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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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18 views

FILLING IN W-8ben form as a UK resident

I paid in to a 401k when I lived in the U.S. over 14 years ago. I left the U.S. in 2004 and would like to withdraw my pension out from the U.S. as I have been living in the United Kingdom since 2004. ...
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1answer
168 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
42 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
54 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
90 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
52 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
29 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 ...
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1answer
59 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 ...
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1answer
92 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
140 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
110 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....
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4answers
272 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 ...
159
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10answers
33k 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 they were dealing with the estate of someone who had left money to my late ...
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3answers
516 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
87 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
438 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 ...
2
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1answer
96 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?
2
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1answer
91 views

Car Insurance Company Settlement Pay out at market value or price I bought it at

I live in the UK. I am currently in the process of making a car insurance claim for a vehicle that has been written off. I recently purchased this vehicle that has been written off, the vehicle ...
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3answers
149 views

How can a UK resident make small investments in non-pound assets?

I'm a UK resident and citizen, who, to provide a little security in terms of potential future currency fluctuations, would like to hold some assets that are not valued and traded in GBP. Ideally they ...
3
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1answer
147 views

It is worth running a limited company with low income?

I'm selfemployed but the company I work for is not allowing me anymore to be self-employed. My agency suggested me to go limited company rather then getting paid PAYE. I'm earning £20000-24000/year ...
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1answer
80 views

Do I need to pay tax if I use my own bank account for collected money for a booked hotel in the UK?

We are organizing an event in the UK and we need to book a hotel for about 200 attendees. The booking fee of about 4,000 pounds is to be shared by all the people. Since we have no company bank ...
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2answers
171 views

UK Issuing Bank blocked Debit Card. Said card was used fraudulently on ecommerce website. How can this happen?

I was using my UK bank account debit card in India, to buy few flight tickets for my inter city travel. Using my own laptop, in a co-working space. Website used : www.makemytrip.com -- is one of ...
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0answers
80 views

Gnucash vs QuickBooks for both personal and business account

I'm considering keeping track of both personal and business accounts. I'm an old user of Gnu cash and I think I could manage with it. What would be the benefit to swapping to a new cloud accounting ...
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1answer
58 views

What happens to the initial shares after opening a LTD company?

I have just opened my first LTD company in the UK, and I am trying to understand the way one goes about it. Being a self taught person I have been trying to understand how it works by reading .GOV ...
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2answers
257 views

Should I pay off my UK student debt?

I have £33K in savings and my student debt is £31k - the interest is 6.3%. I'm 23 and currently earning £40K but it's an industry with big salary jumps, and plan to go contracting so I could be on 70-...
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5answers
574 views

Moving and renting out my house

Currently I have a mortgage on my house, the mortgage is £2000. I am moving to another city, but don't wish to sell my house, the rental value is £1500. Does it make sense for me to 'cover' the £500?...
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0answers
51 views

Where is my principal place of business UK based?

I am in the process of setting up a company and trying to research everything before making the first step. Though I do not live there, I intend to register the company at my parent's address so that ...
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0answers
67 views

Gift from my Dad [duplicate]

My dad lives in India and is an Indian citizen. I am a UK citizen. My dad would like to give me and my wife a gift of around £8K each. Would I have to pay tax on this in the UK? My dad has already ...
2
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1answer
84 views

Capital Gains Tax allowance sharing for married couples

A husband owns a flat (mortgaged). He is selling it after marrying earlier in the year. Some capital gains tax will be payable as he no longer lives there - the couple moved into a larger place ...
2
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1answer
105 views

Backdating employment start date

Is it possible to officially backdate my employment start date with HMRC? I have been working part time for my current employer since April 2018 and I have just found out from my employer that he hasn'...
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1answer
90 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
198 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
432 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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2answers
125 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
188 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
129 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
89 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
82 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
53 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
52 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
184 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
103 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 ...
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1answer
297 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 ...
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1answer
92 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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1answer
192 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 ...
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1answer
88 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??
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5answers
751 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
150 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 ...
2
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1answer
38 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 ...