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Questions tagged [united-kingdom]

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

4
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2answers
228 views

Mortgage Adviser Signed Me Up For Multiple Home and Life Insurances (UK)

So, back in 2016 we bought our home with the help of a mortgage adviser. During the process they signed us up for home insurance and life insurance. At the time I (perhaps stupidly) believed they ...
82
votes
11answers
24k views

What to do if I can't trust myself with monthly wages? [closed]

I work in the UK, like most people here I get paid once a month. I've been doing this for about 2 years now (on a modest income) and my ability to make the money last has not gotten better (if ...
3
votes
2answers
99 views

Can I open a cash ISA and a stocks and shares ISA and invest in both in the same financial year?

I was wondering if that is possible because I am about to open a Cash ISA and I also want to invest in stocks this year.
1
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0answers
105 views

How come I am not tax resident in any country when moving abroad

I recently moved from UK to US and I am having trouble understanding tax residency matters. In particular, it seems to me that I am not resident in any of the two countries. Indeed: I pass the first ...
1
vote
2answers
138 views

What is the preferred account in the UK, an ISA or a 0.35% AER standard savings account for a £1,500 monthly savings?

I am aware of the £1,000 Personal Savings Allowance, adding this to the equation confuses me even more. So which one would be more beneficial at the end of the year, consistently adding £1,500 every ...
0
votes
1answer
215 views

Does a Paypal user Pay tax for receiving payment in uk

I'm trying to set up a PayPal account for my company (that is not registered in the UK) and want to use my UK account to receive payment on the website. Does anyone know if I will be taxed for ...
53
votes
4answers
15k views

Random and anonymous `western union´money transfers into my account, is it a scam?

Two months ago I received a money transfer of around 200 € into my account from a company called Custom House Financial UK, which turns out to be an affiliate of Western Union (ie. they do money ...
1
vote
1answer
174 views

How does this credit scoring work?

I live in the UK, where credit referencing agencies are seen by many (myself included) as the devil. They hold a lot of life-critical information about me but they don't want to share that info, not ...
1
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1answer
59 views

How to record business expenses paid from personal accounts?

Sometimes I have to pay for business expenses from my personal accounts. What is a good practice for administering these types of transactions? What should I name the account? What system should I use ...
0
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2answers
246 views

How to get the best out of cash savings without the money sitting idle?

Lets say I have personal savings of £20,000 in cash. How could I possibly get the most out of these savings without just letting it sit there idle? What are the options out there to make the most out ...
1
vote
0answers
24 views

Are there any CEFs of UK stocks for the US investor?

Are there any Closed-End Funds (CEFs, I'm NOT looking for ETFs) available in the USA that invest solely in UK stocks? In particular, are there any lean toward the small-caps and/or dividends? I have ...
4
votes
1answer
137 views

Where are my US/UK equities stored?

I'm currently a resident of an EU country. I have a brokerage account open with my local bank, allowing me to buy international stocks directly on the NASDAQ/NYSE/LSE and other int'l exchanges. Am I ...
4
votes
1answer
187 views

Creating a limited company in the UK with which to invest in real estate/stock market

I have a full-time job, and as a second job I work as a contractor for another company. Since the income I get from my first job is enough to pay for my living expenses, I am currently saving and ...
48
votes
7answers
10k views

Why are low risk investments so strongly advised for first-time investors?

Inspired by the flurry of questions on this site about the returns available from investing in equities over the long term, I decided to approach my UK bank about setting up a small investment fund, ...
3
votes
1answer
135 views

Transferring Help to Buy -> Lifetime ISA

I have been paying into a Help to Buy ISA for about 2 years. I recently realised that the Lifetime ISA is much better for my needs. I know that I have missed the deadline to transfer all my money ...
2
votes
1answer
146 views

How long does a bank take to process a mortgage offer?

I'm currently at 50 days past making first contact with my bank for a mortgage - and I'm wondering if this is standard, or if it is reasonable to be making a complaint. I'm in the UK, with what I ...
4
votes
2answers
364 views

Can a IT Ltd company gamble and claim the losses as an expense?

