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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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Investing in US and UK stocks through a foreign partnership

I am a partner in a partnership that I originally set up with a cousin to gain hands-on financial literacy by running a small web store with a physical collection point in the nearest town. Two other ...
Flux's user avatar
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1 vote
1 answer
201 views

What to do when the seller of a property does not honor a memorandum of sale?

I put an offer on a property which got accepted, and the memorandum of sales (MOS) has been created, but the seller still chose to go with another buyer. What is possible in this situation? Does the ...
John Doe's user avatar
1 vote
1 answer
57 views

Trustee on ISA any tax legal implications

My cousin moved to Australia years ago and his fixed term ISA has matured. He has paid tax on the interest in the uk but says he has no uk bank to move the money to as the bank has closed it. He ...
lil's user avatar
  • 11
3 votes
1 answer
112 views

What are the implications of receiving services in lieu of payment when self-employed?

I'm newly self employed so forgive me if this is a silly question. My client has offered to pay for half of a training course I want to go on as the sole payment for my services. The value of that is ...
Kichi's user avatar
  • 31
27 votes
4 answers
7k views

How safe is money in the bank?

I live in the UK and through inheritance I have acquired a large amount of money (over 200K). I will be soon investing this money in property. But while all the conveyancing process is going on it ...
Aditya K's user avatar
  • 379
0 votes
1 answer
66 views

Are shares I issue when forming my company "paid for" or "unpaid"? (UK Ltd Companies)

"There is no obligation to pay for shares unless the company is wound up or goes into liquidation. However, as most shares are issued to raise capital, it is common to pay for them when they are ...
William's user avatar
  • 11
0 votes
1 answer
266 views

To what car value does Glass's Guide refer to wrt insurance?

If ones car is written off in an accident, a statement such as "We have used the Glass's guide for valuation of your vehicle" is expected from the insurance company one is dealing with. ...
User65535's user avatar
  • 484
18 votes
4 answers
6k views

How to Convert UK Income Levels to USA Income Levels

I'm graduating with a PhD soon in the UK and now I'm trying to figure out how much I am worth in the workforce & see higher wages in the USA. I don't know if the numbers are adjusted for things ...
KryptoKing's user avatar
1 vote
1 answer
108 views

How to prove that the building meet fire-safety requirements to the lender if they don't accept EWS1?

My lender (bank) after free valuation of a flat which I'm purchasing requested the following 4 fire safety questions: Has a risk assessment of the materials that make up the external walls of the ...
Adora's user avatar
  • 13
1 vote
1 answer
154 views

UK: Building credit failed until now

I moved to the UK a bit more than a year ago. Until now, I have been using my payment cards and bank accounts I brought from abroad which a) worked fine and b) I did not have a lot of choice as I was ...
TorstenS's user avatar
  • 200
2 votes
2 answers
467 views

Can one cancel ones car insurance after a no fault crash?

Five days ago I purchased a one year third party only car insurance on the internet, which I believe gives me 14 days cooling off period during which cancel it. Today I was involved in a collision in ...
User65535's user avatar
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0 votes
2 answers
165 views

How to calculate effective rate of tax - UK

I'm trying to get a handle on my household finances for the first time in my life. Part of that is producing a nice spreadsheet which I'm going to use to track expenditure, debt burndown etc. and plan ...
ScottishTapWater's user avatar
0 votes
1 answer
102 views

Are software development and consulting services tax-exempted for a newly registered company in Ireland?

TL; DR: I am moving from an "auto-entrepreneur" situation in France to opening a business and I am looking for the best country between the UK and Ireland that could host my business in ...
Revolucion for Monica's user avatar
0 votes
1 answer
91 views

Am I French Tax Resident?

I moved to London from Paris in March 2021 while my wife and son are still in Paris. I was assuming that I am a UK resident for tax purposes till I came across "the definition of 'domicile fiscal'...
FunkyPhyzz's user avatar
1 vote
1 answer
91 views

Complicated CGT conundrum

My husband and I bought a house with two other people 12 years ago. We were going to go into business with them, but shortly after we fell out with one of them making the whole situation very ...
W Morgan's user avatar
2 votes
2 answers
84 views

Can you defer the July self assessment tax payment until January in the UK

Someone told me they don't pay any self assessment income tax in July, they just pay the full annual bill in January. Is this possible in the UK or is the July payment compulsory?
Luke's user avatar
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2 votes
0 answers
33 views

Is there a citation for an apparent change in UK Tax Return calculation process, going into 2021/2

Examining my Tax Returns for the past 4 years, it seems that HMRC have changed one of their rounding policies (from previously being less accurate but in the individual's favour, to being more ...
Brondahl's user avatar
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3 votes
2 answers
621 views

How, *exactly*, do I calculate my UK PAYE personal Tax Allowance ... since it's not quite the published figure?

