Skip to main content

Questions tagged [united-kingdom]

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

Filter by
Sorted by
Tagged with
0 votes
1 answer
50 views

Lost transfer, based on last year tax return from HMRC

I’m still waiting for my fix return for 2022. I’ve texted hmrc, they told me that they sent money, but I didn’t received anything. I’ve wrote to monede customer service, and they told me that money ...
2 votes
1 answer
43 views

tax liabilities on creation of a discretionary trust

If a person's will bequeaths some money to a discretionary trust fund for the benefit of a list of beneficiaries, does the amount bequeathed to the trust immediately count as trust income subject to ...
2 votes
2 answers
41k views

How to easily identify the source of bank transactions

Bank statements don't provide much information about the source of each transaction. Sometimes the description is clear, like for example "UBER" for a trip with Uber. Other times it's hard to ...
1 vote
2 answers
300 views

UK global consultant, living and working in different EU countries

I am due to move to Barcelona after living in Paris for 3 years, as property is cheaper there, but still close to international airport, which is ideal for my work. I now find myself in a situation ...
1 vote
0 answers
49 views

Double tax treaty US-UK for UK resident

I want to understand if I'll pay taxes to the UK on my foreign income earned in the US and if the current tax treaty allows me to be exempt. Next is my understanding, and I'd like to know if it is ...
0 votes
1 answer
91 views

Tax deductables

I am looking to start a company which i will be the sole owner and employee of. This company i will use to reduce the cost of purchasing items that i personally want, but i will be purchasing it ...
7 votes
2 answers
12k views

Estate agents faking offers on a property

I was recently viewing a property to buy in England, with an asking price of £400k. On the day of the viewing, but before my appointment, the estate agent informed me that two offers had already been ...
1 vote
0 answers
97 views

Can I be held liable for tax obligations by simply accepting Ordinary Shares without further action?

I've been granted the opportunity to accept a certain number of Ordinary (voting) shares with a nominal value of £0.01 each, along with an exercise option. This option allows me to exercise these ...
0 votes
1 answer
99 views

how to invest in short term UK government bonds at x-o.co.uk brokers?

I have some money idle at my x-o.co.uk ISA. as interest rates are quite healthy, I'd like to invest in UK government bonds of a few months terms. no idea how to do this, as I'd need the ticker codes, ...
2 votes
1 answer
133 views

Currency refund from bank

Ordered currency from bank in February but it didn’t turn up and bank refunded me. It’s now arrived what do I do?
5 votes
2 answers
397 views

Capital gains tax and HMRC. What is the definition of a lodger and is there a difference between a friend staying a few months and a lodger?

I have two friends living with me and they only pay bills (no rent) and I wondering if I would be liable for CGT on the period they live there? I don't take any rent from them at all and they are ...
3 votes
1 answer
366 views

Understanding UK split years and double taxation agreements

From Residence, Domicile and Remittance Basis Manual 12010: If during a year the individual starts to live or work abroad, or comes from abroad to live or work in the UK, the tax year will be split ...
11 votes
3 answers
4k views

How should we deal with money during my spouse's maternity leave?

I recently realised that my partner is more anxious than I suspected about what we're going to do about money. Principally, she feels guilty for spending money on herself, and is worried about the ...
1 vote
2 answers
717 views

Equivalence yearly salary (perm) and daily PAYE (contract) in UK

I have a permanent role in UK that pays £130,000 base salary plus a car allowance of about £6,900. I also receive a bonus (£20,000 per year). Finally my company contributes 10% to my pension plan,I ...
0 votes
1 answer
74 views

Calculating return on ISA

I'm based in the UK and trying to calculate how much I've made in my ISA. Below is a mock-up of the monthly investments and how I calculate my returns where I take the current price divided by the ...
5 votes
4 answers
3k views

Parents' house repairs and siblings future inheritance

My sister and I will in the future each inherit a 50% share of our parents' house. The house needs immediate significant repairs, amounting to tens of thousands of pounds. I am prepared to pay the ...
2 votes
1 answer
96 views

Voluntary National Insurance contributions for missed years as a student - is it worth it?

