Questions tagged [united-kingdom]

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

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46 views

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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2answers
124 views

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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1answer
48 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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36 views

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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1answer
46 views

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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1answer
72 views

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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1answer
89 views

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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1answer
72 views

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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1answer
53 views

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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1answer
57 views

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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1answer
224 views

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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3answers
185 views

In theory, what effect should an increase in the national interest rate have on corporate bonds?

The Bank of England is soon to announce if it's going to put its interest rate up or not. I own a lot of UK corporate bonds. Specifically, I have a big investment in one of those unit trusts that ...
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1answer
138 views

Payment sent to wrong SWIFT code but right account number (not IBAN)

I've just had a payment sent to me via Wise, from US to UK, but after a week the funds hadn't arrived and I double checked the details. I bank with Nationwide, but the sender has used their ...
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1answer
56 views

SIPP pension withdrawal tax obligations (UK HMRC)

When investing in a SIPP you get tax relief. How much depends on whether you are a basic or higher rate tax payer. For this post, I am focussing on basic rate payer. My understanding is that when you ...
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0answers
47 views

Capital gain tax from closing down the company in UK

I need help with filing form line 6 form 1040. we live in uk. my husband work as contractor for short term and he need to get pay through his own company. after few months it didnt work out and become ...
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2answers
118 views

Are there any consequences to letting an Amex repayment Direct Debit transfer fail, if a manual repayment is done before the due date?

I don't have enough money in my account to cover a Direct Debit Amex repayment scheduled for today. However, that repayment is set to come out of my account 10 days before the payment due date, by ...
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1answer
45 views

Is the higher income child benefit tax charge based on accrued or received payments?

People in the UK who earn over a certain threshold have to repay Child Benefit they or their partner received. Although Child Benefit is advertised as a weekly rate, it is actually paid ever four ...
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1answer
924 views

How much duty will I have to pay importing 72 bottles of wine from Italy to UK

Since leaving the EU the UK now has to pay a customs and excise fee on goods imported into the UK. Every year my family purchase wine from a vineyard in Italy. This year we will have to pay the UK ...
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1answer
54 views

Calculate total NET payment with overtime hours in a partial month

I am trying to learn how to calculate the NET payment for a partial month and the overtime (net and gross) based on some random payments and facts I found from the past. I got stuck with a specific ...
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0answers
168 views

Are there any legal risks/implications of this indirect gold purchasing process

Setup: My wife and I live in UK. My In-Laws are UK expats currently living in Switzerland. They are investing some of their savings into Gold Bullion. (not interested in any assessment of that ...
3
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1answer
65 views

Monzo Business Account payments

Evening. Quick question realting to Monzo Business Accounts and making a payment from them. I have somebody who has one of these business accounts wanting to buy goods from me. They want bank account ...
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1answer
85 views

Clarification of income tax rules for farm staking rewards (UK)

In the UK we have to pay Income Tax on crypto farm staking rewards. I'm unsure as to at which point I'm legally obliged to pay income tax on staking rewards. Is it: As the rewards clock up on my DeFi ...
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1answer
83 views

Best way to pay taxes (German citizen living in US to work internationally)?

I am a German citizen living in the US on a J1 visa. I got an offer to work part-time remotely for a company in the UK. This company could hire me or I could work for them as a freelancer. Germany has ...
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6answers
5k views

What are the tax implications of being paid for work in company shares?

I completed a project for a private limited company. They want to pay me in company shares worth £100K (as it is stated in our contract). I am trying to figure out what tax implications would I face ...
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1answer
66 views

VAT for imports from UK to EU for private customers after Brexit

Suppose I am a private person living in an EU country (in my case in Germany) and I want to order some products from a shop resided in UK. Suppose that I request the product via email and the UK shop ...
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1answer
110 views

In the UK, from where does your employer take the money to put it into your pension scheme?

I have been reading about the UK workplace pensions schemes but I don't understand them very well. What I have read is that you can choose an amount of money, which is taken from your gross salary, ...
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0answers
133 views

Pay off my mortgage before getting another other?

I have a £70,000 mortgage on my house. I am about to come into £170,000. With this money, I want to pay off my mortgage. Turn my house into a rental property and use the remaining £100,000 as a ...
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1answer
103 views

Do I need to pay VAT when customers buys electronic tokens? UK

I run a website where customers can buy 'Tip Packs' and then spend these Tips on the site. The packs are a straight conversion - £10 = £10 worth of Tips to spend on the site. My question is, do I need ...
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1answer
100 views

Asking for a reduction in price after memorandum of sale and mortgage application

I am buying a flat (in England) and my offer was accepted. I applied for a mortgage (that is yet to be approved). After some time my solicitor found out that some constructions are planned in the area ...
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2answers
153 views

Problem with the tax code on my first job

Hi I have a yearly income of 30000£ in UK, this is my first job and my tax code is 1210 L. I didn't get taxed for the first month. Could anybody please let me know whether I need to change tax code to ...
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1answer
50 views

VAT/Duties Import to UK from USA

I have just had a VAT/Duties bill for something from the USA. I was expecting it, but it was a lot higher than I thought. It is a board game. It was in a sale on the USA website (the company that ...
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1answer
72 views

Do I need to exchange my EU income (Euros) to GBP to get taxed in the UK?

