Questions tagged [united-kingdom]

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

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19
votes
9answers
7k views

Best ways to invest for a planned house purchase in 1 year?

I've just sold my house after relocating and got £45,000. I am now looking for a house to buy. In the area where I live now houses are around £500,000, so I will need at least £50,000 for the deposit, ...
3
votes
1answer
266 views

How to answer “Are you permanent employee?” when applying for mortgage as an apprentice

I've been looking into getting a mortgage with my partner recently. We had a conversation with the bank yesterday asking all the standard questions (How much do you earn?, Monthly outgoing, etc..). ...
0
votes
1answer
121 views

HMRC Starter Checklist - Employee Statement

I am going on placement next year and I have to fill out the HRMC Starter checklist form. I worked part time (only two shifts) and the pay I received was not taxed. Does that mean I select statement A ...
1
vote
1answer
151 views

Should I pay tax for previous months because of employer's fault?

I have started in a new job on 30th of November, 2019. I could not get my contract until the last day of December, which, in addition was not agreed salary as per interview process. Salary is 20k on ...
3
votes
1answer
150 views

Is money from a trust account considered a gift?

I have a BNY Mellon Investment Fund account designated to me and set up by my parents. On the statements the Client Name is in my parents name and the Designation is my name. My financial advisor ...
1
vote
3answers
234 views

How to afford an expensive medical operation abroad from in the UK?

I'm currently investigating ways of getting an expensive medical operation done in Spain. It's not something the NHS covers and after doing a lot of looking around I've decided that this is best ...
3
votes
0answers
104 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
0answers
47 views

Contractor Tax Rates [UK]

I worked for 6 months last year as a contractor for a company straight out of university in the UK. I wasn't having to pay taxes with my paycheck but I know I must pay them at the end of the year. ...
3
votes
0answers
56 views

Cannot Find Mortgage Adviser on FCA Registry

My partner and I are currently on the market looking for our first home to buy. When contacting a estate agent for a potential house they referred me to a Mortgage adviser. When searching for details ...
1
vote
1answer
55 views

Calculating allowable expenditure for multiple share purchases and sales

I have a fund where, over the years, I have made multiple sales in-between multiple purchases. I can't find a worked example on how to assign the purchase costs to each shares sale, for the purpose of ...
2
votes
2answers
220 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
1answer
134 views

About exchanging foreign currency

I have a friend in London and she has sent me a parcel with 9000 GBP in cash. How can I exchange it for rupees in India?
5
votes
2answers
114 views

Can the life time ISA stop me getting benifits?

I'm fully employed as a software developer but if I lose my job would the money in a life time ISA put me over the threshold to receive benefits and have my national insurance contributions covered? ...
12
votes
2answers
3k views

Why there is difference between performance of Vanguard S&P500 (VUSA) and S&P500 index

I have been recently reviewing my Vanguard S&P500 (VUSA) performance and I have noticed that it does not correlate with the performance of the same ETF on their website. Inside Vangurad ...
2
votes
0answers
112 views

Shared rent - home office expenses in partnership

I rent a 2 bed flat with my girlfriend (3 rooms inc combined living room and kitchen). The total rent is £1581. My girlfriend pays £650 and I pay £931 rent. The second bedroom I use exclusively as a ...
0
votes
0answers
57 views

Amount of money taken into account when applying for an overdraft?

Will a bank in England, Halifax to be specific, look at the amount of money I have in my current account if I apply for an overdraft. I don't think in normal circumstances I would get approved, and ...
19
votes
14answers
14k views

I’m 18 years old and want to finance a £30,000 car [duplicate]

I'm 18 years old and I've always wanted an Audi Q5. Currently, I'm working full-time. I earn £28,800 annually and that will be due to go up soon. The car I've had eyes on costs £31,789. The monthly ...
3
votes
1answer
226 views

Check if a financial firm/advisor is fraudulent/a scam in the UK (with an example)

I'm trying to understand the steps to follow to check if a financial firm/advisor is actually a scammer. For simplicity, lets stick to The UK. I have found that there is something called Financial ...
3
votes
1answer
386 views

How can you know which index is tracked by a specific index fund?

