Moneystepper Q&A Podcast: Recent Episodes
Moneystepper
The Moneystepper Q&A Podcast answers your personal finance questions - three times a week. Just let me know your questions via at moneystepper.com/qanda, via email at moneystepper@gmail.com or any other way you like.Moneystepper Ltd is not a regulated financial advisor and the podcast is for entertainment purposes only. No suggestions on the podcast should be considered as formal financial advice and you should consult a regulated indepedent financial advisor, accountant or tax professional for your specific personal advice.
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Tina asks: "I'm 24 y/o and saving for a house. If I don’t stop contributing to my pension, next tax year I'll be paying 5%, and my employer will match that with 3%. Should I stop my pension contributions and only save for a house?"
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Ian asks: "I have zero knowledge about investing, but I'm interested in oil stocks. Any idea where to start, and any specific company to invest in?"
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Heather asks: "I currently pay my Dad £120 towards the household expenses, as does my brother. My partner is due to move in, should he also pay my Dad?"
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Danielle asks: "The close price of shares on Google Finance is different to that on the Stock Exchange website. Is the data on Google Finance correct?"
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Tamzin asks: "I've been left some money by my late Grandfather and I'm trying to work out whether I should pay down my student loan. What do you think?"
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Frances asks: "I bought in 2001 for £137k as my only residence and its now valued at £400k, implying the CGT will be astronomical. How much CGT will I pay?"
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Jim asks: "I've got into the habit of paying for things with my credit cards, and need some advice on paying down the debt that I've built up."
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Harry asks: "I have had a Santander 123 credit card for about a year. How negatively it will affect my credit score by cancelling?"
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Sandy asks: "How should I inform if I'm getting a lodger. Will my insurance premium go up? Could my mortgage provider forbid me?"
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Siv asks: "I plan to invest monthly £1000 in an S&P 500 ETF. Should I use S&S ISA or SIPP? Which platform or broker should I invest in?"
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Lynda asks: "I wonder if you could advise me if there would be any tax to pay if we sold a buy to let property and invested money into another property as a buy to let."
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Sarah asks: "I have 3 properties that are rented out, and am selling 2 so I can buy a property for myself to live in. I have lived in all of them as my own home at some point before letting them out, can I use the PPR and letting relief on all of them?"
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Barry asks: "I need some help understanding what my credit card portal information is saying. I don't understand the breakdown on the portal they give."
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Adrian asks: "I have a capital one credit card, which I got over year ago now, purely to just get a bit of credit history that I lacked. As I'm looking to get a mortgage in a year or so time what is best for my credit rating for this card? "
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Gisele asks: "I read with great interest your article on Capital gains tax and I hope you can give me a clearer idea of my tax liability on a sale of land that is about to go through, and how to invest the proceeds".
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James asks: "I want to start investing but I am struggling with my next steps. I have £1000 saved already which will act as my emergency fund and I am saving £300 a month into a savings account."
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Tony asks: "I want to start investing in a stock & shares ISA but only investing £25 per month and would like to put it into a ETF that is fairly diverse. How should I go about doing that?"
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Emily asks: "We bought a London property in 2007. We lived in it for 2 years then on and off for a further 2 years.We rented this out from 2010 to the present day. Is there anyway we can avoid paying further capital gains tax?"
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Shelina asks: "I've got myself caught up in a PCP nightmare. Please can you advise me on what to do as I'm really stuck and it's really stressing me out."
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Charlie asks: "Hello I'm currently 16 and wish to retire by age 40 with a pot between 1-2 Million pound. Apart from maxing out my S&S Isa on a low cost index fund and possibly through bonds, how shall I invest?"
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Danielle asks: "I'm planning to move abroad with my partner in just under 2 years, I've just been gifted £5000 and I'm not sure where to put it. I was thinking S&S ISAs but since I'll need to access it in short time I'm not sure where should I put it."
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Steve asks: "I have a property which the mortgage is in my name and is my sole residence. I have no other properties. I'm intending to exchange some of the property to my partner and they'll take on some of the mortgage. Are either of us liable for CGT?"
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Grant asks: "My question is how can I calculate all these benefits including the applicable tax and national insurance to ultimately work out my requirements from a freelance salary to match the financial position as an employee?"
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Grant asks: "I'm looking to buy a house and rent out the house I currently own and live in. When I rent the property and fill in my first self-assessment form, what costs and expenses can I offset against profits and how far back can I go?"
