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45 votes

How can I receive money without giving away my identity?

Paypal - it exists everywhere, and transfers to friends are free. If you have a Paypal account and feel uncomfortable with using it, you can make a trash email account somewhere, create a new Paypal ...
Guntram Blohm's user avatar
43 votes
Accepted

Is exceeding the U.K. Personal Savings Allowance - and being taxed - a bad move?

It’s fine, because being taxed as above still leaves me with more than if I hadn’t opened the account (e.g. left the initial £20,000 in an account that didn’t bear interest). This seems pretty clear-...
GS - Apologise to Monica's user avatar
21 votes
Accepted

What happens to pension schemes when they run out of beneficiaries?

As @littleadv said in comments, defined contribution schemes track individual pots of money separately and it becomes part of their estate when they die, so there's no risk of a surplus or deficit. ...
GS - Apologise to Monica's user avatar
20 votes

Is exceeding the U.K. Personal Savings Allowance - and being taxed - a bad move?

The goal cannot be to minimise your taxes, but to maximise what ends up in your pocket. If you wanted to minimise your taxes, you'd give all your money to charity and have nothing left. That's not ...
gnasher729's user avatar
  • 23.2k
13 votes

Parents' house repairs and siblings future inheritance

Is there a way to handle this fairly, so I can get back the value of my "investment" in the property? What's "fair" is whatever you both can agree to. If she wants you to pay for ...
D Stanley's user avatar
  • 136k
12 votes

Is the bank https://silverexchangebank.com scam or real

Tl;dr likely scam. Chances are any "fee" you send them will absolutely not be refunded, and you will never see it again. It looks somewhat suspicious, at a quick look. They have 5,430 "...
cocomac's user avatar
  • 229
11 votes

How can I receive money without giving away my identity?

IMO, the best way is to set up a Wise account and create a virtual dollar receiving account through it. This not only assures privacy since the account is linked to Wise not you, but also efficiently ...
Jack Aidley's user avatar
10 votes

Advice for investing money for a 15-year old

Note that if your child makes more than £100/year in interest from money you give them, then you have to pay tax on it anyway. [A previous version of my answer talked about £100/month because I got ...
GS - Apologise to Monica's user avatar
9 votes
Accepted

I gave items to a Charity Shop to sell, and signed up for Gift Aid on the donated items when sold. Should I put this on my Self-Assessment?

If you fill in a Self Assessment Tax Return then yes you should include that amount in the "one-off donations" total. It will effectively decrease your taxable income if you are a higher ...
Vicky's user avatar
  • 24k
8 votes

Parents' house repairs and siblings future inheritance

The easiest way would be giving a loan to the parents. Just make sure it is fine in such a way that the estate has to pay you back. If I was in place of the parents, I’d add generous interest to be ...
gnasher729's user avatar
  • 23.2k
7 votes

How can I receive money without giving away my identity?

Cryptocurrency is the obvious answer. But if you aren't already set up for that, then you could get them to send cash-equivalent in the mail to somewhere that doesn't reveal your address. Cash-...
DJClayworth's user avatar
  • 33.4k
6 votes
Accepted

Fibre provider - new account holder

It's legal for the company to charge existing customers more. The general practice was actually recently made illegal for parts of the insurance market but that's a very specific case in a more highly ...
GS - Apologise to Monica's user avatar
6 votes
Accepted

In the UK, if I pay tax on both PAYE and Self-Assessment, where will my savings interest be taxed?

The self-assessment process can essentially be viewed as a correction to the PAYE process. When you self-assess, part of what you report is you all your income including your PAYE income, and the tax ...
GS - Apologise to Monica's user avatar
6 votes

Why does our home insurer want to know details of a previous policy with another insurer?

