Gaileys scary diary

hypno06

Don't worry about paying 2 years tax in one go - it won't happen. Just make sure you tell the inland revenue within 3 months of you starting up, and keep receipts for everything. Even if it is "start up" costs, it still counts.

You will get free business banking for 12 or 18 months with barclays so no worry about bank charges there as long as you stay in credit with them.

gailey_2

Thanks guys for advice, will try making playdough just want to keep daughter entertained as she used to many activities at nursury.
Shes very creative and loves art.

Hypno, thanks for that, my dad said u you needed to pay 2 years but not sure why. I do intend to contact inland revenue next week as have few questions.

I was estimating possibly optimistic profits of business if sucessful and thourght 2 years tax would run into thousands.
Hubbys mate set up his own website design business last year and dident declare it to tax man ende up with 20grand bill this year to pay.
I read in taxis post she has to save for tax man.
Am unsure about tax as probably earned over personal threshold already this year with job I just quit so will prob incur some tax.
My dad been saying record everything as some things are tax deductable .
Can I claim vat back on cost of machine?

Havent had chance to get to barclays yet but will do as bank with them.
The business account will be fine wish my personal was they have charged me silly amounts of fees over last year which im not sure I can get back at present.

mummytofour

Hi!!!
The only thing I can say is as an x cloth mummy, its not an easy job making good nappies of good quality this is going to need practise and experience, nappies are not cheap so standards must be high.

Other than that good luck!

gailey_2

Hi mummtofour, luckily i not making cloth nappies did try for daughter but was rubbish so prefer to buy.
My business is party related but I am signing up to be cloth nappy agent which gains commision on sales as additional income as dident want to put all eggs in one basket.

The cloth nappy kit cost 100 and if i sell 500quid in first month get 100 back+commision but seems a challange.

Im hoping doing the 2 will be ok.

Not sure what to do about child/working tax as not sure if self employed eligable for working tax but child tax dont kn ow my specific income yet.

Running the 2 will be demanding but hoping it pays off.

gailey_2

Right time to update as dident get chance yesterday.

Yesterday new sewing machine arrived! Still need to but materials and get lessons.

Still havent chance to go barclays and set up account will do mon.

Spent yesterday tidying and helping hubby decorate.

Plan today is

book hairdressers for tommorow morning just for cut and blowdry as will save money and get home colour from boots tonight as its my mams wedding tommorow.

Go over sainsburys and buy hubby cheap trousers £12 for mams wedding tommorow as none of his fit or are smart enough.

Pop into lidls and get minimum amount possible still struggling with food budget.

Looks like only 1 no spend day this week so will have to do 3 next week.

need to do more tidying/housework today and list some items on ebay as half price listing day

Still really need to go postoffice, been so slack but must do today.

embarrassed_about_my_debt

Hi,

Well done on making such a good start!

When people refer to paying two years tax at once what they mean is that when your tax payable is over £500 you need to make a payment on account for the following year.

So say you start today 7th August 2008

Your first period will be 7th August to 5th April 2009 (if you keep to the tax year it makes things easier to understand)

That tax return will be due by 31st October 2009 (by paper return) or 31st January 2010 (online return)

Now if in that period your tax is anything upto £499 that is what you will pay until the following year.

If however you go over £500 you would then have to pay half again as a payment on account (if we say tax due is £1,000 for ease of numbers)

So you will need to pay £1,500 by 31st January 2010 (£1,000 for last year then £500 towards the next)

Then by the 31st July 2010 you will need to pay £500 (2nd payment on account for the year). This then means when you get to the following year you pay a balancing amount plus your first payment on account.

So say your tax bill is £1,250 for that year you would then pay £250 (as you have already paid £1,000 in advance) and £625 towards the next year Totaling £875.

It will then carry on like this. So the first year you go over the £500 is the most expensive.

Hope that makes sense (sorry its so long!) and if you have any queries feel free to ask!

gailey_2

Thnak embarresed by debts thts really useful.

Feeling bad as dident list on half price listing day. Spent too money friday at mums wedding as flowers/cards cost 15quid, drinks £20 had hair done cost 35 better than my usual 80 quid but coloured my own hair nite b4 with cheap hairdye from boots so made a saving there.

I overspent on weeklyshop by 18quid so need to pull back next week.
Went to sainsburys tonight hoping to be the only sad person on sat night looking for reduced food but sadly hardly any reduced but did shop bargains and brought own brand/basic range.

Also somehow managed to fit 10 bags on vespa scooter was hard but managed maybe scooter good money saving!

Not doing carboot tommorow as raing and baloon festival so doing in 2weeks time so need to ebay list asap.

gailey_2

Well after yesterday being good, no spend day, spent far too much today on ebay buying fabrics for business and some 2nd hand clothes for daughter!

Also went to post office and im undercharging on postage not good so need to up postage. got carried away incorner shop, brought chocolate and hello mag got seduced my pics of brad and angelinas twins!Yes I need help.

Hopefuly sold 2things just awaiting payment by end of week.

Off to buy fabric this week, need days practice hope to start listing my new gailey creations next week as need income plus lots more to list on ebay snd more carboots to do.

Am trying to stay positive as need money for next month until business brings in income.Still hoping to go away 4 very cheap 2 day break next month even considered camping. I owe hubby 200 for sewing machine which i want to pay off as soon as possible.

Am trying really hard with grocery challange have blackberries in fridge too!
Need to try harder on ebay, enter more comps,do more surveys and enter fre bingo! Maybe even go to bingo as more fun in bingo hall.

Am trying not to panic will make more money and trying hard to curb spending hard when family eat loads and daughter grows so fast!

hypno06

Don't go to the bingo! It is not free like the ones on line

And don't take extra money to the corner shop - only take enough for what you need, that way you can't get carried away buying extras!

Keep going though - you will get there!

gailey_2

Been rubbish today, tipping down here all day pretty much, took bus home from nursury as rain was so bad £1.20!
Brought 3magazines! Yes im a magazine /gossip addict!

Needed to go over ikea for fabric for business decided to skip the bus and take the scooter to ikea which I hate doing as hate the big scary roundabout that leads to 2 motorways each side which im not allowed on so im always stressing about being in wrong lane.

It was super busy, hate half term, signed up for ikea loyalty card in the hope there may be some savings made.
Really struggled to find what i wanted and spent more than I planned, did resist ikea tracksuit which looked surprisingly nice!

I was looking foward to cheap ikea chips all way round but sadly unavailiable due to technical difficulties.

Popped into tesco 2 look for scissors and top up milk, bread, wipes.
Backbox broke so had to hang bags of handlebars.

spent 40quid today some of it for business but still scary amount.
I need 2 more no spend days thsi week and to pay of some debt.
Am commited to selling stuff this week on ebay as cant get to carboot until next sunday now.

Hopefully by next week will have my wonderful creations listed too.

Unsure if i got any more leavers pay owed to me this month or not will just have to hope.

Got nursury fees to pay and its hubbys birthday soon.

Need to raise 100 for cloth nappy kit and start selling those too.

Still not dipped into money box which is good as 12 quid in there my holiday savings fund, hubbys keen to camp im not so sure if weather stays like this.