Questions tagged [united-kingdom]

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

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4
votes
3answers
2k views

What's the correct formula to calculate my monthly wage (deducting UK Income Tax and National Insurance)?

For a given salary, how do I work out what would be paid into my bank each month? The Income Tax part is explained for the main part in this question, but I can't make sense of the National Insurance ...
6
votes
1answer
308 views

Tax due on foreign exchange element of share option program?

This is quite complicated and to be honest I'm not really expecting anyone to know the answer, but I thought it would be worth asking. Five years ago my (UK) employer's (French) parent company ...
9
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5answers
934 views

Should I buy a house or am I making silly assumptions that I can afford it?

Having convinced myself that there is no point of paying someone's else mortgage I started looking at ways for buying my own place. I'm 26, non-UK resident. My salary is £50,000 and I don't have to ...
7
votes
3answers
421 views

Is it possible to work out my P60 from my pay?

I paid myself from my company last year but did not issue myself a P60 with we closed the company back in December 2010. It's now time to do my tax return, and I am unsure what the exact figures of ...
4
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5answers
779 views

I am a contractor with revenue below UK's VAT threshold. Should I register for VAT?

I am an IT contractor based in London. I understand that there is a threshold for VAT of £73,000. In my current business, I have not exceeded that threshold as of yet but expect to within the ...
6
votes
1answer
259 views

Pensions - Where to start? (UK)

What are the key decisions that I need to make and what key information should I know before starting a Pension in the UK? I am 24 and living in the UK. I want, well more like should, start a pension ...
5
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3answers
661 views

Is there a rule of thumb for how much to save into your pension for retirement?

Pension sites often quote "Use our pension calculator to estimate the amount of pension income you could get when you retire. This will help you decide how much you need to save to get the retirement ...
26
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1answer
1k views

Estate with negative net worth

If someone dies with a negative net worth, what happens to the bills and debts that they leave behind? If I am the next of kin, or if I am the estate administrator, am I responsible for the debts? ...
6
votes
1answer
137 views

Can creditors force sale of shares to pay debt?

Can creditors force us to sell our shares in order to pay or reduce debts owed or perhaps put a court order in place in order that we use any income from them to reduce any debt? (We are in the ...
2
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1answer
301 views

I'm Canadian. Do I need to pay tax twice on my U.K.-based savings or claim as income?

I am a Canadian citizen and have money in an account for a friend in the United Kingdom. I have been taxed on this portion. My question is: will I be taxed when money is wired to my bank account in ...
4
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3answers
6k views

Which banks / companies offer virtual or instant credit card services in the UK? [closed]

I'm looking to make a small number of hotel and guest-house reservations, and thought that generated credit card numbers with defined limits would be a good idea. Which companies provide such ...
4
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1answer
104 views

Should I be choosing funds myself for my Stakeholder pension? How?

I am filling out the forms to join my company pension scheme (I'm 30 y/o), and I am unsure about which funds to choose. I can choose the Friends Provident Balanced Index Fund of Funds or 1 or more of ...
4
votes
3answers
489 views

Sending regular small amounts of money from Canada to UK

I live in Canada, a relative of mine lives in the U.K. I would like to know the best option for sending small amounts of money approximately once a month. I'm thinking most likely $100 to $300, but ...
3
votes
2answers
4k views

Can depreciation be offset against rent of a UK income property?

In the U.S., an income property investor is allowed to depreciate a residential income property over a period of 29.5 years. Does a similar concept exist in the UK? Can a UK citizen deduct the ...
5
votes
1answer
208 views

Stocks and Shares ISA: What are the options for “near cash equivalents”?

What are the options in terms of 'near cash equivalents' that you can hold in a stocks and shares ISA?
7
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1answer
708 views

How does one's personal credit history affect one's own company's credit rating?

Quick background: I have no intention whatsoever on actually getting any loan. However, to accept online credit card payments (eg. via Paypal Payments Pro), merchant account providers determine ...
5
votes
1answer
578 views

What is an Open Offer in the context of stocks and shares?

