Questions tagged [united-kingdom]

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

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2
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3answers
190 views

Should I transfer funds for the cash-purchase of a 1-bed Flat before the contracts are exchanged?

My solicitor is recommending to speed things along by transferring the funds for a flat I am buying (leasehold, cash-buyer) to the account of the law firm. We are waiting on final costs from the ...
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3answers
167 views

How does the pension contribution work in the UK?

I do not understand the basics and every source online is just entering into a whole load of details without clarifying what is going on with my money. The contract states that the company will match ...
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1answer
102 views

Can I transfer my HL LISA to a HL Stocks and Shares ISA without affecting my ISA allowance?

I have a Hargreaves Lansdown LISA and am concerned that the £450k limit may be too restrictive in the future as I am not planning to buy any time soon (and I am living in London). Since the ...
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0answers
17 views

UK investment: Can a 1 year Convertible Note or Advanced Share Agreement (ASA) work for EIS tax relief?

HMRC have limited EIS on Advanced Share Agreements (ASA) to 6 months. That is, the conversion to shares must be limited to within 6 months for an ASA to get EIS relief. That's a big restriction on UK ...
4
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1answer
143 views

What counts toward the tax free limit for pension contributions in the UK

I understand I can contribute up to 40k (or 100% of salary) in one financial year, and I will receive tax relief on these payments. I was working on this assumption: employer pension contributions + ...
1
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1answer
94 views

Gifting money to non-relative (Germany to UK)

I am considering helping out someone I know with living expenses in the UK (so it would be gifting money from Germany to UK). This person is not a part of my family. One thing I have to consider is, &...
2
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0answers
28 views

Transferring tax-free trust fund proceeds from UK to Japan

I should be coming into a reasonably large sum of money from a trust fund in my and other family members' names being dissolved (or whatever the correct technical term is) such that if I was domiciled ...
0
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1answer
217 views

A resident of USA working remotely for UK company tax

If I am a double national (UK and US). I am a resident of US and work remotely from US to a company locate in UK. The company pay for my income taxes in UK. Should I pay taxes again in US or can I get ...
1
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1answer
83 views

Is it worth opening an ISA at the moment? [closed]

I'm looking to open a long term savings account, something to regularly put money into but not withdraw. I can't find an ISA or regular savings account which pays more than 1.5% and investment ...
2
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1answer
77 views

I have repeatedly asked for no-claims certificate from previous insurer, but have not received, what can I do?

I have been insured with the same car insurance company for three years and this year I decided to find a cheaper insurer, which I did. I am now one month into my policy with the new insurance company ...
6
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2answers
1k views

Is it worth getting a mortgage with early repayment or an offset mortgage?

I'm a contractor in the UK (working short term jobs that end from 6 months to a year althought my current contract has been for 3 years). I'd like to be able to take out a mortgage with a monthly ...
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0answers
58 views

Has anyone done the process of starting an LTD to trade stocks in the UK? What is required?

I have stocks into a personal account. As you can imagine, if I want to sell and buy during ups and downs, I'll have to account for tax every time I make a profit, even though this is fully reinvested ...
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3answers
269 views

Buying an apartment in cash and remortgaging later (asking price very low due to construction works)

We are currently renting an apartment in London. Our landlord wants to sell the apartment. According to the real estate agent due to some heavy construction works on the external part of the building, ...
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0answers
46 views

I live in the UK and want to buy some shares on the unlisted New Zealand Stock Exchange

I live in the UK and want to buy some shares that are Unlisted within the New Zealand stock exchange and I should also like to buy shares on the NZX. which is the best way to do this from the UK? ...
2
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1answer
125 views

Haven't charged clients VAT for a year (stupid I know), but approaching VAT threshold

When I set up my business at the start of this year, I did so with haste (and now regret), and screwed a few things up from the start. One of these is the fact that I don't currently charge my clients ...
3
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4answers
561 views

Is investing this lump sum in one of these two funds for the next 5 years a wise decision?

