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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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23 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
50 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,...
3
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2answers
98 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 ...
2
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4answers
359 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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2answers
92 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
115 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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3answers
2k views

Wife wants to buy me out of our house - how to do this?

My wife and I want to separate, and have agreed in principle that she will pay me half the value of the house we share and I’ll move out. As she has just inherited a large amount following her father’...
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1answer
14 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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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
110 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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0answers
421 views

Working remotely in Portugal for a UK based company

I am new to contracting and would like some advice. My situation is: I am a UK citizen and my home is in the UK. I am working in London for a UK based company. I currently work full time as a ...
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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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1answer
4k views

What is the definition of a “first time buyer” with relation to the UK “help to buy isa”?

I'm very interested in the soon to be released "help to buy isa". I'm unclear on the definition of a first time buyer. I have owned a house (with my ex wife) but I am no longer on this mortgage, ...
2
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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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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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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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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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1answer
77 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 ...
6
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1answer
829 views

UK Tax: Filling in a HMRC P85 Form - Leaving the UK

I'm filling in the online P85 form as I recently moved back to Australia permanently but I'm but I'm stuck on two questions on page 2: I will not be receiving any income from the UK after I leave. ...
7
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2answers
306 views

Estate agent wants to charge a large amount to change the contract

I live with two other people in a house share in the UK. One is moving out, and the estate agent who handles the contract wants to charge us £300 for the pleasure of changing a name. We think this is ...
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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
3k views

Does NIC Class 4 contributions counts to your retirement pension?

When I pay more of 9% Class 4 NI, does it mean I will get more pension to my retirement pension as it accumulates? Or it doesn't make any difference to my future pension?
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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
votes
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 ...
3
votes
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 ...
2
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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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1answer
503 views

Transferring Money from UK to India

I am an Indian citizen and working here in UK from last eight months (June'2015). I get salary after tax deductions as per UK law. I want to send some money to Indian in my saving account but I ...
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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 ...
3
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1answer
274 views

UK Self Assessment benefit in Kind

I'm trying to complete my Self Assessment and it's fairly straightforward - I don't have any complicated tax affairs or multiple incomes. What's confusing me is the benefits section. I have private ...
7
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1answer
20k views

Can I locate the name of an account holder by the account number and sort code? (U.K.)

I received an invoice from a landlord about a cleaning bill. I heavily dispute this (is seriously out of whack: charging 7 hours work for a 15 minute job). She's being all weird and cagey about things ...
2
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1answer
48 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 ...
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1answer
247 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-...
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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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 ...
2
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1answer
96 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 ...
2
votes
1answer
687 views

Filling in W-8BEN for a UK Ltd Company

I've recently started a UK Limited Company and I'm trying to fill out W-8BEN (Link here) so I can receive payments for showing ads provided by Facebook, but the terminology is totally foreign to me. I ...
6
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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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3answers
155 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 ...
2
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1answer
47 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
112 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 ...
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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 ...
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 ...
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0answers
209 views

Capital Gains Taxes for multi-year vest RSUs UK

Assume that you work for a company in the UK that grants you a number of RSUs to vest in a multi-year schedule (as per usual), for example, a vest event every 6 months for 2 years. The RSUs are valued ...
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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, ...