One of the companies I own shares in has just announced an Open Offer, giving me the opportunity to buy additional shares. What exactly is an Open Offer, how does it relate to a Rights Issue and how ...
4
votes
1answer
179 views

How can I sell INTEL covered calls?

As shown in this picture, how do I execute the strategy highlighted in yellow? I am based in the UK. Source: http://seekingalpha.com/article/274231-intel-dividend-champion-in-the-making (10/6/11)
7
votes
2answers
871 views

Is it possible for a new company to issue dividends in it's first operating year / month? (UK)

One of the more popular tax structures I keep hearing about, is using a company for revenues, which then pays dividends for it's sole owner. According to HMRC, in this case, the following tax ...
6
votes
1answer
148 views

what is the best way to do a freelancing job over the summer for a student

I am a full time student, studying in the UK with UK address. I would like to do a one time job for a company based in the USA. It will last about one month, and is mostly about creating a video ...
5
votes
3answers
2k views

1000 pound to invest

Apologies if this question is of incredible "noobish" nature, but this is something that's been bugging me of recent. So, suppose I have a thousand laying in front of me, what are my targets for ...
5
votes
1answer
206 views

What is the most effective tax coat for a yearly pre-tax income of £50K?

Having closed a couple of good deals in the past month, I project my pre-tax income for this tax year to be around £50K, which is significantly higher than my last year's one – and also above ...
7
votes
1answer
414 views

UK - Closed Company, Bank has frozen the remaining funds

I recently closed my small business and left a few hundred £s in the business account with Barclays. After receiving notification that the company has been officially struck off, I contacted Barclays ...
4
votes
1answer
236 views

What are the tax implications of liquidizing an ISA holding? (UK)

In other words, what, if anything, stops honest taxpayers from filling up all of their stock&shares, and money ISAs, removing it from being a tax liability, then liquidizing it immediately?
21
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2answers
184k views

Are BIC and SWIFT code the same things?

I'm helping a friend with submitting an expenses claim to a US organisation we're both involved with. As the money is coming from a US bank, we can't just give them an IBAN and a BIC and be done with ...
3
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1answer
173 views

Moving money to the UK and investing

Because of the financial status of a certain European country (euro member) - I'm afraid of loosing money in case of a default, so I'm looking into options of moving family money to the UK, where I ...
5
votes
1answer
167 views

Financial product for tax holding? (UK)

In the process of financial planning, I'm planning to build a reserve for tax-holding purposes -basically dumping 25% of every incoming penny into this bucket. Historical evidence suggest, that ...
5
votes
1answer
314 views

Do financial advisors get better deals on mortgages?

I have always looked after my own financial affairs. I feel I know more than enough about the financial products I use and buy to ensure I get the best deals. At the moment I am going through a ...
7
votes
2answers
187 views

Taxation from variations in currency

Assuming: I am a UK tax payer I live in the UK Assume I sell a good online, for $100. One payment method I accept is Bitcoins. Bitcoins at the moment are extremely volatile, it wouldn't surprise ...
11
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1answer
1k views

Calculate Income Tax amount of UK Salary

I've recently been trying to calculate different take home amounts from different salaries, and have ended up getting confused over how the different tax brackets work. If I try to calculate the ...
9
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2answers
6k views

If a US citizen works in Europe as a consultant, what are the tax consequences?

I am US citizen and professional software consultant. If I get a contract position, lets say in the UK or Switzerland for a European company, do I pay taxes to that country, or to IRS? Does it matter ...
6
votes
2answers
444 views

What pension options are there for a 22 year old graduate in the UK?

Following graduation last July, I've managed to save quite a significant amount of 'emergency wonga', for those rainy days or, more likely, the catastrophic end to my job. Anyway, now that I have a ...
3
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3answers
1k views

Tax on £1,000,000 before or after expenses

If you start a business and end up making £1,000,000 in 1 tax year, are you supposed to pay tax on the whole £1,000,000, or do you pay tax on the money you have left over after spending on your living ...
16
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2answers
2k views

Double taxation on Americans working abroad?

