A Payment a Day Part 2!

Mudbath

Private and confidential - could you not use the bonus to pay for the things you need for your customers or do you have to finish the work before then?

My PAD today is £10.00. Hope you're all having a good day xx

Flylady_Flower

Private_and_Confidential wrote: »

Morning All. Don't know exactly why, but I'm in a really great happy mood today. Hope you're all happy too.

I actually have £1151 in a savings account which I could use to clear the balance, BUT this money isn't truely mine as it's required to purchase components and prints to construct photography albums for my clients (I'm a wedding photographer). My worry would be that I clear the balance and HSBC reduce my limit... then I'd be unable to fulfill my clients orders.

Any thoughts?

I'm in a good mood today too - think it's coz the sun is shining, which is always welcome...

I think you're better of leaving it where you are too, as with business I think you have a legal duty to keep any customer payments seperate if they have paid for something up front? and with the banks reducing limits all over the place, you never know do you?

Hope your day continues to be happy...:j

Flylady_Flower

Quick question - if you make a regular payment to a CC or debt, do you include that in your PAD or is it just extra payments?

Smamfer

Private_and_Confidential wrote: »

Smamfer - I'm intrigued by your Signature....

How come you owe VAT? Is this because you are self employed and haven't saved up in order to pay your VAT to HMRC.

If so, I suspect I'll be in a similar position as in yr 2008 - 2009 I haven't saved any of my income to pay Mr TAX Man.

Were you able to agree a repayment plan with HMRC?

Thanks in anticipation.

Hi there... in 04-05 i bought and ran my own pub so therefore had monthly VAT payments to make,, Everything was fine and i used to get a statement each month which i paid without fail etc... Until... (der der derrr) the vat man got in touch and said that they hadnt received any returns :eek:.

On getting in touch with my accountant i worked out that he clearly liked a tipple more than my paperwork and although had been doing my accounts he had not been instructing me monthly like i asked him to on how much vat to pay. So i was just paying the " guestimate" instead of actual prices. I had never dealt with VAT before so was a bit in the dark and sadly trusted him.,
Anyway i had a visit from the v at man we went through everything and i had a shortfall of about 9k in total! :eek: I did them an soa and when i was earning more i was paying about 200 a month off and now i pay them about £140 a month. They have never added interest and took off charges as i could prove it was not intentional etc

Hope this helps

Greenbynature

Flylady_Flower wrote: »

Quick question - if you make a regular payment to a CC or debt, do you include that in your PAD or is it just extra payments?

Hi Flylady
Some people like to add their regular monthly payments to pad but others like me don't add it, it's entirely upto you.

Mudbath

Flower - I add regular payments but always add something to it even it's only 50p so I have made an extra payment too xx

Private_and_Confidential

Mudbath wrote: »

Private and confidential - could you not use the bonus to pay for the things you need for your customers or do you have to finish the work before then?

It's a good plan but infortunately my bonus isn't guarenteed so I'm having to be cautious. But thanks for your suggestion :j

Private_and_Confidential

Smamfer wrote: »

Hope this helps

Yeah it does.... thanks for the info.... Off to check up on Mr Accountant right now... :j

Private_and_Confidential

Flylady_Flower wrote: »

Hope your day continues to be happy...:j

Hope yours does too... and thanks for your advice.

mooomin

Flylady_Flower wrote: »

Quick question - if you make a regular payment to a CC or debt, do you include that in your PAD or is it just extra payments?

I include my minimum payment to Barclayard in my PAD, but not my loan DD - this is because i am using PAD to clear my overdraft and Barclaycard and won't get an accurate picture of how quickly the debt is clearing if I include my loan payment.

Once those two are clear though, the loan payment will definitely be included!