As a UK Ltd company is it legally expected that an IT company might bet the companies money and then claim the losses as an expense against that tax year?
0
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0answers
57 views

Gift money transfer from UK to US

What is the maximum amount of gift money that a relative from UK can transfer to my account in US as a citizen without any accompanying tax implications?
5
votes
3answers
246 views

Buying less shares more frequently [closed]

I'm going to university in a few months and was looking to invest any weekly surplus (£50-75) from my student loan into an index fund. Most funds appreciate in value by about 7% a year on average ...
1
vote
2answers
73 views

Calculating PAYE tax and NIC contributions on two different bands of income in the UK

My data (United Kingdom specific) : March - NI Rate A and Tax Code 1150L IN: Gross Salary 2250 OUT: PAYE Tax 0.00 NIC 183.0 April - NI Rate A and Tax Code 1185L IN: Gross Salary 2250 Gross ...
50
votes
10answers
16k views

One of my stock positions has grown substantially. Should I rebalance my portfolio?

I'm a small beginner investor with less than 50k portfolio. One stock I hold has grown substantially than everything else and makes up 46% of my portfolio, but it is expected to keep growing and has ...
1
vote
1answer
80 views

LISA - Correct contributions so far?

I opened a LISA with a provider just before the end of the 17/18 tax year (27/03/2018) and deposited the maximum contribution (£4,000). Therefore I should receive the Government bonus of 25% at some ...
1
vote
1answer
725 views

Cold email from DeVere Germany, who are they?

I recently received an email out of the blue from deVere Germany talking about my UK pension and Brexit. I've never had contact with the company before and never gave out my email to them. Apparently ...
24
votes
9answers
5k views

UK Student Loan Repayments

This is something I’ve always wondered about and have never really found a satisfactory answer. Maybe I've misunderstood how student loans work. I've completed a Uni course (plan 2) after borrowing £...
4
votes
2answers
158 views

Investing in stocks & shares ISA- when to make deposits?

To start with, let me say that I am very new to investing- have no prior experience of it... Last year, I opened a stocks & shares ISA for the first time (it is a Lifetime ISA), and my intention ...
4
votes
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 ...
1
vote
2answers
221 views

Purchasing things on the internet

(Since it may be relevant, I am in the UK.) There are many sites where people can place items they want to sell to potential buyers. For example, gumtree or facebook marketplace. One potential worry ...
0
votes
1answer
658 views

What is the UK-US tax treaty information relevant to IRS form W-8BEN for a private investor?

https://www.irs.gov/pub/irs-pdf/fw8ben.pdf I am looking to start buying shares in US companies, through brokerage firm 212. I need to fill in the above form to do that. What do I need to put in for ...
4
votes
1answer
164 views

Payslip: taxable amount and gross amount difference

I just relocated to UK, and I received my very first payslip. I run some simulations on salary calculators, to understand how much I would have received in my bank account. The payslip states the ...
4
votes
1answer
97 views

How many weeks of NICs are needed to be a qualifying year for a UK pension?

How is a "qualifying year" for the purposes of a UK pension defined? Is it a number of weeks of NIC contributions or is it the annual amount of NICs paid that matters? UK National Insurance ...
2
votes
1answer
215 views

How to avoid the “60% tax trap”

I do understand that, past the £100k income threshold, one gradually loses her personal allowance at the rate of £1 every £2 earned. With this fiscal year's figures, the personal allowance is £11,850 ...
1
vote
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 ...
1
vote
1answer
104 views

Do I need to pay myself as a director if I also have a full-time job?

I am a director (one of two directors) of a private Ltd. company that carries out web development work. I also have a full-time job during the week but do the web development in the evenings and ...
3
votes
1answer
169 views

Car stolen fully comp but SDP on my policy now Go Skippy won't pay out

I am fully comp with Go Skippy, but on my policy it states SDP. I got called in to work last minute (at a supermarket). So I drove, which I don't usually as I catch a lift with a friend. When I ...
0
votes
1answer
247 views

What does 'Cost to you or Amount Forgone' and 'Amount made good or from which tax deducted' mean?