I'm going to be retiring from my career soon, and as well as receiving my pension, I have also qualified for a lump sum of just over £200,000, which I will receive around January 2021. I won't ...
0
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2answers
53 views

UK tax on an amber painting coming from abroad

Unsure if this is in the right section of Stack Exchange but, I have a family member coming to the UK (from outside of the EU) in the near immediate future. They will be bringing a painting with them ...
3
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1answer
42 views

How should I categorise/record an "account adjustment" on my current account?

Santander failed to notify me of an interest rate decrease on my student current account from 3% AER to 1% AER, which I noticed a few months after the change. I submitted a complaint to them over the ...
2
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4answers
3k views

Sending money to friends via Amex with PayPal UK

With the Platinum Cashback Everyday Credit Card, there is a 5% cashback reward for the first 3 months, up to £100. As such, I'm trying to maximise my spending during this period to make the most of ...
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0answers
16 views

UK Self-Employed Income Support Scheme (SEISS) eligibility

Will the fact that I have not been in the UK since 26th of June affect my eligibility for the third and fourth SEISS grants? My situation: I have been unable to work due to COVID since March. I have ...
4
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1answer
90 views

Away from the UK most of the tax year - can I ask to be considered a non-resident?

I spent less than 75 days in the tax year of 2019-2020 in the UK. For about 3.5 months in that tax year I was renting a flat in London (it's that long because there was a one month notice - ...
2
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0answers
74 views

Can I use my personal savings to pay the limited company of which I am the director?

I'm an IT contractor (UK). I work and invoice through a limited company. When the pandemic began I was on a voluntary break between contracts. Obviously the market went very quiet. I decided to ...
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3answers
488 views

Are there any advantages to PCP car deals beyond a low monthly payment - even though you don't own the car?

Up to now I've bought every car I've owned outright. Due to changes in my family situation I need a bigger car. I'm looking at a used (albeit low mileage) car which is priced at £11,300. I could sell ...
4
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1answer
86 views

Does the FSCS protection limit of £85K mean I have to spread my pension pot across different providers?

Considering the FSCS only pays compensation up to £85k in the event of a SIPP provider going bust, should I be spreading my pensions across different providers even if I predominantly invest in stock ...
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2answers
131 views

UK: Do I have to pay a full year's worth of council tax for a property I will be renting for 6 months?

A bit of background: My fiancé is moving to the UK within the immediate future and I am looking to move out of my parent's home into a rented property for 6 months to live with her, while we search ...
1
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1answer
97 views

Can I "move" work from my sole trader days to my new limited company

I did some freelance software development work for a company last year and having gained some experience, knowing that I'll probably be doing much more of this kind of work, I want to protect my ...
3
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0answers
60 views

Swiss citizen work from abroad for UK company - tax queries

I am a Swiss citizen and have been in the UK for two years. I am now working from home for my company for the forseeable future. I already spent around five months working from home during the first ...
4
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0answers
53 views

Renting out property - individual Vs company

I live in England and have a flat in Scotland that I now want to rent out. I am a higher rates tax payer. What is my best option for maximising the money I keep after tax from this rental property? ...
2
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0answers
150 views

What happens to wages when you go bankrupt? (England)

I am having a difficult time keeping up with my payments during the pandemic after being furloughed since March. I have contacted StepChange and they have advised me that the best course of action for ...
1
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0answers
369 views

Money gift from Indian father to son with British passport

Father in India wants to gift £ 50,000 to son in UK (who has British passport) for buying property. I am getting a letter from a Indian chartered accountant stating the source of the funds and tax ...
0
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1answer
80 views

Capital Gains Tax on Foreign Property

I bought an overseas property 5 years ago at £100,000. I became a UK resident on 1/1/2020. I sold the overseas property on 31/3/2020 for £300,000. The valuation of the said property on 31/12/2019 (a ...
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0answers
52 views

Paying tax on rental property in UK as a Canadian resident

We left the UK in 2013 and have rented our apartment to friends and family ever since. We make almost no money from the rental, it barely covers costs and have had to pay out for repairs since we have ...
1
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1answer
107 views

Lifetime ISA, Cash ISA

I'm planning to get my first home next year and thinking to open a lifetime ISA account. Can someone advise on these things please, still not quite sure: Is there any minimum amount of money to ...
11
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1answer
4k views

Can I deduct my rent from UK taxes when working from home?

