyer). I had initially offered a bit lower than the asking price, that offer was rejected, ...
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1answer
127 views

Will not paying rent in the UK due to loss of income (COVID) be reported on the credit score file?

Background: Landlords do not have to pay their mortgage. Landlords will also be protected as 3-month mortgage payment holiday is extended to Buy to Let mortgages At the end of this period, ...
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83 views

Is my friend's money safe in a UK bank?

My friend has 50K in personal bank account. He also has 50K in his company bank account. Bank account is opened by only 1 director however company has his wife as director as well. Both accounts are ...
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1answer
91 views

Will fixed term mortgage rates follow the cut in Bank of England base rate?

As I am currently looking into buying my first house, I am wondering what the implications of the recent Bank of England base rate cut will have on the rates for mortgages available? I have been ...
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6answers
13k views

What happens when a share price reaches £0 in the UK?

With all the coronavirus panic, I was wondering what would happen when the share price reaches £0 for a company, but the actual company itself or their business niche is not that much affected, i.e. ...
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0answers
73 views

In general, does “the market” prefer or dislike bottom-floor apartments/flats?

I can see both many pros and many cons of living in a bottom-floor apartment, as opposed to one on any other level/floor. I'm undecided myself, actually. However, I'm asking about what the general ...
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1answer
36 views

Most tax efficient way to help out with my partner's UK limited company

My partner is the sole director and shareholder of a limited company in the UK. I'm a higher tax payer working for another company and currently receiving just PAYE. Would would be the most tax ...
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1answer
37 views

UK Dividends template

I'm running a very small limited company in the UK and I just found out that I need to produce dividends vouchers and minute meetings even if I'm the only shareholder. The problem I have is with the ...
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1answer
887 views

Implications of buying a house during/ after a stock market crash?

I am currently in the process of buying my first house (I live in the UK). Having had an offer accepted, I am now waiting on the sellers to complete on buying the house they're moving to. With the ...
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2answers
239 views

Money stoped by UK fraud dept

My fiancee got her inheritance from her father's account he put in the bank before he died. Now it had the stamps to leave UK but was stopped by UK in Canada, because it could be money laundering or ...
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0answers
63 views

UK student loan default payment for living abroad is lower than how much I should pay based on earning. Can I just pay the default?

I'd like to preface this by saying that if I am legally required to pay the higher amount, then of course I will. But as any human (presumably), I would prefer to pay less. I am also on Plan 1 for ...
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0answers
48 views

Property conundrum - UK vs Australia

I'm an Australian living in the UK and have been here for 5 years. I've saved up lump sums on both sides of the world. They are both enough to put forward towards a deposit on a property. Currently, ...
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2answers
222 views

How much dividend tax will I pay while also earning a salary?

I live in UK, I have a day time job where I earn around £26,500 per year, I am also running my own limited company, and I just received a dividend of £60,000 My accountant told me that I will need ...
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2answers
65 views

Order of matching for the “bed and breakfasting” CGT rule in the UK

I understand that the "bed and breakfasting" capital gains tax (CGT) rule says that purchases that occur 30 days after an asset of the same class has been disposed of should be matched together, as ...
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29 views

How should lending in decentralised finance be handled for UK tax?

[UK tax only] My understanding is that any crypto asset, even if it's a stablecoin like DAI that is pegged to the US dollar, should be tracked in a pool. If the only thing done with DAI is trading, ...
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1answer
5k views

I've got a mortgage illustration but haven't signed anything and have never been asked for ID, is this normal?

My partner and I are in the process of buying our first home. We had been to the bank to get the Agreement in Principle, found a house and got an offer accepted and now have been back to the bank and ...
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1answer
90 views

What is the minimum weekly pay to be credited with a Qualifying Year on your National Insurance?

I run a limited company, and want to pay myself a wage. There is a limit to what you can pay yourself before the company has to pay National Insurance contributions. But what is the minimum wage you ...
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1answer
111 views

How are the earnings of a Crypto Interest Account taxed?

I have some bitcoin in an interest saving account. I am not sure if I have to consider the interest earned as Tax on Savings Interests (which does not mention anything related to crypto) or ...
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1answer
77 views

How should near-instant forex transactions be handled for taxes?

This is what I mean by a "near-instant" forex transaction. I deposit GBP in my broker account with the goal of buying a US-based company stock, but, when I make the trade, the broker automatically ...
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4answers
335 views

What if a quoted company is doing so poorly that it can't sell its shares at any price?

