Questions tagged [united-kingdom]

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

205 questions with no upvoted or accepted answers
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UK - Do I need to file final accounts when striking off an empty <12 months old company?

I would like to strike off an empty UK ltd company which is <12 month old and has never done any business and has no employees. My accountant has advised me I don't need to file final accounts ...
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1answer
175 views

As an US citizen living in the US, if I buy/sell stocks on the London Stock Exchange do I pay taxes to the US and the UK?

I am a U.S. citizen, living in the United States. I am interested in buying shares of a company that is traded on the London Stock Exchange, but not in the US (including as an ADR). I've tried ...
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26 views

Do I pay vat on digital goods from EU in the UK?

As a B2C purchase I am wondering if I should be charged for VAT. The company is from Spain I am from the UK I have found it hard to pinpoint an answer for this online.
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68 views

Stamp duty first time buyer renting after 6 months

I'm looking to buy my first house, but I'm only planning on living in it for 6 months or so before going cycle touring next summer (covide dependant..!). I'd like to rent it out for 6-12 months after ...
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24 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 ...
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52 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 ...
2
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0answers
68 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 ...
2
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0answers
145 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 ...
2
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122 views

UK - What difference would having a “paying guest” lodging in your house make to your home insurance?

I am currently in the process of buying my first house, and had thought about potentially letting out the spare room to a lodger some time in the future. Having just paid for a home insurance policy, ...
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0answers
113 views

What are the tax implications of an American buying shares in a UK company?

I'm interested in investing in a UK based company that does not have shares on an American exchange. I had asked a question about if that was possible over here and since the answer was yes, I started ...
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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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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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190 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 ...
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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 ...
2
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1answer
110 views

Understanding UK split years and double taxation agreements

From Residence, Domicile and Remittance Basis Manual 12010: If during a year the individual starts to live or work abroad, or comes from abroad to live or work in the UK, the tax year will be split ...
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58 views

Property conundrum - UK vs Australia

I'm an Australian living in the UK and have been here for 5 years. I've saved up lump sums on both sides of the world. They are both enough to put forward towards a deposit on a property. Currently, ...
2
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1answer
124 views

Does the UK self-employment allowance of £1,000 add up to the Personal Allowance?

I read these pages on gov.uk: https://www.gov.uk/income-tax-rates https://www.gov.uk/working-for-yourself And I understand that there are two types of income allowances: The Personal Allowance, ...
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113 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 ...
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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 ...
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38 views

Transfer UK pension to AU super fund

Is it possible to transfer a UK pension fund over to an Australian Super fund? I am a NZ citizen currently working in the UK. I will most likely move back to Australia in a year or two, where I ...
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0answers
26 views

Applicabilty of COBS to PRIIPs

Under FSMA 2000 and the subsequent amendments, the FCA is empowered in the UK to develop rules and guidance for authorised firms to adhere to. These are generally captured in the FCA Handbook, itself ...
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51 views

UK Capital Gains Tax on Property - Deductible costs

Over 16 years ago my mother gifted me £40k from the sale of her home that I agreed to use towards buying a flat in my name for her to live in. There was a proviso to the gift that I was to give my ...
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29 views

Tax on Canadian investments for a Canadian expat in UK

I have never studied accounting before looking for some guidance on my issue. I have investments in Canada that I have to file tax returns for capital gains and dividend income. However my primary ...
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0answers
56 views

Arrange custody for CREST-qualified London Stock Exchange shares

I own some shares in a non publicly traded investment company / mutual fund and I am told that the company is going to seek listing in the London Stock Exchange and have its shares become "CREST-...
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39 views

As a UK LTD Company should my allowable expense claims be inclusive of VAT

I'm starting a LTD company in the UK and have a question surrounding the way that allowable expenses are claimed. I understand that this question has probably been asked numerous times but no matter ...
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86 views

Would there be tax due on an inheritance received from a U.S. citizen that lived in the U.K.?

My mother passed away in August. She was a US citizen living in UK for 40+ years. Do my brother and I have to pay tax to bring the cash into the US? No tax had to be paid in UK. Not a big ...
2
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1answer
481 views

Capital Gains Tax allowance sharing for married couples

A husband owns a flat (mortgaged). He is selling it after marrying earlier in the year. Some capital gains tax will be payable as he no longer lives there - the couple moved into a larger place ...
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55 views

How can I see if/what income/current account payment data is gathered by credit referencing agencies?

According to two Telegraph articles: Almost all of Britain's banks now record most current account customers' monthly incoming payments. This is distributed monthly to credit reference agencies [..] ...
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48 views

Will I need to pay tax on my foreign income on my return to the UK if I have spent a total of15 months out of the country? (August 2017-October2018)

I am looking to return to the UK from the UAE October this year. I will have been away from the UK for 15months in total and whilst I have been away I have been counted as a non uk resident as I am ...
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0answers
517 views

Can you keep exercised EMI options after leaving a company?