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Tony asks: "Where do I start to invest in stocks and shares ISA? Where do I go? How do I go about it? Etc. Aim of the ISA is for long-term savings for my pension. I believe it more tax efficient to save in ISA at the moment other than a pension."
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Tony asks: I've been thinking for a while that I should get a raise. I have taken on various new roles within my firm and more responsibilities but however not received a raise for them. What/how would be the best way for me to ask my bosses for a raise?"
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Alistair asks: "I wish to move from my £210k house to a £305k property. Problem is I own a business and have always lived on the smallest amount I can (around £18k a year). What would you recommend I do to get a mortgage?"
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Helen asks: "M&S have told me that someone had used my card without my knowledge. I rang up the fraud team and they told me someone made a £300 purchase which I didn't recognise. M&S said they'll cancel the card and send out a new one. What should I do?"
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Ian asks: "I’m 25 and I've recently started working with a new employer. I've been given certain options in terms of salary sacrifice. Which would you recommend that I go for?"
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Rachel asks: "I know that new stamp duty of +3% comes is in effect in April 2016. I'm looking at buying a £110k flat to let out next year. If I bought it as a company could I avoid the stamp duty? What other concerns or benefits does this bring?"
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Angela asks: "Assuming I had the total amount ready to invest, what are your thoughts on the best strategy for it? Do I invest the full amount at once at the beginning of the tax year or invest in 12 equal amounts throughout the year?"
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Petula asks: "I bought a flat in 1999 for £46,000 and have rented it out since then. I am considering selling it for around £150,000. Should I live in it for a year so that I'm eligible for PPR relief?"
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Maria asks: "I'm a tenant in a flat that has just been sold. My lease is until Feb at £x but new owner wants to enforce new rent at £x+70 effective next month (Jan). Is this legit?"
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Hans asks: “Do you have any tips on the easiest and cheapest way to get your house valued?”
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David asks: "I'm concerned about an elderly and perhaps slightly naive relative, Violet. Can you advise as to the risks of this, or about any potential protective measures or what might potentially be "really" going on?"
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Sally asks: “It goes without saying. Estate agents are * *. Can I deal directly with the seller to buy the house and not deal with the * estate agents?”
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Ben asks: "I’ve started filling in the Moneystepper Savings Challenge Tracking template. Why do I need to measure my net worth? If I’m always investing as wisely as I can, and always putting as much as I can away each month, won’t it look after itself?"
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Marilyn asks: "I’m about to set my goals for 2016 and was wondering what you though was the best way to set goals that I would actually achieve? I’ve heard about “SMART” goals but is this the best way to define my financial goals?”
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Today’s question comes from no-one. They haven’t asked:“Should I worry about money on Christmas Day?” :)Merry Christmas Everyone!!
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Aisha asks: "My iPhone 6 plus is water damaged after I was caught in heavy rain. I've asked three about cancelling my contract (£56 per month) and they want a whopping £600 to cancel early as I have a year left. What would the next best steps be?"
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Jenny asks: "I'm almost 23, and I'm in a position to buy a house next May. My question is, do you think next May will be a good time to buy a house? Or should I wait until later in 2016 or even May 2017 to purchase?"
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Ed asks: "I live abroad, earning and paying tax there. We pay no tax on our income in the UK, and we don't submit a tax return. Should we be paying tax on the earnings for our property in the UK?"
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John asks: "A family member is due to sell some land for in excess of £1m. What tax would be payable on this as it has no residential property on it?"
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Brian asks: "My girlfriend and I are in the process of buying a house with a close friend of mine, with the aim of selling it on in 3-5 years. What is the best way to split the equity/proceeds from the sale?"
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Frankie asks: "I was wondering what your thoughts were on the new help to buy ISA. Is a time limit to use the grant?What happens if I don't put in £250 every month? What do I need to be careful of when considering this?"
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Kryptonite On Twitter asks: “Which is better for property investors... Interest only mortgages or repayment mortgages?”
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Adam asks: "My dad owns a ground floor flat and he is gifting it to me. He bought the property for £150k, it's now worth £160k but needs about £10K spent on it to make it properly habitable. What would be the CGT situation here?"
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Michael asks: "I'm a journalist who is registered with a company on a PAYE tax code, but I do some occasional work outside of it. Do I need to register for assessment on the HMRC site? And when it says receipts, what does it mean?"