Looking at this Vanguard UK index fund (short-term investment grade bonds). It says: The Fund seeks to provide returns consistent with the performance of the index,[...] How can I know which ...
6
votes
1answer
152 views

Can I deduct donations in full that no Gift Aid was claimed on

If I make a donation to a registered charity but they do not claim Gift Aid for it, can I deduct the full donation amount from my UK taxes? Background: I do not like the 3% fees that are incurred by ...
1
vote
1answer
192 views

can I get any money back from US after deportation?

I was living in US for 16 years and had a green card and Social Security number. Most of my years there I was working and paying taxes. Got deported after serving 3 year sentence for drug offence. ...
5
votes
2answers
134 views

UK Broadband company started a new 12 month contract without my authorisation

I don't want to name the provider so have referenced them as Provider. The following has happened to me and I want to know where I stand legally. This has happened in England (UK). In December 2015 ...
1
vote
0answers
165 views

Employer provides a SIP - Should I invest?

I recently started working for a large international company that is a big player in its industry on a global scale. I only have very limited investment experience (a Lifetime ISA which is managed by ...
4
votes
2answers
165 views

How to “validate” online stock trading platforms?

I don't consider myself an investor, mainly as I don't have sufficient disposable income to invest. However over the years I've accumulated a number of share certificates for various public companies....
0
votes
1answer
47 views

Are profits made from equity investments subject to income tax on top of CGT?

I want to invest in a stock ETF, but I'm wondering if any profit I make from these investments is subject not only to the 20% Capital Gains Tax but also counts towards income and thus subject to ...
2
votes
2answers
58 views

Is the UK ISA's tax relief applied to ETFs that hold stocks of non British companies?

Is the ISA's tax relief applied to ETFs like VUSA (S&P 500 index tracker), which holds stocks of countries other than the UK?
4
votes
1answer
262 views

Reasonable Rate of Return on A Pension?

Like a lot of people, I have a string of relatively small pensions, all invested in different funds with a few different providers. I should add that I'm no longer paying into any of the ones I'm ...
3
votes
1answer
105 views

How is interest calculated on a UK type 1 student loan?

On my student loan annual statement it says The Student Loan Company applied interest to my balance every month but only received one lump sum payment at the end of the year from HMRC, even though ...
25
votes
8answers
8k views

Is there any point in adding more than 6 months' runway in savings instead of investing everything after that?

I have saved enough to be able to survive for 6 months. I don't have any debt. So far, I've been investing a small part of my income in a diversified portfolio and have seen ~11% returns, which I'm ...
1
vote
1answer
121 views

VAT on quote misleading? [duplicate]

I wish some advise. We have a quote from a VAT Registered building company for work on an extension, this quote for simplicity was 50k GBP. At the end of the list of items on the quotethey will ...
1
vote
0answers
26 views

UK: How does gift holdover relief interact with potentially exempt transfers?

An elderly acquaintance is considering gifting some shares in the family business to his children. There is significant capital gains accrued on the shares (which said relative has held for decades), ...
5
votes
1answer
213 views

Agency wants to increase rent halfway through the tenancy

Context: United Kingdom, South-East, West of London I have made an offer for a rental property: 2 year tenancy with a 6 month break clause at £XXX/month. This offer was accepted and I paid a holding ...
0
votes
1answer
53 views

Is there a UK investment brokerage allowing purchase of fractional shares / dividend reinvestment with low fees? [closed]

I am a UK resident looking for a stocks and shares brokerage for long-term value-investing. I am currently working with limited money for investing so am saving until I can buy complete stocks using ...
5
votes
1answer
94 views

Lifetime ISA Eligibility

I am a director of a Limited company (SPV) which owns an investment property on a Limited Company Buy to Let. I am one of four directors, other directors are parents and sibling. I don't own a ...
3
votes
0answers
121 views

