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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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Japanese citizen living in the UK, pays tax in Japan, do they need to pay tax in the UK too? Double tax?

My wife is working part time earning under £800 a month and paying taxes in Japan on her income. She lives in the UK though, I believe there's a tax agreement with Japan to prevent double taxation. ...
Josh19041996's user avatar
0 votes
1 answer
75 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 ...
Nicu Marele's user avatar
2 votes
1 answer
49 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 ...
RedGrittyBrick's user avatar
1 vote
0 answers
51 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 ...
Manuel Carrasco's user avatar
0 votes
1 answer
94 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 ...
user1306071's user avatar
2 votes
1 answer
140 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?
Jackie Washington's user avatar
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 ...
i-am-penguin's user avatar
2 votes
1 answer
100 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 ...
user19642323's user avatar
0 votes
1 answer
75 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 ...
lux's user avatar
  • 101
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 ...
nop's user avatar
  • 111
0 votes
1 answer
101 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, ...
Commenter's user avatar
1 vote
0 answers
58 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, ...
Lost1's user avatar
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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 ...
John Rennie's user avatar
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 ...
Martel's user avatar
  • 1,281
2 votes
1 answer
77 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 ...
atreeon's user avatar
  • 155
0 votes
1 answer
77 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 ...
leesin's user avatar
  • 9
0 votes
1 answer
32 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 ...
MSBI-Geek's user avatar
  • 103
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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 ...
AnotherVinyasa's user avatar
0 votes
1 answer
168 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 ...
BentCoder's user avatar
  • 103
1 vote
1 answer
80 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 ...
Joseph's user avatar
  • 111
0 votes
1 answer
87 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 ...
Anon's user avatar
  • 41
3 votes
1 answer
124 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 ...
phil-lavin's user avatar
0 votes
3 answers
247 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, ...
P P's user avatar
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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, ...
Martin Home's user avatar
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 ...
spikey_richie's user avatar
3 votes
2 answers
92 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 ...
jhnc's user avatar
  • 265
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 £...
DreamingOfSleep's user avatar
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 ...
P. Hopkinson's user avatar
2 votes
1 answer
178 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 ...
EleventhDoctor's user avatar
2 votes
0 answers
68 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 ...
ichi's user avatar
  • 21
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 ...
P. Hopkinson's user avatar
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 ...
user avatar
1 vote
2 answers
324 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 ...
User65535's user avatar
  • 484
0 votes
0 answers
49 views

UCITS ETF Capital Gains Taxes Different Depending on Stock Exchange?

If a certain UCITS ETF is domiciled in Ireland and is traded on both the Swiss SIX and London LSE exchanges (same ISIN but traded on both exchanges), will the tax implications (or broker’s automatic ...
MTC's user avatar
  • 1
4 votes
1 answer
113 views

Disbursing money for jointly owned asset: tax implications (two individual humans)

Say, as individuals, you are receiving money for a jointly owned asset, the proceeds of which you intend to split 50/50. The buyer wants a single account to send the money to. Each of the sellers has ...
Dan's user avatar
  • 153
1 vote
3 answers
326 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 (...
Matthew Bradley's user avatar
4 votes
1 answer
116 views

How do NI Qualifying Years work if you're self-employed *at a low rate* AND employed

In order to receive a full UK State Pension you must accrue enough "Qualifying Years". I (think that!) I understand how qualifying years work if you're just employed. And I (think that!) I ...
Brondahl's user avatar
  • 2,395
3 votes
1 answer
112 views

Apportionment of buy-to-let mortgage interest

I live in the UK and am a higher rate taxpayer (40%). If I have a buy-to-let property, I understand I can claim mortgage interest relief at 20%. Effectively I can only use half the interest as an ...
James James's user avatar
0 votes
0 answers
82 views

Self employed UK freelancer using a US-based contractor

I'm currently working as a freelancer in the UK and registered as self-employed sole trader. One of the things I'd like to do is use the services of another contractor who is a US citizen that lives ...
Kakalokia's user avatar
  • 101
2 votes
0 answers
171 views

How do I reduce the interest I'm paying on unused student loan?

I am studying at a US university, on a student loan from a UK company - funds are paid directly to the university. The loan provider already disbursed the loan amount to my university's finaid ...
spatial's user avatar
  • 21
0 votes
2 answers
62 views

TAX Advice Loan Notes

I moved to the US on the 21st of December 22 (E2 Spouse Visa). Before leaving I sold my UK company which completed on the 20th of December 22. The deal was structured so that part was cash payable on ...
Wattey 's user avatar
3 votes
2 answers
266 views

Why does our home insurer want to know details of a previous policy with another insurer?

Our house has some external 'staircase' cracks, and is likely affected by subsidence. We have got in touch with our insurance company about this, and they have started the process of investigating the ...
8128's user avatar
  • 131
2 votes
0 answers
111 views

How does the Bed and Breakfast rule affect capital gains tax calculations when it spans across tax years?

The B&B rule confuses me a bit since disposals are matched with future acquisitions (done within 30 days). What happens to tax calculations (for each tax year) if the tax year ends in between the ...
George Flourentzos's user avatar
3 votes
1 answer
124 views

UK tax treatment for structured products with capital at risk

An important class of investment instruments available to retail investors are structured products (SP). These are usually designed to display income-like features (coupons) but whose occurence or ...
Daneel Olivaw's user avatar
2 votes
1 answer
348 views

The last 3 digits swift code entered wrong branch. I asked to recall the international transfer. Where is my money could be?

24 Nov 2023: I send £9000+ from the HSBC UK to Cathay United Bank Taiwan. The money arrived to intermediary bank (CITI BANK UK) soon. And the HSBC app tracker shown the transfer is in progress for 5 ...
TanTanYueng0303's user avatar
2 votes
1 answer
122 views

Keeping personal and business finances separate, tax-wise, in two different countries inside Britain?

I live in Scotland and am about to start a very small business that will print books and sell them using Amazon as a dropshipper. The business will take the form of a company registered in England and ...
Harry Macpherson's user avatar
1 vote
1 answer
155 views

Can an individual in Britain sell through Amazon with no government registration (see details) other than their National Insurance number?

If you are an individual – not a one-person company, not a partnership, not an HMRC-registered sole trader, not self-employed, not VAT-registered – and you want to register in Britain with Amazon as a ...
ool's user avatar
  • 111
0 votes
0 answers
77 views

Are all my sources of income considered when calculating the repayment of my student loan?

Actually, I have two questions. I have a student loan income-based repayment, from my studies in the UK. Are any other income sources rather than my salary considered?. For example, a rent I get from ...
MARIA's user avatar
  • 1
3 votes
1 answer
436 views

In the UK, if I pay tax on both PAYE and Self-Assessment, where will my savings interest be taxed?

Like a lot of people in the UK fortunate enough to have savings, the higher interest rates mean that I will be getting more than the £1000 tax-free allowance on savings interest. Unlike a lot of ...
Bob Tway's user avatar
  • 1,281
0 votes
0 answers
185 views

Can a 13 year old in the uk hire an employee?

I have a 13 year old child who would like to start a company as a sole trader, can he employ someone as his business idea involves having an employee.
Jhusky's user avatar
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