Please help - I'm literally paying to work!

Suzkin

firesidemaid wrote: »

if you have a spare room already (can't remember) rent it out - the money earned is tax-free.

2nd thought - if you have big garden, any possibility of selling any of the land?;)

good night x

Unfortunately, it's a 1-bed, and terraced. I'd be very happy to sell off the the garden but it backs onto a house that already has a very big garden, and my neighbours on my left can't afford or keep up with extra land (they are retired), and the neighbours on the other side and tenants...

Good suggestion although the house has no parking (only on street) - and the road is poor for space.

I have family nearby - and I don't mean to appear cold or unfriendly etc. - but we're not very close.

Suzkin

I'm going to start looking for jobs up midlands/up north, and if something permanent comes my way, which pays fairly well, seriously consider selling up. I'll keep you all posted on my findings... xx

MyLastFiver

whitewing wrote: »

'Spect fiver can comment on that as I don't know enough.

Sorry - I don't know enough either. But what I do know is this:

If you create an extra bedroom:

It will cost you most of your life savings.
In return, you may be able to let it out to a stranger.
Who will also share your kitchen.
And your living space.
And your bathroom.

For all of this sacrifice:

You may make an extra few hundred quid a month.
You will still have a house that needs tens of thousands spending on it.
It will still be in an area where there is no suitable work.
And from where commuting is difficult and expensive.

I appreciate you are emotionally attached to the house, but to the extent where you're prepared to give up your privacy? And your life savings? And put yourself into debt for years and years to come, just when you're finally debt-free?

This is madness, Suz.

Get rid.

You can buy another house you can fall in love with, one that isn't falling down, isn't an inconvenient location and you won't have to share with a stranger just to make ends meet.

MyLastFiver

Sorry Suz our posts crossed. I was typing mine before I saw your one about looking for jobs up north.

MyLastFiver

Suzkin wrote: »

I'm going to start looking for jobs up midlands/up north, and if something permanent comes my way, which pays fairly well, seriously consider selling up. I'll keep you all posted on my findings... xx

Good for you!!! :beer:

Suzkin

MyLastFiver wrote: »

Sorry - I don't know enough either. But what I do know is this:

If you create an extra bedroom:

It will cost you most of your life savings.
In return, you may be able to let it out to a stranger.
Who will also share your kitchen.
And your living space.
And your bathroom.

For all of this sacrifice:

You may make an extra few hundred quid a month.
You will still have a house that needs tens of thousands spending on it.
It will still be in an area where there is no suitable work.
And from where commuting is difficult and expensive.

I appreciate you are emotionally attached to the house, but to the extent where you're prepared to give up your privacy? And your life savings? And put yourself into debt for years and years to come, just when you're finally debt-free?

This is madness, Suz.

Get rid.

You can buy another house you can fall in love with, one that isn't falling down, isn't an inconvenient location and you won't have to share with a stranger just to make ends meet.

Thanks a lot for helping me to think outside my cage of a box, MyLastFiver. I've always been fairly cautious, and I suppose the house is my only asset (apart from my brain...), and having made mistakes before...

The Council seemed to think that if I found a job elsewhere, I would sell up. Initially I was surprised they would say this - a lot of people have more than one property these days etc. - now I am thinking that it would be crazy to have the work done and THEN sell, as my return would probably be less.

I'm going to do some serious thinking....

MyLastFiver

Suzkin wrote: »

I am thinking that it would be crazy to have the work done and THEN sell, as my return would probably be less.

Correctamundo!!!

Good luck

WillowCat

Back to the cost of your commute:

If you're a temp, and have been at that site for less than 18 months, and do not expect to be there for more than 18 months, then you can offset your commuting costs against tax. Not every agency (dunno if any of them do) will process these (schedule E expenses) but ask for a tax return at the end of the year and claim them. Ditto your lunches. Need to keep all receipts in case of any future investigations (but if you spent the money and have the receipts it's all legit)

Secondly, if you do find that buying season tickets is better than cheap day/peak day returns, then I've found the most efficient in terms of cost is to buy just over a month at a time, to the following Friday. For example, if I was buying a ticket tomorrow, the 3rd November, I'd buy to the 5th December - 1 month and 3 days. That way you don't pay for weekends between tickets. Actually, if I was buying tomorrow I'd probably buy up until 24th December, especially if not working over xmas. There's no advantage in buying, say 6 months ticket over 1 month as they are pro-rata until you get to a yearly ticket.

Good luck in whatever decision you make.

Suzkin

WillowCat wrote: »

Back to the cost of your commute:

If you're a temp, and have been at that site for less than 18 months, and do not expect to be there for more than 18 months, then you can offset your commuting costs against tax. Not every agency (dunno if any of them do) will process these (schedule E expenses) but ask for a tax return at the end of the year and claim them. Ditto your lunches. Need to keep all receipts in case of any future investigations (but if you spent the money and have the receipts it's all legit)

Secondly, if you do find that buying season tickets is better than cheap day/peak day returns, then I've found the most efficient in terms of cost is to buy just over a month at a time, to the following Friday. For example, if I was buying a ticket tomorrow, the 3rd November, I'd buy to the 5th December - 1 month and 3 days. That way you don't pay for weekends between tickets. Actually, if I was buying tomorrow I'd probably buy up until 24th December, especially if not working over xmas. There's no advantage in buying, say 6 months ticket over 1 month as they are pro-rata until you get to a yearly ticket.

Good luck in whatever decision you make.

Thanks for this: my contract is with the employer itself (and not an agency) - who deals with my tax and NI. The contract actually states that I am not an employee of the company. Contradiction of terms, but when I queried this, was told that this means I don't get any benefits i.e. pension, season ticket etc.

So my question is: Can I still do what you suggest re. tax return? I'm only there for another 8 months (to end of June 2009, if I can hack it that long..).

andromache_2

Lots of interesting posts here - food for thought!

In the meantime, I have a couple of other things to note on the commute, based on personal and family experience of commuting into legal London around Holborn...

1. Can you buy a return to 'London terminals'? I'm pretty sure that this would mean that once you have arrived in Waterloo you could walk through to Waterloo East then go one stop on the overground to Charing Cross (there will be trains doing this at least every 10 mins I would say), from where Holborn is a pleasant walk through Covent Garden - maybe 15 mins or so? I have a family member who does this walk every day and it's much pleasanter than going in and out of the Underground. If you are tired/running late you can spend 90p on a bus down the Strand. Alternatively, just get a return to Charing Cross. This would save you from buying the Travelcard portion of your ticket.

2. I find that it's cheaper when you're travelling early in the morning to buy two singles - one single at the expensive price, followed by one single with the post-9.30am discount plus the 1/3-off Young Person's discount. This can add up to significant savings. I don't know if this will be true on your route or not but worth checking

Good luck with everything; I do admire you for trying to build your career despite the hurdles you are facing.