Questions tagged [united-kingdom]

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

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35 views

Do you need to pay any income tax on a director's loan in the UK?

If there is large director's loan, say £40,000, but that amount is paid back before the deadline of 9 months past the company year end, and the interest is paid to the company at HMRC's recommended ...
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1answer
68 views

Why is VAT charged on silver coins in the UK?

I am at a loss as to why VAT is applied to silver coins in the UK even though they are technically legal tender? Also for the law to be fair would you not have to charge VAT on gold coins too (which ...
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176 views

Accounting for VAT on App Store sales as a UK VAT-registered company

UK VAT-registered company considering selling apps/games online (things like Apple App Store, Google Play Store, Microsoft Windows Store, Steam) and also earning via affiliate programs like Amazon ...
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1answer
40 views

Apply the UK ISA tax relief to investments I hold in my home country

I'm Spanish but I work and live in the UK, therefore my the latter is my tax residence. I want to start investing from my home country to avoid problems if I leave the UK (frozen accounts and the ...
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0answers
47 views

What kind of inventory accounting does the UK use?

I'm in a bit of a pickle with regards to my tax residency. I am not sure whether I should pay my Capital Gains tax in the UK or Romania for the 2019 tax year. I made a lot of transactions last year, ...
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1answer
99 views

Understanding Ethereum network fees for tax purposes

My question is in relation to UK tax as explained in this document, however it should be applicable to other jurisdictions as well. Ethereum is a platform for decentralised finance. Unlike Bitcoin, ...
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0answers
72 views

Investment (long-term) plan for an expat [closed]

I want to open an ISA in the UK with Vanguard, however I'm not thinking in staying in this country for the long term (maximum another two/two-and-a-half years). This makes me thing that probably it's ...
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3answers
4k views

How to negotiate rent renewal when house prices are decreasing?

My rental contract is due for renewal in a few months. Currently, in the UK, house prices are decreasing, so it seems fair to ask for a slight decrease in rent to represent market rates. Ideally, I'...
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1answer
76 views

I can't find a desired ETF on the popular UK brokerage firms - how can I find one that does?

If I wanted to put money in a specific ETF, namely ARK invest (ARKK), but it wasn't possible on the top UK brokerage firms - what should I do next? So I looked on hargreaves lansdown, halifax, and 8 ...
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1answer
241 views

Does higher rate tax relief count towards pension contribution limits in the UK?

I understand for 20/21 the annual pension contribution limit is 100% of your salary or £40,000, and this effectively means that the total of your employer pension contributions + personal pension ...
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27 views

Personal wallet transfer fees in relation to UK tax on cryptos

Reading UK's official guidance on cryptoassets, I understand that pretty much anything that you do with your cryptos is classified as a disposal: Individuals need to calculate their gain or loss ...
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1answer
53 views

whats the difference between spread betting and day trading in shares?

please whats the difference between spread betting and day trading in shares? i understand in the UK, spread betting is tax free while day trading in the US markets from the UK will incur tax. For a ...
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2answers
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Where/how does pension tax relief for higher rate tax payers get paid once a self-assessment tax claim is completed?

If a UK higher rate taxpayer makes payments into a SIPP, and then completes a tax self-assessment form, how will the government return the money? Does it pay it to a person's bank account? Into their ...
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1answer
67 views

Why is LIBOR getting phased out? [closed]

It looks like LIBOR is set to be phased out at the end of 2021. Why is this happening? This PwC representative says that banks don't really use LIBOR that much, and the new "alternative rate" system ...
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0answers
52 views

in the UK, can i use a Stock and Shares ISA to day trade in the US Markets?

i intend to day trade in the US market as an individual and i am a UK resident. Does anyone know what the tax implications would be for me? i currently have a stock and shares ISA and it would be ...
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2answers
67 views

Invest in an US ETF or fund being a UK citizen

Is it possible to invest in a US ETF or fund being a UK citizen, without having any sort of bank or brokerage account based in the USA? I'm not talking about these ETFs / funds that hold US assets ...
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2answers
507 views