I understand that in order for a trade to occur, a buyer and a seller must agree on the price and that the number of shares transacted at that price is determined by the number of shares available at ...
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1answer
71 views

Closing a UK limited company

I opened up a UK limited company February last year. I made a directors loan into the company and made a loss with no income made by the company. After a couple of months I put the business on hold ...
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2answers
138 views

Opening monthly savers in different banks

I recently had a monthly saver with Lloyd Banks that is coming to an end. I want to continue saving however you can't have another monthly saver with the bank. I found that you can open accounts with ...
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2answers
74 views

Can I open and pay into both cash Lifetime ISA and Stocks and Shares LISA in the same year?

I have a stocks and shares LISA but as I might want to use the funds in not too distant future I would like to lower the risk of losing a significant portion of the money by also putting some money ...
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2answers
491 views

Landlord wants me vacated from a property 4 days before the tenancy ends - do I send over the full rent?

My tenancy is set to end on the 20th April, however I've agreed with the landlord that I will be moving out on the 15th (this was their idea, but works well for me). I moved in on the 20th, so my ...
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2answers
134 views

Can I (a UK national) buy shares in an American firm?

So quite simple, as the title states: as a UK national, can I buy shares in a US based company? A little more than this however, is do I have to sign up to a US brokerage firm, or can I do this from ...
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188 views

How long must I wait after buying a property to rent it out?

I bought a place as a first time buyer without mortgage. Consequently I paid a 3% stamp duty. Due to certain circumstances, I will have to rent it out. I would like to know how long before I could ...
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1answer
88 views

Do I need to register as a sole trader with HMRC to open an Etsy shop? (UK)

I'm very confused about this Hobby Business Tax thing. I want to open an Etsy shop to start selling my photo prints online. I wouldn't be doing the printing, Whitewall would, but I would be selling my ...
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0answers
101 views

Life insurance documents sent to wrong e-mail address. What are my options?

Some time ago I applied for life insurance online, and to my utmost incredulity (it never happened since I started using the Internet) apparently I misspelled my own e-mail address. A host of ...
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65 views

What tax is owed on money inherited from the US, by a UK citizen?

A deceased aunt of mine who has lived in the US for most of her adult life (50+ years) has recently passed away and left a sum of money in an investment bank (schwab) to be divided up among 4 cousins. ...
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1answer
41 views

How to get a transfer out form from NOW Pensions

My old employer chose NOW Pensions as the auto-enrole pension (despite a 1.2 star rating on trustpilot.com) and now I want to transfer the money accrued in that account to my current pension. I've ...
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1answer
60 views

How can avoid I withholding tax on global REITs

I only have UK REITs in an ISA at the moment. Can I get exposure to other countries REITs directly or indirectly without withholding tax being taken at the source? I want to increase diversification ...
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1answer
960 views

Mortgage brokers - should I expect to get a better deal than I can find myself?

Since I am currently looking into potentially buying my first house, when asked by an estate agent (with whom I had just viewed a house) whether I would be interested in talking to their mortgage ...
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1answer
106 views

Getting a loan for property abroad

My situation: We live in the UK, and have some money saved up for deposit to buy a house here. Getting a mortgage for this case would not be a problem. We're trying to get money for self-build ...
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0answers
119 views

What would happen to my investment in a fund if the managing bank collapsed?

Based on advice in a book I've been reading (Investing Demystified), I've put a lot of my money in an 'all world' index fund, managed by HSBC. This is based on the premise that an all world fund is ...
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3answers
182 views

Credit rating going down when adding more bank accounts

I am tracking my credit rating with Experian, CretiKarma and Clearscore. In the last 2 months it has gone down and the only change to it is that that I have opened two more bank accounts. My current ...
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2answers
341 views

Deductions keep increasing on my payslip

I started a new job in October in the UK. My tax code is 1250L. I was deducted 9.68% in October and November 0% on income. 9.68% on NIN. 18.74% in December 9.05% on income. 9.7% on NIN. 24.13% ...
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1answer
120 views

Money transfer returned but not received by the sender

I was sent a money transfer from the UAE. Unfortunately, I gave details of my closed account to the sender. The receiving UK bank could not credit the money to an account so returned the amount to the ...
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1answer
140 views

Do mortgage lenders in the UK consider stock grants or sign on bonuses?

I am employed as a software engineer in a company that grants shares and a sign on bonus. Do mortgage lenders in the UK take into consideration stock grants and annual sign on bonus (sign on bonus but ...
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19 views

Getting back retention tax under a double-taxation agreement Spain-UK

I had shares in Spain which I sold in August 2019. Due to the double taxation agreement, I am supposed to pay my taxes in the UK. However, my fiscal residence was not updated in Spain, so the bank did ...
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1answer
59 views

Can I claim a tax refund if I payed too much through PAYE?

I worked as a full-time employee in the United Kingdom between January 2019 and June 2019. I noticed that the income tax and national insurance fees I paid for January-March were much, much lower than ...

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