I'm fairly unknowledgeable regarding financial matters, so any help would be greatly appreciated. I have been granted EMI options with my current employer, half of which have vested. The company is ...
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70 views

What Details Do I Need to Keep for Tax Returns for Arbitrage Trading (UK)?

I've just started doing some arbitrage trading using a couple of online cryptocurrency exchanges, but I'm not sure what details I need to keep for the tax man. Do I need to keep a record of all my ...
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45 views

UK Capital Gains allowance and foreign investment funds

In this tax year I am going to realise some capital gains through the sale of shares in investment funds in Spain (this would be the equivalent to UK's OEIC - the kind of funds that are usually bought ...
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56 views

Could anyone confirm if I correctly understand how plugging a gap in someone's national insurance record works? (mixing Class 2 and Class 3 NICs)

Assume that a person became self-employed part of the way through the 2015-2016 tax year and subsequently paid voluntary Class 2 national insurance for 21 weeks. If they now send the NI office a ...
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83 views

What is the most cost efficient way to invest in overseas stocks as a UK citizen?

I wish to invest in multiple US-based mutual funds and companies. I already have an account with Charles Stanley Direct for my UK-based funds and was disappointed to see that I couldn't use their ...
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0answers
660 views

What taxes do I pay working remotely for a UK based company while living in the US?

I am UK citizen and will be moving to the US in January next year to marry my fiancé, but I'm going to continue working for my UK based company remotely from the States. Will I need to pay income tax ...
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128 views

what is repayment money for renting lets in UK?

I am almost about to sign a year's worth of tenancy agreement for a house in London. There is 4 weeks rent worth of Deposit and 8 weeks rent worth of Repayment to be paid in the beginning of the ...
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0answers
104 views

Trusts, Inheritance Tax in UK

My background: I am a British citizen, currently living in mainland Europe i.e. Austria. Off-late, I married an Austrian Citizen. We purchased a property together in Austria. There is no Prenup ...
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0answers
775 views

What is the tax treatment for dividends paid on open CFD positions?

If an investor has an open CFD position when the underlying stock goes ex-div, there will be a payment made to the margin account in lieu of dividend. This is to ensure the investor does not actually ...
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0answers
53 views

Tax return if worked partially in the UK and partially in Germany

I have worked from Jan to July 2015 in the UK and from Oct. to Dec. 2015 in Germany. I'm not sure if it makes sense for me to submit a tax return claim. (The tax year in the UK runs from April to ...
2
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0answers
229 views

Extra salary against London costs?

Until now I have always worked near my home in the South of England, currently for a salary somewhere between 35 and £40k. There is the possibility of a move to London, for which the initial ...
2
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0answers
115 views

Where do I have to pay taxes?

I'm a Canadian citizen doing a rotational program with an international company based in UK. I'm paid by the American holdings office, and I was living and working in California between September '14 ...
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0answers
384 views

Registering as sole trader in UK although most of my work is conducted abroad/online

I would like some advice. I am a British national (not resident at present). I offer a range of language related services (translation, interpreting services, teaching, travel agent for language ...
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0answers
1k views

Can the legal owner of a vehicle cancel a change of keeper request?

I am the legal owner of a car. I don't posses a Full UK Licence (I have a Provisional) so whilst I was waiting for my test I transferred the car to a friend (V5) which made him the registered keeper. ...
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0answers
78 views

Is there any possibility of doing an equity release deal on a property you don't (currently) own?

There are various equity release schemes to let you release some of the tied-up value in a property you own, see eg. http://www.equityreleasecouncil.com/faqs/ Is it ever possible to jointly purchase ...
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0answers
241 views

A second income as a couple

I work a regular 9-5 job earning a decent wage. My wife works one or 2 days during the week and gets a varying, low wage. I've started selling items in my spare time and it's gotten to the point ...
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0answers
92 views

(UK) If i inform the Jobcentre that I am paying someone's rent, will it harm their benefits claim?

I am paying the rent for a homeless friend, and my/his rental costs are all over the shop due to poor/misunderstood information. I have given him my mobile number to pass on to the landlord so that ...
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0answers
65 views

What regulations are in place to protect consumer's investments in UK?

I know about FSCS (Financial Services Compensation Scheme), which will cover you in case your broker defaults, but it will only cover up to 50K GBP for investments; not particularly much. What ...
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56 views

If I am employed by a UK company and change country of residence regularly, will I have to pay income tax anywhere?

I am a salaried employee in a UK company and currently have income tax automatically deducted from my monthly pay in the normal PAYE way. I am considering, covid-19 permitting, of going "digital ...
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0answers
29 views

Tax-free (or low tax) investments for US citizen residing in the UK?

I am a US citizen residing in the UK (long-term, possibly including in retirement). My spouse is also a US citizen, and my children have dual citizenships. Are there any investments available to us ...
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48 views

Help on calculating national insurance obligations as a director of a UK based limited company

For the Jan 2020 to Jan 2021 I was working and being paid in the US. All tax etc. was paid in the US. I came back to the UK and started a business - a limited company where I am director and only ...