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Mark asks: "I picked up a lovely car a couple of years back at a reasonable monthly rate. Everything was fine until I decided to change my job and it has become apparent that it's just too much of a drain on the family finances."
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Zac asks: "My brother is currently living in a property worth £80k he's renting the property for £425 per month from our cousin. Would it be better for me to have a buy to let mortgage and he pays me direct like im the landlord?"
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Jessica asks: "Hello, I would like some advice on how good/bad my credit score is for my situation and if there is anything I should do to increase it. I did a credit score check today and I am 2/5 - 561 credit score. Any information would be helpful."
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Steve asks: "I’m 25 and my employer matches my payments up to 5%. The Pension policy is "Aviva Pensions Mixed Investment (40-85% Shares) S2". Any tips on how I should be managing this better? Any good resources you would recommend?"
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Matt asks: "I’m struggling with our DB schemes and how to include those in the net worth calculation. I also have a DC pot from a previous employer where the statement is issued annually. How should I account for the monthly value of this?"
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Tony asks: "How do I invest in a stocks and shares ISA and a cash ISA in the same year without breaching the ISA rules? I haven't opened any this year as I'm waiting for the Help to buy ISA."
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Bert asks: "My late mother’s house was left to me and my sister in my mothers will. Probate has been granted. To reduce CGT, do I need to register this property in my and my sisters’ names before I sell it or can it be done by another method."
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Muhammad on twitter asks: “What is the best short term investment?”
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Chris asks: "Maybe a stupid question, but I was wondering if I should include my student loans as part of your net worth calculation or not?"
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Tony asks: "I need advice on the best way to buy a new car. I just can’t figure out what the best way to buy would be - Lease, Hire Purchase or PCP? What would you do in my position?"
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Amy asks: "I'm a graduate who has been working for one year. I've secured a transfer outside of London but I keep my London wage. I will be moving to Birmingham where housing is much more affordable. Should I buy a house a rent a room to a friend?"
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Johnny asks: "A staff member requested a loan of £500. The loan payment to this staff member was made, however it was accidentally made for £5,000 instead of £500. Is there any piece of legislation that allows me to issue a statutory demand for a refund?"
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Jenny asks: "I hold £10k of Vanguard FTSE 100 ETF shares (VUKE) and I am buying about £100/month worth and reinvesting the dividends. Am I overexposed to the UK markets? Do I need to diversify my investments?"
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Kerry asks: "I'm thinking about putting my purchases on a 0% credit card and then put the money into a current account earning 3%. Do you think this is a good idea? What are the risks? What are the best 0% credit cards available?"
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Alison asks: “I currently have a Santander debt in a joint name since a recent break up . However, I've not had anything to do with the account for years and, and I cannot communicate to my other half. Any advice?”
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On Monday, we had a question from Moneystepper Savings Challenge participant Cath about investing more in S&S ISAs. I think that the common guidance on saving for short term goals isn’t the best and hence I wanted to explore further in a Q&A episode.
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Cath asks: "Most of my long term investments are in good pensions and in property (my home and a flat that is rented out). I would like to do more investing in funds and make sure I use more of my allowance. What would you suggest?"
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Jane asks: “I have £2000 overdraft and £1500 in credit card debt. I want to consolidate them together to get extra money to help me stay out of overdrafts but don't know the cheapest way? Credit card ? A big single overdraft? A loan?”
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James asks: "Can I invest into a Stock&Shares ISA and still use a Help-to-Buy ISA in 1 December 2015 when it comes out? And is there a maximum income for people who want to use the Help-to-Buy ISA?"
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Tom asks: "I’m 22 and am looking at buying a flat within my local area for £200k. I have £20k saved and I'm on a £30k salary. Mortgage calculators show me my max loan is £130k. What are some other solutions, other than Help to buy & share ownership?"
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Abby asks: "I'm 24 and live in a 2 bed flat in South London. I'm starting to wonder if it’s worth taking advantage of the Right To Buy scheme, but it sounds too good to be true. There's got to be something I'm missing?"
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Eric asks: “On Monday I will be starting my new job. I'm worried that I have overlooked something with my taxes. Do I need to tell HMRC about my new job? And do I need to inform my bank about it? Thanks for you advice.”
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Anna asks: “Today I checked my payslips and noticed a big difference from my previous payslips. My new salary is 52k and September’s payslip shows £4,333.33pm. However, my old salary was 48k and payslip showed £3138.56 instead of £4000. What should I do?"