I live in the UK and will start working as a contractor for an EU company soon and I am very new to this process. The company will pay me monthly in Euros, am I obligated exchange them to pounds? I ...
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2answers
102 views

Buying house in the UK

My situation is the following. I found a house in Leeds (UK) that I liked that was advertised for 160k asking price in May 2021. I viewed the house and liked it so I entered into a biding war with ...
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1answer
43 views

What is a "non-UK resident" for the purpose of paying SDLT?

It is stated here: https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property#sdlt-rates-for-non-uk-residents that There is a 2% surcharge on residential properties in ...
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1answer
67 views

Understanding a passage from the guidance on higher rates on SDLT

I would like to fully understand the following passage from https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property : You must pay the higher Stamp Duty Land Tax (...
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1answer
43 views

Stamp duty surcharge for a person with a property overseas

Suppose there is a person that lives in the UK for 4 years in a rented property. Moreover, they own half a flat overseas jointly with their parent (that costs less than £10.000). If I understand ...
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0answers
94 views

Mortgage fix ending - but buying new house soon

Our 5 year fix ends next week, but we've just had an offer accepted on another, more expensive, property. As I understand it, we've got two broad options Pay SVR until we complete on new property (a ...
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2answers
208 views

Mortgage for a couple where one partner is not a first time buyer

There is a married couple in the UK where partner X owns a share of a property, while partner Y doesn't (i.e, Y is a first time buyer per se). Can partner Y apply for a mortgage alone (in order to ...
3
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2answers
644 views

Including Stamp Duty in the mortgage

Can a person buying a property in the UK include the Stamp Duty in the mortgage? If this is possible, I wonder, how common is this and would it make harder to secure the mortage?
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1answer
78 views

Stamp duty for a couple with one person owning less than £40000 of property overseas

Suppose a couple is buying a house in the UK. One partner is a first time buyer, another owns a share of property overseas with value less than £40,000 (and nothing else). Suppose they are buying a ...
4
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3answers
2k views

Offer subject to survey or survey before an offer?

I saw a flat (in London), made an offer and received a counter-offer. I wonder what should be my next step and I get two types of advice. As far as I understand, the most standard practice is to ...
4
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2answers
208 views

Reasons for selling a flat "off market"

An agent (from Martyn Gerrard) has shown to me a flat that is not yet on the market. He said that the owner wants first to try (say for a couple of weeks) to sell this off the market, but then if this ...
2
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1answer
72 views

How do mortgage brokers get paid?

In the UK some mortgage brokers don't charge their clients. I wonder, how exactly do they pay their own living costs? Is it true that banks pay them? But then, if a bank pays a broker, can I be sure ...
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1answer
72 views

Are IFA fees likely to be worth it for UK pension

Building on an excellent question and answer I want to ask a follow-up, or more specific question. I'm now self employed and I have a pension pot from when I was employed. I've got about 20 years left ...
3
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2answers
79 views

How Does a Workplace Pension Interact With A SIPP In The UK

I currently have a workplace pension with People's Pension. My understanding is that this means that: I pay into it each month My employer pays into it each month The government gives me a certain ...
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0answers
51 views

What tax do I pay when I close a limited company?

I used to be an IT contractor for many years. With recent IR35 changes, I have decided to take up a permanent/FTC job. Over the past year my contract has been under IR35, so I am paying paye tax etc. ...
48
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5answers
15k views

Potential scammer pushing me to click a link and threatens to send the police

I was contacted by someone wanting to buy a bird cage I was selling on Facebook market place. He said he couldn't collect as he was at work he told me he would send a cash envelope via dpd and that I ...
3
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2answers
558 views

UK Finance: When calculating rent affordability, why aren't council tax, utility bills factored in?

I have two questions In this rent affordability calculator, is the "Applicant Minimum Salary" referring to salary AFTER taxes? If yes, then it all makes sense. I don't need an answer for ...
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1answer
61 views

UK Capital Gains Tax Increase

With rumours circulating about the UK CGT tax rates being brought inline with income tax I was wondering if; Would the rate increase only take place from a future tax year e.g. 2022/23 onwards? Or, ...
3
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4answers
212 views

What's the minimum utilisation rate on a credit card that lets you build credit?

I don't need credit, but I want to keep my credit score as high as possible, for when I might want a mortgage or come across a credit card with nice rewards. I got a credit card with a borrowing limit ...

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