Glint Administration — What Steps to take to claim my assets? [closed]

I have the issue that the company Glint (https://glintpay.com) has gone into administration and all customers' assets, including mine, are frozen by the administrators. Glint is a company that mainly ...
1
vote
1answer
196 views

Repatriate money from NRE account to my UK account

I have an NRE account in India and a UK bank account here as I am a British Citizen and OCI. As Interest rates in Indian banks are far better than in UK, I plan to have Fixed Deposit in NRE account ...
2
votes
1answer
87 views

Spain: Inheritance taxes due for UK citizen living and working in Spain

Consider a UK citizen who is resident (namely living, and paying income taxes, but not of permanent residence or of Spanish citizenship) in Spain and becomes an heir/beneficiary of a UK death estate. ...
0
votes
2answers
139 views

What are the steps for opening an investment account and starting investing in the UK?

I want to start investing some money I have saved. I have investigated about this but I'm still not secure about what to do. I have called to my bank to ask questions but they didn't help too much ...
35
votes
7answers
12k views

Best way to get my money back from a friend having family problems

Back in 2018, in June, a friend working in the UK (let’s call him Dave), asked me to lend him money because he has “family problems” mentioning he will return them by August, 2018. Things did not go ...
2
votes
0answers
165 views

Landlord/Property managers broke contract (I think) but I never did anything about it due to hassle involved, what are my options now?

So, about a year ago some people came in and changed the Electric and Gas meters to Pay as you go meters because the landlord hadn't paid the bills. Since my contract was an all-inclusive contract ...
1
vote
1answer
176 views

UK - first house as a investment, mortgage

I am about to buy first house in UK, mainly for investment purposes (UK) Property price: up to 280k £ Spare cash: 60k (deposit, fees, renovation costs) (renovation costs will be much lowers, because ...
25
votes
8answers
7k views

What's a good strategy for offering low on a house?

We are in the UK and interested in purchasing a house, but the highest offer we could make is substantially below the asking price by around 5%. However, we have some advantages over other ...
1
vote
1answer
58 views

Self assessment: Entering in sideways loss relief from previous year

Any one au-fait with Self Assessment? I am not sure where/how to fill in the online self assessment form to do this: Claim previous year's losses in one business to claim relief on this years ...
5
votes
2answers
224 views

State pension from UK when a moving back to Spain after working only 10y in UK

I am a Spanish citizen who has been living in UK for the past 7 years. During this period I have always worked here and I haven't received any income from Spain. I have also regularly contributed to ...
27
votes
6answers
6k views

What is the business model of discounted gift cards?

Context: I have an account on a third-party website that sells discounted (first hand) gift cards — because my employer is part of the scheme. For example, you pay ¤95 for a ¤100 gift-card, in the ...
0
votes
3answers
192 views

Do I need a brokerage account to invest in ETFs?

I want to start investing in ETFs, but this is my first time doing this and I don't know what do I need to do for buying stocks. I want to buy some ETF that tracks an index such as S&P or FTSE100,...
2
votes
1answer
274 views

Can I use work on business ideas to reduce my tax burden?

I run a software consultancy which turns over approximately £250k per year. My work mainly involves by-the-hour consultancy or some fixed-price projects but no stock and very few expenses. In ...
24
votes
6answers
7k views

What are the advantages to banks being located in the City of London (the Square Mile)?

This question is about the City of London, i.e., the Square Mile, not greater London. There are an awful lot of international banks located in the City of London. What advantages are there to having ...
1
vote
3answers
220 views

When to schedule direct debits to maximise interest

Assuming my debit (current) account pays me interest on the funds that are in the account, my intuition is telling me that it makes sense to schedule direct debits for the day before I'm paid. This ...
4
votes
3answers
211 views

UK - What are the safest options to keep more than the FSCS limit in a bank/investment company?

The Financial Services Compensation Scheme (FSCS) can compensate you if you have money in a bank/investment/pension/insurance/etc firm that has failed and is part of the scheme. For example, as of ...

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