How to find the trading costs in an ETF prospectus

As a case of study, I'm reading information about Vanguard's VUSA. Currently, I'm trying to find out what are the ETF's trading costs. I have read the Key investor information and the ETF's ...
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0answers
176 views

Do money transfer companies have a LEGITIMATE need for a passport copy

Money transfer service Azimo asks for a copy of my passport. I sent it, after having written 'copy' on it, for security reasons. My transfer then was rejected, because 'We weren’t able to verify your ...
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1answer
275 views

UK Student Loan - Overseas Arrears

I graduated from university in 2011 with student loans totalling roughly £30k. After a brief stint working in the UK, I moved to work in Japan. A month or so after moving I informed SLC of my new ...
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1answer
123 views

Are re-invested dividends taxable in the UK?

Let's suppose that you invest in an accumulation ETF/mutual fund, whose automatically re-invest dividends. In such case, those dividends should not be taxable since you actually never receive them. ...
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1answer
28 views

Defined-benefit / final salary pension schemes in the UK

I have been reading how defined-benefit pension schemes work. My understanding is basically that you agree with your employer a life pension you will receive when you retire, which is calculated as ...
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2answers
49 views

Comparison of tax benefits in ISAs and pensions schemes in the UK

I'm reading about pension schemes in general, and in the UK in particular. I think I have understood how the tax relief works, still I'm not sure. Given this quote I have found: If you are a basic ...
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1answer
135 views

Where should I keep the money for the shares I purchased from my UK startup business?

I am at the beginning of setting up a UK business and started it with one share valued at £1.00. I am the owner of this single share. I am now wanting to pay the amount I owe for the share to the ...
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1answer
33 views

Is it foreign income when you sell cryptocurrency and realise a capital gain in the UK?

Crypto networks are not run by any specific government or group of individuals, compared to other securities like US shares. So what is the geographical status-quo of cryptocurrency for UK tax ...
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1answer
131 views

Does one need to report capital gains below the UK allowance?

The Capital Gains tax-free allowance for 2019-2020 is £12,500. Do I need to send HMRC a Self Assessment tax return if I made less than this amount? Or, if I only have losses to report, do I have to ...
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0answers
32 views

How does dual residency apply to Capital Gains Tax?

Note: I know this is a highly specific question, but I'm posting it here because I already talked to two professional tax advisers and they did NOT know the answer. I was born in Romania and lived ...
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0answers
19 views

UK domicile with unremitting foreign income from a country with double taxation treaty

I am in a full time employment in UK but work most of the time remotely (from abroad). The fact that I spend time abroad is unrelated to my employment - my profession allows it and it's cheaper to ...
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1answer
27 views

Can non-domiciled UK tax residents claim back all tax paid via PAYE?

Suppose I worked in the UK for a couple of months, got paid via the PAYE system but then moved back overseas, to my permanent home. I know that PAYE calculates my due tax as if I will work in the UK ...
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1answer
40 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 ...
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0answers
102 views

When do UK creditors pursue a debt after the debtor has died?

According to StepChange, creditors don't normally pursue a debt of someone who died if there isn't a large estate: Most unsecured creditors will normally write off a debt (like a personal loan or ...
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0answers
30 views

UK capital gains on foreign currency loans

I read CG78335 but I am now more confused than before: Again, a chargeable gain or allowable loss may arise on the currency which is disposed of when the loan is repaid. From the point of view ...
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11answers
10k views

What are the risks of using money sent to you by a scammer, once the transaction is irreversible

Take as a premise for this question, that there does exist some process by which you can get a bank to confirm that a transfer is completely valid and irreversible. See here for any discussion of that ...
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4answers
69 views

Pensions and personal circumstances, assessment and alternatives

Pensions are very popular financial products, and are quite strongly encouraged, both through favourable tax laws and employers contributions. In all cases I am aware of, neither the contributions ...
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1answer
96 views

Can I let HMRC know that I left the UK online?