I am based in the UK and as such, I am required to report my tax affairs to HMRC. I am currently completed a P11D Form (End of Year Expenses and Benefits Forms 2017-18) and I have come across the ...
4
votes
1answer
864 views

What effect will Brexit have on EU-wide Deposit Guarantee Schemes (e.g. FSCS)?

Across the EU, the Deposit Guarantee Schemes Directive1 (DGSD) requires member states to operate at least one scheme to provide protection for deposits with regulated financial institutions within ...
2
votes
1answer
161 views

Signing house over to next of kin

A friend has been considering signing her house off to her children (48 and 47 years old) but believes that there is an age limit which she has passed, supposedly 60 and she is now 70. Is this a real ...
0
votes
2answers
107 views

Loan default and its effect on the outcome of visa application

In 1997, I took a 5000 GBP loan and was not able to repay. In 1998, I left the UK. Will this loan be erased from my identity? Will I be able to get a UK visa again?
2
votes
1answer
77 views

Is it possible to ISA wrap investments without having an account with a bank or broker?

I can't find anything on the internet about this. Is it possible to hold shares wrapped in an ISA without actually having a bank or brokers account? The reason I ask is because: I am paranoid ...
3
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2answers
115 views

Advantages of opening an ISA account one week before 5th April

Are there any advantages of opening an ISA account before 5th April if I don’t plan to deposit any significant amount before that day?
3
votes
1answer
110 views

Whom do you tell when you gift a portion of a property in the UK?

Suppose Alice and Bob both own 50% of a rental property each, as tenants in common. Alice gifts 10% to Bob so they now own 40% and 60%. Do Alice or Bob need to declare this gift to any government body?...
1
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0answers
92 views

Help to buy ISA to LISA transfer - too much

I have a Lifetime ISA which I paid £4000 into in this tax year. I also have a Help to Buy ISA which I have had since around April 2016 and have made the maximum contributions of £200 a month into with ...
5
votes
2answers
810 views

How to use £450,000

It's a good problem to have, but a problem nonetheless. I bought a house (London) last year, gave all my cash, except my 50 bitcoins. Fast forward end of the year I sold all my bitcoins, for £650,...
4
votes
1answer
168 views

A car for the director

If as director and sole shareholder of a limited company (in the UK) I want to purchase (or possibly even lease) a car for my use, will I be taxed as an employee for having the use of the vehicle and ...
4
votes
0answers
79 views

Euro rental income earned in Spain but can it be paid in Sterling in UK

I am a UK national with a property in Spain. The tenants of this property currently pay the monthly rental in Euros to my Spanish bank account but have asked if they can change this arrangement and ...
1
vote
3answers
254 views

Is hire purchase that risky compared to a personal loan in the case of a car crash?

I am very uneducated when it comes to personal finance. Four years ago I decided to buy a car. The dealer offered me the car with 0% interest and when I told him that I might pay the installments ...
2
votes
2answers
449 views

How I can convince bank to proceed with chargeback for the scam broker?

I've tried to call my UK's bank to explain my situation, but as soon they've heard it's about a scam trading company, they say the chargeback doesn't apply for trading accounts according to their ...
0
votes
1answer
52 views

Car insurance - UK resident, UK-registry car, EEA licence (with Shadow licence in DVLA) - no-claim protection

I'm an UK resident with EU driving license. I own a UK-registered car and I do pay a bit too much for insurance. It is because I stated that I had an accident and a claim in UK in 2016. Also, since ...
0
votes
1answer
262 views

Credit card cloned and money taken (UK)

My mum recently learned she had been charged for a use of her card to pay £28 at a pub in Nottinghamshire. Since she has never been to Nottinghamshire, it must have been her card details were stolen. ...
1
vote
2answers
267 views

Is the decision to buy a house in the UK a no-brainer? [duplicate]

In the UK, one needs to pay a council tax regardless of whether you rent or own a house. And unlike the US, there is no prohibitive property tax when you own a house. So, does that mean the only ...