See here: UK Taxation: Should I be able to calculate my PAYE tax for the year exactly? It turns out that, contrary to common-sense, if someone is a fairly average person in England and thus has the &...
Brondahl's user avatar
  • 2,395
6 votes
1 answer
201 views

How can I find out whether a UK bank closed my accounts unfairly? Are there risks to not finding out?

A UK bank has given me 60 days' notice that it will be closing my accounts. My activity on these accounts has been low (since I use another bank for everyday transactions), so that might be the reason ...
Richard Major's user avatar
0 votes
3 answers
362 views

Does 20/4/10 rule really exist when financing car?

I saw the video the other day and it has "To afford a car one needs to have 20/4/10 rule". Do you need to put 20% down payment for 4 years and the payment shouldn't be more than 10% of your ...
localhost's user avatar
  • 595
4 votes
2 answers
227 views

UK Taxation: Should I be able to calculate my PAYE tax for the year exactly?

Consider a simple employed person in the UK, with nothing particularly unusual or exciting. At the end of a given (financial) year they look at their payslips and they can see (amongst other things): ...
Brondahl's user avatar
  • 2,395
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 ...
J. Penguin's user avatar
1 vote
1 answer
135 views

What difference does the domicile of the funds I'm investing in have regarding taxes in the UK?

I'm looking to invest some money and the investing website I looked at had two funds which looked near identical so I messaged the company asking what the difference was and they responded by saying ...
Blinky's user avatar
  • 11
0 votes
1 answer
162 views

Stamp tax duty on UK stocks: when does it apply?

Some sources on the Internet tell that buying shares on UK stocks is assessed to a stamp tax duty of 0.5% of trade value for UK stocks and 1.0% of trade value for Irish listed stocks. I recently ...
Peggy's user avatar
  • 136
0 votes
2 answers
156 views

How much will the bank lend me?

I want to buy a property and let it out. To do so, I'll need a buy to let mortgage in the UK. Let's say the property has been officially valued at £100,000. The bank says they will lend me 75% of the ...
Leonhard Euler's user avatar
5 votes
0 answers
43 views

Flexibility on opening multiple Cash ISAs in one tax year [duplicate]

I expect this question is UK-specific. I have a UK ISA with provider A. I have not yet credited any money into this ISA in this tax year yet. The interest rate is poor, so I'd like to open a new ISA ...
Andrew Ferrier's user avatar
0 votes
0 answers
45 views

UK pension auto enrollment - when would the assessment deem to remove an employee from a pension scheme?

I am currently working on a payroll IT project. Part of this involves submitting payroll data to a third party API (PayRun.io) that will perform the assessment of the employee as to whether auto-...
Dave B 84's user avatar
  • 101
2 votes
0 answers
52 views

UK inheritance tax for Jersey-born British passport holder living overseas?

I was born in Jersey, where there is no inheritance tax. I have a full British passport which doesn’t have the page about being a crown protectorate because it was issued in Beijing. I have never been ...
Snowman's user avatar
  • 121
4 votes
1 answer
144 views

Best practice on managing multiple pensions

Is it financially better to keep pensions from various employers separate or to merge them with the latest one? If you do merge them, are penalty fees accrued from the previous pension provider? This ...
fortunia88's user avatar
2 votes
0 answers
174 views

British citizen joining US startup as co-founder, tax considerations for stock agreements

I am joining a startup as a co-founder which is incorporated in the US. I am a British citizen (not a US citizen) and will work from the UK, whereas my co-founders will be working from the US. As part ...
AccDa's user avatar
  • 21
1 vote
1 answer
288 views

Why is there an 'unpaid standing order' on my bank statement when I have plenty of cleared funds?

Recently a Standing Order from my account has started appearing on my bank statement as an 'Unpaid Standing Order'. The money goes out of the account, but is then returned. I have sufficient cleared ...
EleventhDoctor's user avatar
0 votes
2 answers
330 views

Calculate interest rate APR (compound and normal) on a daily basis

Let's assume there is an interest rate of 0.61%. So, the interest is 0.61% AER which is then divided by 365 and paid daily. The interest rate is for the year, not per day however interest is paid ...
Datacrawler's user avatar
-3 votes
2 answers
902 views

What should I write above the Endorsement line on the back of a cheque, to prevent the Payee from Assigning or Endorsing it to someone else?

I need to forestall the payee from assigning or endorsing — are these the correct legal terms? — my cheque to someone else. For example, I shall forfend my real estate agent or car salesman from ...
user avatar
4 votes
2 answers
346 views

Buy with mortgage, or buy then mortgage?