As per Tax if you leave the UK to live abroad: You cannot use HMRC’s online services to tell them you’re leaving the UK. Instead, you need to: send your tax return by post use commercial software ...
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0answers
43 views

Tax on crypto earned as income but sold later

Suppose I do some work as a freelancer in exchange for Ether tokens, but I do not sell them right away. I hold them for a while, but eventually dispose of them within the same UK tax year. Do I have ...
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0answers
47 views

How to calculate proceeds when buying stock with borrowed money?

Suppose I borrow money and use it to buy stock, expecting the stock price to raise short-term. HMRC provides clear instructions on futures and contracts-for-difference (CFDs), but none on custom ...
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2answers
103 views

Capital gain tax on airdropped or gifted cryptocurrency

Let's suppose I receive 100 XYZ tokens this week without conducting any service in return and sell them a week later. My understanding is that I have to know the fair market value of one token at the ...
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1answer
19 views

Should interest on CFD positions be subtracted from UK capital gains?

The question title says it all. If I open a CFD position and hold it for a while, I will be charged interest. Can that be subtracted from the net gain or loss of the trade?
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0answers
20 views

Can transaction fees for same-day trades be deducted from UK capital gains?

Let's assume I buy and sell the same amount of shares on the same day and that the net result is zero, excluding transaction fees. Can - or should - these fees be deducted from the capital gains tax?
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0answers
31 views

drawdown pension limit

I have 2 small pensions & 1 annuity. I was recently contacted by one pension provider to see if I wished to take a lump sum. So I was sent a lifetime allowance form which I completed for my three ...
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0answers
21 views

How to assess a price for splitting a Freehold

I've just bought the freehold of a property. More specifically... The property is a 3-storey House, with a 2-storey maisonette on the first 2 floors, and a separate flat on the top floor. The ...
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2answers
50 views

Tax on dividends from a limited company when a higher rate taxpayer

I am a higher rate taxpayer and want to do some work on the side. I've already secured the work but I am now wondering if I should use a personal company or not. What I do not understand is the tax on ...
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2answers
247 views

Is a cheque made out directly to the bank susceptible to fraud?

I plan to use my savings to clear the remainder of my mortgage. The bank have several methods for making the payment, one of which is to send a cheque made out to the bank with my name and account ...
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0answers
44 views

Tax implications when paying off debt with a non-monetary asset

Let's assume I take a loan and the lender requires the interest to be paid in a non-monetary asset, which we shall call XYZ. In the eyes of HMRC, XYZ is considered to be equivalent to company shares, ...
2
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1answer
66 views

Are workplace pensions less efficient than salary sacrifice because of national insurance?

I'm contributing to a Workplace Pension. For each £100 I earn (within limits) I contribute £5, and my employer contributes £3. I pay 12% NI on my £5, so it costs me £5.60. My employer pays 13.8% NI ...
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1answer
67 views

Should trades be averaged under the “same day” capital gains tax rule?

Say you have the following list of trades: Buy 100 XYZ at £50 a share on March 1st Buy 100 XYZ at £51 a share on March 1st Sell 200 XYZ at £60 a share on March 20th This would result in a net profit ...
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3answers
150 views

Soft credit search without my permission

I recently bought a wallpaper sample for £1.99 online from a well known decorator company. I did not apply for credit for this purchase and paid the full amount at the time of purchase. I have since ...
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4answers
2k views

Why would I/when should I stick with decreasing term life insurance?

I have been approved for some decreasing term life insurance, with a 25 year term and a decreasing payout by 8% each year. I can leave the contract at any time and take out new life insurance. What I ...
3
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1answer
61 views

UK tax for partial residents

During the 2019/2020 tax year, I worked as a full-time employee in the UK for only 3 months and left the country 1 month after that, in August. I then moved back home in Romania and continued to work ...
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2answers
48 views

Find net cumulative return from my Investment Report for a 3 month period

I have an Investment Report for a 3 month period that shows me: Number of Shares, Book Cost, Market Price, Market Value, Est Income, Est Yiels, Total Value % How do I work out the cumulative return ...

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