I'm a student in the UK. For this reason I have not been working full-time, leading to gaps in my National Insurance contributions (NICs) - 6 years and a total of £4400, to be precise. I could ...
0 votes
1 answer
74 views

UK - Best way to receive payment in Italy

I will receive a one-off payment of roughly EUR4000 for work to be carried out in Italy. What is the best way to receive this money and have it transferred to a UK bank account? Should I have the ...
1 vote
3 answers
324 views

The best way to maximise saving for early retirement

I'm 23 and working as a software engineer in the UK. I've made a point in wanting to start saving for retirement as early as possible in order to retire younger. I'm looking for the most effective (...
1 vote
0 answers
57 views

UK SIPP allowance

If I have 10k of rental income and 10k of earnings from employment? What is the maximum amount I can pay into a SIPP? I assume this would be 8000 and (plus SIPP automatically reclaim 20% income tax, ...
6 votes
1 answer
229 views

How do I calculate Private Residence Relief for a house I've sold where there was a loss, not a gain?

This question is likely specific to UK rules. I've sold a flat which I lived in for part of the time I owned it. I'm trying to fill out the Inland Revenue's 'report my Capital Gains Tax' form. I've ...
4 votes
1 answer
176 views

Renting out property - individual Vs company

I live in England and have a flat in Scotland that I now want to rent out. I am a higher rates tax payer. What is my best option for maximising the money I keep after tax from this rental property? ...
0 votes
3 answers
219 views

Overpaying monthly or annually

I'm coming to the end of my fixed mortgage, and starting to think about remortgage deals. My remaining term is 30 years with outstanding amount of £122,000. I'm able to save between £900-1500 a month, ...
5 votes
2 answers
1k views

What date in a tax year to invest in an ISA?

There is a well known result that if you have to choose the best option from a set of randomly distributed options then you should sample the first 37% of them, then from the remaining 63% select the ...
4 votes
2 answers
634 views

Is it feasible for a small retail UK resident to buy UK inflation-linked GILTs directly from the issuer?

I'm interested in buying individual inflation-linked GILTs directly in the primary market (directly from the UK Debt Management Office). To give some context, I want to do this as I understand the ...
2 votes
1 answer
74 views

Furnished Holiday Lets - UK Tax - max duration is 30 days, what if two stays during the year?

I have a guest staying in May this year for 30 days in my furnished holiday rental. They want to return again in September for another 30 days. The Letting Condition in HMRC rules says: You must let ...
1 vote
2 answers
307 views

Why is fully comprehensive car insurance cheaper than third-party only?

I have recently found that my fully comprehensive car insurance quotes have been cheaper than third-party only policies. I had assumed it was just random differences between policies rather than any ...
0 votes
1 answer
30 views

UK Limited Company with Std VAT Rate - Do I need to pay Corp Tax on VAT reclaimed on business purchases

I have a small business in UK and it is VAT registered (Standard rate). When I make a business purchases such as a laptop I reclaim VAT from HMRC. For example I bought a laptop worth £1200 (1000 + 200 ...
4 votes
2 answers
522 views

Contractors IR 35 tax burden: is it less than people thought?

With the introduction of the new IR35 legislation in UK, many contractors caught inside IR35 are going to pay more taxes. The most popular tool for the calculation of the tax burden among ...
0 votes
0 answers
76 views

Do I need to report income for a non-profit Japanese club in the UK?

I'm setting up a Japanese club for kids in London, UK. The idea is that parents would pay into a community account and we would hire native speakers to run lessons/events, rent out a venue, etc. The ...
0 votes
1 answer
163 views

First-time cash buyer buying a leasehold flat with 57 years remaining

Intro There is a flat in London that has 57 years left on the lease and the seller/owner has to sell it within 6 months because banks don't give mortgage due to financial circumstances and age which ...
3 votes
1 answer
116 views

UK SDLT surcharge when buying additional garden land

I am in the process of purchasing some of a neighbour's garden to extend the garden of my main (and only) residence. The purchase price is well below the SDLT threshold but I cannot find any official ...
0 votes
1 answer
86 views

Student Loans as an Overseas Company Director

The lack of documentation on my situation is slightly infuriating, so hoping someone else in a similar position has got it figured out! I moved to Hong Kong 6 years ago from the UK and started a few ...
1 vote
1 answer
76 views

Lifetime ISA (LISA) eligibility with foreign spouse who owns property abroad

I want to open a Lifetime ISA in order to buy a house in the future. I'm a UK citizen and have never owned property. My wife is a foreign citizen with UK residency, and owns property abroad that was ...
2 votes
1 answer
268 views

Should I Salary Sacrifice everything except minimum wage, if I can live off savings?

