Questions tagged [united-kingdom]

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

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3answers
456 views

Should I tell my landlord that I am considering not renewing?

My lease is up for renewal in the not so distant future. My landlord recently contacted me to say they want to increase my rent by 2%. Which is not itself much, but the rent was already pretty high. I ...
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1answer
137 views

Questions on Index fund dividends

I wanted to ask a few questions regarding Index funds and its dividends. The questions are the following: If I decided to invest 10k into an Index fund and contribute monthly around 100-200 and ...
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1answer
2k views

Refund to Different Payment Card in UK

I'm in the UK. I bought something online from Debenhams, and want to return it -- it is within the return period; no problems there. However, I no longer use the card that it was bought on. Is the ...
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0answers
29 views

Tax taking out pension exceptional circumstances (UK)

I used to live overseas where I had a private pension pot. Due to covid19 exceptional circumstamnces, the country has allowed to take out 25% which I've just received in my UK bank account. How this ...
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2answers
197 views

For a risk-averse investor, is it ever justifiable to invest in real estate over an index fund?

Let's say I have a chunk of cash sufficient to cover a 50% down payment on an average house (£600k). Or, buy an inexpensive house outright. Let's also say I must use the money for real estate—I cannot ...
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0answers
65 views

Starting a side business whilst full time employed

I'm currently employed full-time in a regular job, and pay income tax at the higher rate. I'm looking at setting up a very small side business which may make around £500-£1000 at the moment. I'm ...
4
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1answer
191 views

Do US delivery companies pay out insurance if the declared value of a package is $0?

I'm in the UK and about 6 months ago I sent some sports cards to a friend of mine in the US to get professionally graded through PSA✝. This took a while due to the pandemic, but PSA has now returned ...
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0answers
91 views

UK Student Loan Plan 1 overseas repayment

I moved to the states sometime ago and made a mistake in ignoring the fact I had a few thousand left on my UK student loan, I thought I could just log on and pay off the balance in full as soon as I ...
3
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1answer
79 views

Report interest to HMRC - less than personal savings allowance

[UK] Do I need to report to HMRC if I earn less than £1,000 (personal savings allowance (PSA) basic rate taxpayer) in interest? I also have CGT of less than £12,000.
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2answers
63 views

When a company buys property, can it reduce tax to the point of achieving a net gain?

"‘Our main priority is to highlight the large number of empty buildings in London and to try to ensure they don’t go to waste when there are so many homeless people,’ Jed Miller, one of the anarchists ...
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1answer
142 views

If you want to buy a house but you also think value will drop… is there something you can do to alleviate the risk?

Disclaimer: yours won't be fiscal advice. People involved will consult a professional before doing anything. This is just to gather some preliminary information. Situation: you want to buy a house ...
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0answers
87 views

Tax implications surrounding self-employment/startup of US citizen in UK

For a US citizen residing in the UK, what are the major considerations and pitfalls to consider before starting a business (online)? Does it matter whether the business would cater almost exclusively ...
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1answer
509 views

Crypto-cashback debit card tax (UK)

I have a pre-paid VISA card with a 2% cashback paid in cryptocurrency in every purchase. I was wondering how this is taxed?
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1answer
113 views

I have two citizenships, a different coutry of residence and I'm studying abroad. Where do I pay taxes?

Background I have dual citizenship, Italian and Belgian My permanent residence is in (mainland) Spain I'm studying at a university in the UK (specifically, Scotland) Question I recently started to ...
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2answers
89 views

If I donate something to charity can I claim tax back based the price in £ I originally paid for it?

Or can I only get back what the charity can sell it for? What if they use it rather than sell it ie donating old furniture to a shelter or an old TV assuming I still have the receipt or even bigger ...
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1answer
58 views

Supposing the same amount, has a contractor the same cost (6K + VAT) of a employee (6K) for a company?

If you are a employee, supposing a gross salary of 6000 gbp for 12 months, excluding taxes and NI, you could earn monthly about 4200 gbp (according with a tax calculator https://www.moneysavingexpert....
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0answers
42 views

What fees do CREST Depository Interest (CDI) shareholders have to pay on a regular basis?

In the US, depository banks for ADRs usually charge depository fees to the owners of ADR shares. To collect the fees, the depository bank could reduce the dividend paid to ADR owners. The fees are ...
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1answer
75 views

US companies' shares traded on London Stock Exchange

I noticed that there are a number of US companies whose shares are traded on London Stock Exchange. Let's take Netflix as an example. In the US, it is traded as NASDAQ:NFLX but in the UK it has ...
2
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0answers
30 views

Business banking insurance above FSCS £85,000 [closed]

In the UK, the Financial Services Compensation Scheme (FSCS) provides insurance for bank deposits up to £85,000. Is there an insurance (or financial product) that provides coverage above this ...
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0answers
22 views

Can share losses from previous tax year offset property capital gain in current tax year

I made a loss in stock market in previous years with the total amount of £40,000. This was declared in my self-assessment. This year, I made capital gain from selling a BTL property and profited £45,...
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2answers
172 views

Should I opt out of NEST pension scheme as a young worker?

I am working in the UK. It's my first permanent job and I've discovered on my last payslip a line named NEST Pension Scheme. I googled a bit and I have discovered what it is but first, as it seems to ...
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2answers
34 views

What kind of agreement needed to work as a contractor for UK company from India

If I want to work for UK company as a contractor from India (Remotely Software developer) then Do I need to Make any legal agreement in India or UK?
2
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1answer
57 views

Is there any tax liability for non-residents who withdraw investment income into a UK bank account?

Let's say Bob is a resident and tax domiciled somewhere outside the UK, e.g. Singapore. Bob opened a stock brokerage account with a European broker, and the account is funded through a UK-based ...
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1answer
111 views

How to mitigate price fluctuations between placing a mutual fund sell order and it actually being executed?

Just like many others, my wife and I make use of a DIY investment platform; a company who gives us the ability to buy different types of products (funds, ETFS, stocks, etc.) through a single entity. ...
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0answers
36 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 ...
2
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1answer
137 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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0answers
666 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
44 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 ...
2
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0answers
52 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
454 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, ...
4
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0answers
73 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 ...
12
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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
781 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
247 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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1answer
57 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
39 views

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 ...
1
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1answer
68 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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2answers
75 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
510 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 ...
2
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0answers
185 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 ...
4
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1answer
638 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 ...
1
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1answer
315 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. ...
2
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1answer
34 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 ...
2
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2answers
54 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
136 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 ...
1
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1answer
38 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
3k 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 ...
2
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0answers
45 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
46 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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