Income & Expenditure A/C

Richard_S · 2 May 2007 at 8:58AM

Life is an expensive business, especially for those of us blessed with children :question:, and when you have to sit down and fill in the dreaded Income & Expenditure Forms it's all too easy to forget some item of expenditure that could well come back to haunt you if you're required to pay an IPA.

I've included a list below that is not meant to be all inclusive or even comprehensive; it's just meant as a memory jog. Some items such as Cigarettes and Lottery won't be allowed but if you do indulge you'll need to budget for them and try to hide it somewhere else.

Provisions for things like Holidays and Christmas are not monthly expenses but unless you budget for them the money won't be there when you need it. The same with Household Maintenance, even if you're in Rented Accommodation you're bound to have some expenditure during the year so it's got to be budgeted for.

Don't worry if your I&E A/C shows a negative balance, your response to this is that you're aware of the situation and trying your hardest to reduce costs where ever you can to balance the budget.

Please suggest anything else that is relevant and I'll include it; "the old memory ain't what it used to be"

Richard

Home
Bank Charges
Bank Interest
Mortgage (1)
Mortgage (2)
Rent
Household Maintenance
Building Insurance
Contents Insurance
Council Tax
Water Rates
Gas
Electricity
Phone
Internet
Mobile Phone
Cleaner
Garden Maintenance
Window Cleaner
Computer & I.T Costs

Insurance
Mortgage Payment Insurance
Mortgage Term Assurance
Level Term Assurance
Private Medical Insurance
Pet Insurance
Travel Insurance
Gas & Plumbing Cover
Other Insurance

Food & Drink
Food & Household Shopping
Cleaning Items
Toileteries
Eating Out
Coffee, Tea / Sandwiches Out
Pet Food
Drinks for Home
Drinks Out
Cigarettes / Tobacco
Meals at Work

Transport & Travel
Breakdown Cover
Rail / Bus / Coach / Taxi
Car Maintenance
Car Insurance
Car Tax
Car MOT
Petrol / Diesel
Other Transport

Family
Driving Lessons
Laundry / Dry Cleaning
Pocket Money
School Meals
School Trips
Other Family Expenses

Recreation
DVD Video Rental
Hobbies
Pet Costs
Fitness / Sports / Gym
Big Days Out
Books / Music / Films / Games
Cinema / Theatre
Family Days Out
TV Licence
Other Recreation

Big One Offs
Christmas
Holiday(s)
Birthdays
New Sofa / White Goods / Electrical Goods
Other Big One Offs

Clothes
New Clothes
New Children's Clothes
Work Clothes
Footwear

Education
Your Courses
School Expenditure
Tuition Fees
Other Education

Sundry
Beauty Treatments
Newspapers / Magazines
Dentistry Costs
Opticians Costs
Haircuts
Lottery
Other

gettingitsorted · 2 May 2007 at 9:34AM

Cor i think my OR would die of shock if i sent that in after the feeble attempts iv sent in previously.:rotfl:

Richard_S · 2 May 2007 at 9:43AM

gettingitsorted wrote: »

Cor i think my OR would die of shock if i sent that in after the feeble attempts iv sent in previously.:rotfl:

Dear Gismo,

Of course he/she would die of shock; that's the cunning plan.

Seriously though, there is a natural human tendency to under-budget, look at the Milennium Dome, Wembley Stadium and the Olympics.

If you put £500 / month in Groceries for a family of four it would probably get reduced. If you put £500 in with a supporting schedule showing how you arrived at that figure then providing it's reasonable you should get it through.

What about petrol for the Lawn Mower? Are you supposed to not feed the kids when the grass needs cutting, or Window Cleaning, if you're scared of heights or don't own a ladder, are you supposed to be peering through a crusty layer of bird sh1te until your IPA finishes.

Just my impartial view of course, :rotfl:

Rich

gettingitsorted · 2 May 2007 at 9:48AM

Well when you put it like that Rich :rotfl:

I see your point

Bakeybadoo · 2 May 2007 at 11:24AM

Great post Rich!

Mike_St_Helens · 2 May 2007 at 11:27AM

Well done Rich - I like this... we sing from the same hym sheet.. as such....

Richard_S · 2 May 2007 at 11:35AM

Mike_St_Helens wrote: »

Well done Rich - I like this... we sing from the same hym sheet.. as such....

Hi Mike,

I'm sure we do, it's just got a slightly different cover

user55 · 2 May 2007 at 11:45AM

Do they allow things like subs for Brownies, and associated uniforms, and other stuff your kids do, swimming, dancing, whatever? Now I've written it down, I'm thinking it's unlikely. Harsh for the kids!

fermi · 2 May 2007 at 11:49AM

user55 wrote: »

Do they allow things like subs for Brownies, and associated uniforms, and other stuff your kids do, swimming, dancing, whatever? Now I've written it down, I'm thinking it's unlikely. Harsh for the kids!

From: http://www.insolvency.gov.uk/freedomofinformation/technical/techmanvol1/Ch25-36/Chapter31/part7/part2/part_2.htm#29

31.7.28 Extra curricular classes/activities for children

Whilst it can be considered reasonable to allow expenditure to be claimed by the bankrupt to fund one extra-curricular activity per dependant child, any claim for additional extra-curricular classes/activities should be funded by the bankrupt from any surplus remaining with them after deduction of the assessed IPA/IPO contribution.

31.7.29 After school clubs

An expenditure claim for after school clubs can be allowed if they are used to provide childcare whilst parents are working. If the use of the club (s) is simply a matter of convenience for the bankrupt and/or his/her spouse/civil partner/partner the bankrupt should be informed that the cost of funding the club (s) must be funded from the amount of surplus income left with him/her after deduction of the assessed IPA/IPO contribution.

allofadither · 2 May 2007 at 11:56AM

user55 wrote: »

Do they allow things like subs for Brownies, and associated uniforms, and other stuff your kids do, swimming, dancing, whatever? Now I've written it down, I'm thinking it's unlikely. Harsh for the kids!

Hi, I included an amount for school trips and the kids hobbies. I've mentioned this on another thread to Blind-as-a-bat too. The SoA mentions 'essential payments', and I consider these to be essential payments. I suppose it's debatable as to whether the OR does too, but we can't all sit at home and do nothing.

If you don't include an allowance for something else (like holidays for example) then I think it's reasonable to include stuff for the kids.

The OR didn't question my figures.

Red1708 · 2 May 2007 at 3:54PM

Hi, not only did I put an amount down for childrens activities I also put down an amount for pocket money and for 'other school excpenses'. My figures havent been questioned but again I suppose it depends on the individual OR

Income & Expenditure A/C

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free