Summary: We live off savings, don't need my salary, should I 'salary sacrifice' everything to our pension except minimum wage, for the NI savings? We (me, wife and son) live entirely off my savings, ...
1 vote
1 answer
66 views

Can DWP withhold money when you receive inheritance?

My uncle (T) has been in and out of gainful employment for years, so much so he has had over 20 full-time positions by the age of (almost) 60. Inevitably he's let go, sometimes receiving redundancy ...
3 votes
2 answers
89 views

capital gains liability of holdings "transferred" out of ISA?

I have an ISA with Freetrade. I bought shares of Arrival between 2021 and 2022. Arrival has been delisted. Freetrade has notified me: Further to our previous notification, this stock fails to meet ...
0 votes
3 answers
935 views

How to safely pay with VISA online

Usually I can get away with PayPal for online purchases, but sometimes I come across a website that only accepts VISA card. I refuse to use my VISA card, as my account contains all of my money, and ...
4 votes
1 answer
2k views

Advice for investing money for a 15-year old

Hope this is on-topic for here. I'm looking for some advice on the best way to handle a pension. I would like to have the money paid into an account for my 15-year old daughter. The lump sum is about £...
2 votes
1 answer
177 views

Child Tax Credits are ending. Why would they send me a renewal pack?

Child Tax Credits are ending in 2024 and eligible users are migrating to Universal Credit. The letter ending Child Tax Credit payments for someone not moving to Universal Credit nevertheless states ...
1 vote
2 answers
223 views

Can the UK devalue government pension schemes?

UK government funded roles are notable for offering defined benefit pension schemes in an era where defined contribution schemes are the norm in the private sector. I'm interested in current NHS and ...
3 votes
1 answer
323 views

Selling a home in the UK to buy a home in the US

I US citizen currently live in the UK, but will be moving back to the US in the near future. I own a home in the UK, with a sizeable mortgage and a LTV ratio of about 70%. I would like to sell my home ...
1 vote
1 answer
177 views

Which countries taxes do I need to pay?

I have a question about paying business taxes after you move abroad. I currently own my own business as an online freelancer and work for an umbrella company who manage all my taxes. I'm going to move ...
3 votes
2 answers
13k views

How can I register a UK business without providing a business address?

If you are a start-up from home and do not have an office yet, how can you register your business on http://www.companieshouse.gov.uk/ without publicly disclosing your personal home address? I know ...
2 votes
0 answers
67 views

Tax and selling a property in the U.K. before moving to Canada

I would appreciate some advise on this: If you sell a property in the UK to move to Canada, and then transfer the money from the sold property to Canada, will you have to pay tax in Canada on the ...
4 votes
0 answers
519 views

UK-US stock transfers

I live in the United States and work for a local office of a UK company (traded on the London Stock Exchange). My employer has an ESPP administered by a company called "Equiniti". I wish ...
9 votes
2 answers
2k views

What happens to pension schemes when they run out of beneficiaries?

At a very crude level: Beneficiaries put money into pension schemes (actually, their employers pay into the schemes on their behalf, but w/e, money goes in). The pension schemes pay money back to ...
11 votes
5 answers
5k views

Is exceeding the U.K. Personal Savings Allowance - and being taxed - a bad move?

I’m based in the U.K. and in 2022 inherited approx £370k I did not have any debts, except a mortgage on my main and only home, which I paid off in full. I made use of my full £20k ISA limit over the ...
3 votes
2 answers
173 views

Moving out of the UK. What should I do with my UK personal pension?

I have been working for a few years in the UK and my employers created personal pensions and contributed to them. Now I'm moving out of the UK and I'm not sure what to do with these. As far as I know, ...
8 votes
1 answer
414 views

Does Canada respect the tax-free status of National Savings certificates for residents who left the UK?

I know Canada and the UK have a tax treaty that is designed to prevent double-taxation. But I don't know if it extends to honouring the tax-free status of government-issued savings certificates. ...

1
2 3 4 5
44