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John asks: "I'm looking into freelance teaching. My costs will be zero, but I’m trying to work out is if I need to include VAT on my invoices or not. I'm not expecting to earn more than a few thousand at most in the year. Do I need to register for VAT?"
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Joyce asks: “Hi, I am a non-tax payer as I’m below the income tax thresholds. However, I need to sell my buy to let property, which I’ve never lived in. My profit would be approx. £100.000. What would my capital gains bill be please?”
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Martyn asks: “I see on Moneystepper that you recommend using cashback sites like Quidco, but I’m not sure how they work? Do they charge me a fee for my cashback? How do they make money?”
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Monica asks: "I've been trying to convince my younger family members around me to start a regular investment plan into an index fund but it's like trying to talk to a brick wall. What do you think is the thing that people fear most about investments?"
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Alex asks: "I own an apartment that is rented out and almost debt-free, and a house that is still pretty high in debt.My plan is to sell the apartment, and use the money to pay off the major amount of debt on my house. What do you think?"
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Wookovski asks: "I'm changing jobs next month. I currently have a pension with my old company. What happens to it when I change jobs. Does the money get transferred in to the new scheme or does it stay dormant in the old scheme until I retire?"
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LondonIce asks: "In about a month I'm going to recieve about £10,000 from my parents (I'm 17). Quite honestly, I have no clue what to do with it. Should I invest it? Keep it? I have no clue. What should I do?"
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Danny asks: "I currently have £40k in savings and which to buy a house. However, my position at work is a little up in the air and come April next year, I may be moving work and location. Is it worth buying and renting if I move?"
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Steve asks: “Is it possible to live without a credit card? What are the benefits and disadvantages of having one? Does it help with your credit rating?”
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Michael asks: “I’ve started saving in a cash ISA, and I understand that there are certain limits to how much I can earn. Could you please explain the how the limits work?”
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Graham asks: “I’m trying to get some flights booked, but they are so expensive. I need to book a one-way flight and the cheapest flight is pushing £1,000. How can I find this flight cheaper, and what are some other good tips for saving money on flights?”
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Barrie asks: “I've rented out a property for 20 years and it has never been my main residence. I now wish to sell it and purchase another property to rent out. The property I want buy costs more, how do I stand regarding CGT?”
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Cafem asks: “In a few days I will be going to Asia for 5 weeks for an extended holiday. Money is tight at the moment and I'm trying to squeeze as much money for the trip as I can. Can I declare myself moving out and then moving back in once I return?”
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Adam asks: “I’m from the UK and I’m spending the next year working in mainland Europe. I’ll be getting paid into an account in Euros, but I’ll want to transfer money to and from the UK whilst I am there. What is the best way to do this?”
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Bryony asks: "My contract has just expired on my old mobile phone and I want a new smartphone. I’m thinking about getting an Apple iPhone 5s. Should I get this on my upgrade, or are there any cheaper options?"
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David asks: "I'm 19 and my parents are driving me crazy. I only have $2000 in savings, but I need to move out. I also need a car and to pay for my college tuition. Basically, I need a place to live, a car, and my education. How do I do this?"
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Jenny asks: "I want to buy a house, and I've been living at my parents' to save money. I earn £20k. I've managed to save £30k and want to purchase a property worth £90k. With my income/savings, is buying a house within the next year or so doable for me?"
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yesilikeburgers asks: "I've been a student for 2 years in the UK and I’m about to start a job in London in September. I'm looking at renting but I'm unlikely to be approved in terms of references/credit. Will I be able to rent a flat?"
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Kai asks; "We are first time buyers and about to take out a £327k mortgage over 35 years. We've decided to go with a fixed rate, with a £999 mortgage fee, but we have an option of 2, 3 or 5 years. Which one would you choose?"
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Sarah asks: "Do I need to pay income tax on gifts that are made from friends of mine?"
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John asks: "I've recently landed my first graduate job in Cambridge, about 50 minutes by train from London. My girlfriend has just got a job in London, and ideally we'd like to move in together.Can I afford to live in London?"
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Tom asks: "I was thinking about getting a debt consolidation loan. What do you think?"
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Laura asks: "Do I stand any chance of being approved for a mortgage and should I be buying a house?"
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Bettiefrombingo asks: "Should I join my employer's pension scheme?"
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Welcome to The Moneystepper Q&A Podcast - answering your personal finance questions three times a week!
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