This will depend heavily on the details of your present and past coverage. If your current insurer can demonstrate that the cracks existed before they started coverage they may argue that they are not ...
Charles E. Grant's user avatar
5 votes

The best way to maximise saving for early retirement

I think that you should Maximise your ISA allowance Consider premium bonds for a 'cash like' tax-free place to keep your "emergency money" to spend short-term so you don't sell distressed ...
davidsheldon's user avatar
5 votes
Accepted

Disbursing money for jointly owned asset: tax implications (two individual humans)

This shouldn't be a problem. Technically speaking the person receiving the money would hold the other person's half "on trust" temporarily, but this isn't particularly relevant to anything ...
GS - Apologise to Monica's user avatar
5 votes
Accepted

What date in a tax year to invest in an ISA?

If you Google "lump sum vs. drip feed" you will find lots of analysis of the topic of scheduling investments (for example https://monevator.com/lump-sum-investing-versus-drip-feeding/ ). ...
timday's user avatar
  • 3,992
5 votes

Parents' house repairs and siblings future inheritance

You can treat it the same way as investing in a company and change the inheritance split. Assume the house is presently worth £250,000 (you'll have to agree on a value or get a valuation done). You ...
user71659's user avatar
  • 3,644
5 votes

Currency refund from bank

Ordered currency from bank in February but it didn’t turn up and bank refunded me. It’s now arrived what do I do? Contact the bank. That money isn't yours to keep. They might deduct the money from ...
mhoran_psprep's user avatar
4 votes
Accepted

Can you buy an annuity before age 55 in the UK?

There are probably two issues you are running into here: Lack of demand meaning the products aren't worth offering. Even allowing a lower age on an existing product means more work to figure out ...
GS - Apologise to Monica's user avatar
4 votes

How can I open a student bank account when I am getting rejected for not having enough credit history?

Paying money to a credit reference agency will make no difference to your creditworthiness. It will only allow you to see more details of how your credit rating is calculated. Try another bank. ...
Simon B's user avatar
  • 10.4k
4 votes

Delay Self Assessment Return

The deadline for submitting a UK self-assesment tax return is 31st January - but bear in mind that this is for the previous tax year. So if you need to submit a self-assessment for 2022-23, you have ...
JayFor's user avatar
  • 261
4 votes
Accepted

Why is the price of a 1 year to maturity bond so high?

"Normal", bonds have a initial face value (the value that you get back at maturity) that is fixed, so the price quoted generally stays somewhere around that value. Bonds are also often ...
D Stanley's user avatar
  • 136k
4 votes
Accepted

capital gains liability of holdings "transferred" out of ISA?

Here's chapter and verse: 34.—(1) For the purposes of capital gains tax on the occasion when the title to account investments is transferred from an account manager to an account investor there shall ...
GS - Apologise to Monica's user avatar
4 votes
Accepted

Can DWP withhold money when you receive inheritance?

If T has regular income, or access to a significant lump sum, that will be taken into account for benefits payments. The workaround is probably to set up a trust fund with trustees who can make ...
GS - Apologise to Monica's user avatar
4 votes
Accepted

UK SDLT surcharge when buying additional garden land

I suspect that these points may be related to what you are looking for: The HMRC page aimed at the public Guidance Higher rates of Stamp Duty Land Tax says Property Do not include property (or part ...
Henry's user avatar
  • 156
4 votes

Is it feasible for a small retail UK resident to buy UK inflation-linked GILTs directly from the issuer?

The DMO Approved Group of Investors scheme is administered by Computershare, and an application form for individuals can be downloaded from their website. The form itself asks for standard KYC ...
JayFor's user avatar
  • 261
4 votes

UK - Best way to receive payment in Italy

Use someone like Wise or Revoult that will let you open an account in Euros, so you don't get charges when the customer pays into it. Then either keep it in Euros and spend it when you need Euros, or ...
davidsheldon's user avatar
3 votes

Do I need to charge VAT to other VAT registered businesses?

Absolutely. You are either VAT registered or you are not. If you are not VAT registered then you don't charge anyone VAT. If you are VAT registered, then you charge everyone VAT, without exception. (...
gnasher729's user avatar
  • 23.2k
3 votes

What protection is there against profiteering by health insurance providers when renewing cover in future years (UK)?

To answer your actual question: health insurance providers in the UK are regulated by the Financial Conduct Authority and the Prudential Regulation Authority. If you suspect unfair pricing ...
Vicky's user avatar
  • 24k

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