I am an American. I am currently living in the UK. The UK will tax me on my income here. The US will also tax me on my income if I make more than a certain amount. Can anyone tell me what that ...
1
vote
2answers
395 views

Working abroad and UK tax

I am British, if I go and work abroad on a 1 year contract in a tax free country. If in that year I make £50,000, will I have to pay tax on that money to the UK?
3
votes
2answers
294 views

Saving money after paying income tax

UPDATE 1: I ask this question because I don't understand why there is a large market for tax free savings account, when your savings should already be tax free... ORIGINAL QUESTION: I am in the UK, ...
3
votes
2answers
989 views

Does anyone know what the UK tax code MI means?

Does anyone know what the UK tax code MI means. direct.gov.uk doesn't help. Thanks.
5
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1answer
1k views

Starting an investment portfolio

I am looking to start an investment portfolio with around £1000 of my savings going into the stock market and was wondering how I would go about doing this. I would like to spread this money across a ...
6
votes
2answers
351 views

Do I need to start a company?

If I have access to a big hall/room in a building I own and I wanted to convert it into a personal gym. Then one day I say to a friend, you can use my gym if you give me $100 a year, and I will give ...
8
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2answers
421 views

Locating all the deceased's assets in the UK

Is there anyway, in the UK, for an executor of a will to locate all the deceased person's assets? Or, to put it another way, how can one be sure that all the deceased person's assets have been located?...
5
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3answers
4k views

UK ISA status after moving to USA: Would the IRS charge tax on my ISA?

If I were to move from the UK to the USA and leave my tax-free savings accounts (ISA's) open in the UK, with the intention to returning to the UK after 2 years, what would the status of said ISA's be ...
3
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4answers
345 views

Do tradespeople get paid as well in other Western countries as they do in Australia?

In Australia, the most highly paid professions right now are electricians and plumbers and tradespeople. I think this is caused by the mining boom, a housing shortage leading to a laboring skills ...
3
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6answers
339 views

Are PINs always needed for paying with card?

I'm a little concerned because I just payed to get access to Spotify Premium and it only asked for my card number and 2 other details that were on the card. Nothing like a PIN. Also I noticed that at ...
10
votes
5answers
777 views

Should I start my own company so I can claim against tax?

I live in the UK and I'm an employed web and mobile phone developer and very occasionally do some work on the side. I've been recently advised by a family member that I should look at starting my own ...
6
votes
4answers
2k views

Dealing with credit cards and bank accounts when moving from US to UK

My wife and I will be moving to the UK from the US on a work visa sponsored by my employer. One of things I'm most unsure about it how to deal with our current financial accounts. We have one joint ...
6
votes
2answers
200 views

Tuition Fees - Are British students who have already started their course affected by the recent vote to increase tuition fees?

I've read that students who are already at university and will not be affected by the changes in tuition fees, which have been voted in today in Britain. However, given the very deceptive wording in ...
4
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2answers
92 views

UK: Highest yield for funds I don't need instant access to

I'm looking to buy a house in a couple of years and I have a sum saved for the deposit. I won't need access to this money instantly, I think a 6 month / 1 year notice period is ok. Where is the best ...
14
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3answers
1k views

Is it worth having a pension?

I know this could be a duplicate of other questions here, but I think I have a different take on it which may be of interest to others in a similar frame of mind. Some background I'm self-employed ...
8
votes
2answers
390 views

moving family deposits away from Greece (possibly in UK)

Me and my family are worried about the current financial situation in Greece and want to move our deposits away to an another more stable country. Is this too much? We've seen other people doing it. ...
1
vote
2answers
578 views

How can I work out how much a side-job contracting will be taxed for?

I'm a full time employee on monthly salary, all done by the book. I'm thinking of doing some part time contracting in my spare time, maybe 15 hours per week. How can I estimate how tax will effect ...