Since the Covid-19 lockdown started in March 2020, many in the UK have been forced to work from home. Is it possible to use rent as a tax deduction? What does UK tax law say about this? Is there ...
2
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1answer
69 views

UK tax on foreign capital gains

Are capital gains on foreign stocks taxed in the UK for a UK tax resident? If yes, what are the specific rules and rates at which they are taxed?
3
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1answer
88 views

Self Assessment from Abroad due to Private Limited Company Unpaid Directorship

I left the UK for good years ago, but I still have a private limited company there (that I own 100%) and because of that I have to file self assessment which is just a series of zeros in every input ...
3
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1answer
129 views

Working abroad - should I pay National Insurance contributions?

I am a 39 year old British citizen. For the next year, possibly longer, I will be living and working in Thailand. I have a working visa, will be working for a Thai company and will be paying local ...
4
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1answer
110 views

Claiming UK benefits with a SIPP/ISA

I am ask for a friend, who is expecting hard times soon. My friend is not computer literate, and I know nothing of the UK benefits system. The best information I can find is How do savings and lump ...
73
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3answers
13k views

Does this type of scam exist?

I am not sure if I should be asking this in these forums, but I am going to do it anyway. I am a 16 year old boy who has overheard my mum speaking to some guy on the phone. I heard her talking about ...
1
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2answers
257 views

EU APR calculation, solving for APR

I'm looking for some help with a finance homework. We've been given the FCA calculation for APR: Source: https://www.handbook.fca.org.uk/publication/handbook/graphic/13449.png We've also been given a ...
1
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2answers
129 views

Statistically who gets higher **average** income, an employed engineer or IT startup founder? [closed]

Founding a startup is a great idea, you may become as rich as Jeff Bezos, Elon Musk, Bill Gates or Mark Zuckerberg. Wait... or may not. It of course depends on your skills and perspiration they say. ...
21
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9answers
6k views

What can someone do with a stolen wallet for a few seconds?

I was recently in the gym and left my keys, phone and wallet together on top of my jumper. I took my eyes off of them for maybe 5 seconds, which I now know is too long, whilst I went and got some more ...
0
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1answer
108 views

Japanese job and UK taxes

I am a Japanese national working freelance for a Japanese company and for personal reasons I will move permanently to the UK on November 13th this year. The Japanese company will let me do freelance ...
1
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1answer
72 views

Should flat owner (in multi-story apartment, living beneath another flat) take both Building insurance & contents insurance

This is UK specific question. In case of flat, everyone is aware that there's some building wide structure insurance which management company arranged on behalf of flat owners & the freeholder. ...
4
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0answers
43 views

Would a UK resident who pays tax to a foreign country on dividends (of less than <£2,000) need to file Self Assessment for this reason?

Suppose an American expat taxpayer living in the United Kingdom earns dividends on U.S. stocks that fall below the UK's tax-free dividend allowance of £2,000, and this is the only income they have ...
0
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1answer
327 views

Significance of total voting rights RNS

I own shares in a UK listed company. The company has just issued a RNS (Regulatory News Service) announcement of total voting rights, which appears to state the obvious. For example: As at 30 ...
4
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1answer
119 views

What protection is offered to payment of 1 week holding deposit

I am based out of London, Great Britain. We came to the UK last month and are a bit in-experienced with the UK market. Me and my wife are currently viewing properties around the London area and came a ...
1
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1answer
160 views

Can I create an LLC, offshore, or a Limited company in the the U.K. to invest my personal money in equities? [closed]

So, I have a large portfolio of stock assets, gold etc. and I want to leave these specific assets from some of my brokers and physical gold/silver to one of my grandchildren, 14 (please don't tell me ...
1
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1answer
1k views

UK: TIN (Tax Identification Number) UTR needed or NINO ok?

I'm a UK resident and British citizen, always in PAYE jobs, and who's never even seen a tax return. I'm opening up an account in an EU country, for a pitiful amount of money and it wants a TIN (Tax ...
1
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0answers
32 views

Rollover from workplace pension scheme to SIPP

If I stop working for an employer, can I transfer the funds from the employer's pension scheme to a SIPP without tax consequences? I think I should be able to because the funds in both schemes are pre-...

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