I am ready to buy a house. I have sufficient savings to cover the purchase price, i.e. pay cash. However, in order to ensure I have liquidity to cover renovations, I would like to take out a modest ...
avid's user avatar
  • 494
2 votes
2 answers
615 views

How to get the tax back for over 100k part

I am UK based and I had got a good bonus in April 2021 which tipped me over 100k, for example, let's say that's an annual incoming of 125k between April 2021 and April 2022 including the good bonus. ...
RoundPi's user avatar
  • 125
0 votes
1 answer
182 views

Can I still get my 12k personal allowance back if I've lost it because of a bonus (total annual income over 100k)?

I am UK based and I had got a good bonus in April 2021 which tipped me over 100k, for example, let's say that's an annual incoming of 125k between April 2021 and April 2022 including the good bonus. ...
RoundPi's user avatar
  • 125
2 votes
1 answer
138 views

Receiving prize money from USA in the UK

Is there anything I have to consider when receiving prize money from the USA i.e. limits etc. This is a hypothetical question as I have not won any money or received a scam email claiming that I have. ...
Meerfall the dewott's user avatar
0 votes
1 answer
118 views

UK: How much tax would I pay on my income?

I am a director of a limited company in the UK and I am the only employee. If I paid myself a salary of £100k and on top of that I paid myself £100k in dividends (post corporate tax), how much tax ...
piccolo's user avatar
4 votes
1 answer
229 views

Mortgage overpayment advice

I've got a mortgage in the UK with a 5 year fixed rate of 1.69% that expires in Dec 2025 and started in May 2021. I've decided to pay it as soon as possible and I'm trying to figure out what's the ...
Stargazer's user avatar
2 votes
0 answers
46 views

Reclaiming VAT on temporary scientific import from CAN to UK

I've arranged for the airfreight import via fedex of a used tablet computer to the UK from Canada. It's required to run a scientific instrument for ~2.5 months on a field campaign in Antarctica. I am ...
Robbie Mallett's user avatar
0 votes
2 answers
189 views

Do I need to declare any interest on my foreign account?

I live in the US and am a US resident for tax purposes. However I am originally from the UK and I have an account there. This is an account with very little money in it. At most there has been $5000 ...
GeoMonkey's user avatar
  • 113
9 votes
2 answers
455 views

People are giving me money for no good reason - how do I tax it?

I know this is going to sound strange to a lot of people, but I have a website whose entire purpose is to allow random strangers to send money into my PayPal account. They receive absolutely nothing ...
turnip's user avatar
  • 730
0 votes
1 answer
62 views

Tax when employed in UK, living in Austria or Germany

I am employed by a UK-based on profit on a remote contract. If I were to move to Germany or Austria as an EU citizen, and continue working remotely at my UK job, what would be the tax implications. ...
fortunia88's user avatar
1 vote
1 answer
124 views

UK national insurance increase impact on low and higher earners

National Insurance payments are increasing in the UK this April. I am seeing arguments against this that say the increase will have a higher impact on the lower paid. This BBC article shows a new ...
fortunia88's user avatar
2 votes
1 answer
299 views

Lifetime ISAs appear to be well and truly tax free, so why use anything else as a retirement plan?

When you invest in a Lifetime ISA, HMRC will top up your investment by 25%. This negates the 20% tax that most people pay. As Lifetime ISAs are ISAs and are therefore never ever taxed, this makes ...
J. Mini's user avatar
  • 607
-1 votes
1 answer
123 views

Why is indicating one's exact address in an invoice important for tax reason?

I'm purchasing a license for a UK-based system software (EasyChair). It says that indicating my exact address on the invoice is required for tax reason. What's the reason they're tax alluding to?
Franck Dernoncourt's user avatar
2 votes
1 answer
72 views

UK pension (SIPP) of a non-US citizen (and non-US resident) invested in US stocks - is it liable for US estate tax?

The title pretty much sums it up: I am not residing in the US and I'm not a US citizen. I do have a UK pension (SIPP) which is invested in US stocks. The SIPP is held with Interactive Brokers which is ...
Nick's user avatar
  • 217
6 votes
2 answers
2k views

Limited company expenses not allowed

A small UK limited company paid out money, but it is not allowed as expenses, either because receipts were lost, or the payment was made for things that HMRC doesn’t accept as valid expenses. That ...
gnasher729's user avatar
  • 23.3k
-3 votes
2 answers
254 views

If my bank account was hacked via an insecure phone, would I be better off if I had warned the bank about it?

For environmental and financial reasons I have always used second hand or grey market mobile telephones. For work purposes I have general purpose computer kept as secure as possible, purchased new ...
User65535's user avatar
  • 484
3 votes
1 answer
92 views

When is the UK Gift/Inheritance tax levied?

This page sets out the rules for UK "gift tax" (a subset of inheritance tax) UK Gift tax is specifically designed to prevent people circumventing inheritance tax by giving gifts to their ...
DJClayworth's user avatar
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